The Richest Man in Babylon: Book Review
What did I like the most? The concepts mentioned in the book are time-tested and advise a person on the right path.
This book is based on a classic story, and the place is Babylon during ancient times. The book contains parables. A young man with a desire to become rich meets a rich man to seek his mentorship. The wealthy person explains the ways to become rich, and the young man learns. The young man makes many mistakes during this period but finally reaches his goal and becomes wealthy. This book was written in 1926, before the great depression.
The lessons from the book:
- One needs to take care while spending. The amount one earns must be saved and invested.
- The saved money earns must make more money.
- Wise people invest every dollar saved.
- Advice must be taken from skilled people in their respective fields.
- While investing in any industry and skill, the investor must know the pros and cons of the industry.
- When one engages in any job, wishing a significant amount at once is not desirable. Instead, a continuous flow of small sums at regular intervals is advisable.
- Using money is essential. The investor must care to avoid a foolish investment.
- An efficient way to invest is 10% of earnings and to forget the investment.
- One must invest in one’s ability to earn more, investing time and money to learn skills and knowledge, wishing to make more.
- The golden rule is not being influenced by greed.
- The income earned does not belong to the earner unless they invest intelligently.
- Fortune favours the hardy. This means a skill learned or knowledge gained must be put into action. This way, a person can change their luck.
Though the language of the book is old sounding and confuses the reader, despite these weaknesses, the story narrates the message beautifully. The reader has to reach the hidden meaning of the words used in the story.