In all classes to richness and courses to richness, business building seminars and rich friends and rich relatives, the base attraction is to know the ways to rich. Unlike some other self-help book to richness. This book “The Richest Man in Babylon” narrates a story. A story in its real sense because except for first few pages, it dwells deep into the story, with the style of writing and conversations. It is perfectly readable once you read through first few pages which are written in old style English, to give a feel of the olden times of Rich Babylon.
From the wikipedia, the place is in Iraq
Since we do not know the language, it does not matter. It is in Old English in new form, not Arabic.
And the major portion of the story goes from rags to riches. It is not a moderate guy getting rich. It is mostly, a person who spend beyond measure or got into ill fortune and then got dragged down to the level of slaves and how they work their way back based on the following points , which are mentioned in the beginning of the book.
Points to note
- Mind your expenses
- Save money
- Invest money
- Work, earn, be willing to explore
- Get a house which is a profitable investment
So, everyone knows this. Then how much do you save? and how much do you live on?
The formula given is
save 1/10 th of earning
live on 7/10 th
pay off the debt using 2/10 th
invest the saved money. make the money work.
The author George Clason is from USA, so the comparison and the onus of saving is targeted at the lifestyle of USA.
As anyone knows you should not live beyond your earnings. And saving money is second nature in many oriental cultures (like Babylon!). This book may reassure this nature for people who flocked to the land of opportunities.
Good luck in getting rich.