Short Summary: The Richest Man in Babylon by George S. Clason

Image: Book cover, "The Richest Man in Babylon" by George S. Clason

George S. Clason’s book, "The Richest Man in Babylon" is arguably one of the greatest financial books of all time. The principles to wealth creation and sustenance drafted in a single piece.

The first time I read this book, I actually borrowed it. I can say it was the best item I had borrowed from anyone.

In the book, George hammered on certain laws for wealth creation and, of course, sustenance for years. But before I list out the laws, which I consider one of the greatest as regards finance, I’d highlight few points from the same book.

• Ignore wisdom, waste gold. Gold is for those who have the wisdom to handle it.
• Choose knowledge over gold — a bag of books over bag of money.
• Good luck is in opportunity.
• You will earn more if your value is more.

Photo: AZ Quotes

Now to the 5 LAWS OF GOLD👇

1. Gold comes gladly and in increasing quantity to any man who will put by not less than one-tenth of his earnings to create an estate for his future and that of his family.
2. Gold labour’s diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of his field.
3. Gold clinges to the protection of the cautious owner who invests it under the advice of men wise in its handling.
4. Gold slips away from the man who invests it in businesses or purposes with which he is not familiar or which are not approved by those skilled in its keep.
5. Gold flees the man who would force it to impossible earnings or who follows the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires in investment.

Photo: George S. Clason, author of "The Richest Man in Babylon"

Also, George wrote about how to build wealth and attain financial stability. He termed it “7 CURES FOR A LEAN PURSE.”

1. Start fattening your purse by saving at least 10% of your income.
2. Control your expenditures.
3. Make your gold multiply. Let the money you saved work for you.
4. Guard your treasures from loss. Invest wisely. Consult wise men.
5. Make of your dwelling a profitable investment. Build your house.
6. Insure a future income. Ensure that money will still be coming, even at your old age.
7. Increase your ability to earn.