This is a self- help finance book by George Carson. It was published in 1926. It uses parables set in ancient Babylon to teach timeless lessons about wealth, success and financial wisdom. The book uses the parables set in Ancient Babylon to teach timeless lessons about wealth, success and financial wisdom. It focuses on principles such as saving a portion of home seeking wise counsel, investing wisely. It is to understand the value of hard work and discipline.
The central figure in the book is Arkad, the richest man in Babylon who shares his financial wisdom with others in the city. His teachings are embodied in several key principles that living within one’s means, avoiding debt, and to build wealth over time through consistent saving and investment. The book’s principles have had a long – term impact on financial education, and are recommended as a great book for those seeking success in the financial realm.
Chapter wise Book Summary of the Richest Man of Babylon
Chapter 1 The Man Who Desired Gold
- In the opening chapter, a young man named Bansir, who was a chariot builder discusses his foundation, his inability to accumulate wealth. He, then, seeks the advice of his friend Kobbi, the musician who also struggles financially.
- They both decide to seek out Arhad, who was the richest man of Babylon. It was a useful eye-opener into how success is achieved.
Chapter 2 The Richest Man in Babylon
Arkad shared his story of how he became a poor scribe to becoming wealthy. His mentor taught him the Seven Cures for a Lean Purse which are:
- Start thy purse to fattening: You need to save 10% of your earnings.
- Control Thy Expenditure: Distinguish between needs and wants
- Make your Gold Multiply: Invest wisely to increase your funds
- Guard Treasures from Loss: You need to avoid risky investments.
- Turn your Dwelling into a Profitable Investment: Buy your own house and watch its value grow.
- Ensure a Future Income: You need for plan for your retirement and take account of unforeseen expenses.
- Increase your Ability to Earn: You need to continuously improve your skills and knowledge.
Key Insight: The key insight in this chapter is to make wealth grow from small beginnings through disciplined savings and investment.
Chapter 3 Seven Cures for a Lean Purse
This chapter elaborates on seven principles. Arkad explains the secret to wealth is not magic, but discipline. He has given the following steps for achieving wealth:
- You need to be consistent in saving income.
- You need to make sound investments
- Control your expenses by distributing between needs, wants
- Plan your expenses based on 90 percent of your income to avoid overspending
- Invest your money wisely to make it multiply
- You must protect your wealth by avoiding risky investments, seeking the advice of wealthy individuals.
- Ensure that you invest in safe ventures that will not allow you to lose capital
- Consider investing in property to generate a passive income
Chapter 4 Meet the Goddess of Good Luck
- In this chapter Arkad talks about the concept of luck, and how everyone desires to have good fortune.
- He begins by discussing the idea of gambling, and that money brings good luck in the long run.
- He states that good luck comes to those, who seek out good opportunities
Chapter 5 The Gold Lender from Babylon
- He received fifty gold pieces in exchange for its spears, he is uncertain how to use that money.
- He spends several days contemplating his options, he then, seeks the counsel of Mathon to use the money.
Chapter 6 The Walls of Babylon
- There are two valuable lessons from this chapter, first, protection should be carefully planned, and tailored to specific circumstances.
- This can involve insurance, diversification of investments and selecting appropriate risk levels.
- In addition, seeking support of experienced individuals can help anxiety to promote a sense of security
Chapter 7 The Camel Trader from Babylon
- The lesson from the chapter is not to overindulge in the past, but only to take lessons, and do not allow yourself to be led by circumstances.
- Taking control of one’s own life and taking action are the hallmarks of a free person.
Chapter 8 The Clay Tablet from Babylon
- This chapter revolves around discovering five Mesopotamian tablets containing secrets to wealth.
- The critical information to fix a situation of debt is to organise your information, and take action.
- Dabasar as described in the story saved one tenth of his earnings, and make a list of all creditors and amounts owed.
Chapter 9 The Luckiest Man in Babylon
- The story is about Sharru Nada, Hadan Galu who are travelling together. He said he is travelling together, but was fortunate to be sold to a baker, when he learned the trade and became happy.
- Sherry tells him that his grandfather was enslaved and later he is able to buy his freedom.
- The story leads us to believe that hard work is the key to success, the two men in the story faced financial difficulties, but learned from each other, and listened to successful people to apply my lessons.
The book focuses on personal success, and how it is a result of our efforts. It provides financial wisdom through stories of ancient Babylon. It emphasizes key principles such as living below your means, So, if you want to seek goals in your future, then login at bookstore UAE and get this book at an attractive deal. Buy books online in the UAE to get this book and unlock the keys to financial prosperity.
