The Richest Man in Babylon was written by George Samuel Clason about 80 years ago.
At first glance, the book appeared to be just a story about how a slave became the richest man in Babylon.
When the story was first published, it was in the form of pamphlets distributed to provide financial advice.
So folks, please do not read this book as your bedtime storybook. Please treat it as your get-rich textbook, read it again and again as your financial guide in life. Put the lessons into practice, and you may be the next millionaire or billionaire.
There are a few lessons that you will learn from reading the book:
a. Pay yourself first
The only way to be rich is to spend lesser than you earn. The minute you use the money to buy anything, you are in fact paying the person selling it to you. You become the paymaster of the seller.
The money that you use to pay others no longer belongs to you.
So folks, learn the first and most important lesson in getting rich. Learn to pay yourselves first. Save at least 10% of your income before you start to buy anything.
b. Money generates money
The book uses the concept of the “children” of money. If you eat the children of money as in you use up all the interest or dividends that your capital generates, there will not be any more grandchildren.
So folks, learn to delay instant gratification and let the money generates more and more money for you and make you rich.
c. Trust the right person
Some people never learnt this simple lesson. They seek financial advice from their colleagues and friends who are as poor as they are.
So folks, avoid the common mistakes of these people, learn to get rich from the persons who are rich.
The Richest Man in Babylon tells the story of a slave becomes the richest man in Babylon. While you are not a slave in the literal sense, you may feel like a slave to your job. You are not the only one to feel this way as many salaried employees are worked like a slave.
The Richest Man in Babylon tells you that you can be the richest person if you calculate the right habits, invest wisely, own the house you live in and spend wisely. Getting rich is a slow and painful process, but the reward of owning riches is worth all the sacrifices earlier on.
So folks, get a copy of the book and read. Read it again and again. This book is written so long ago that the copyright has expired. You are able to download it free from the internet, so there is no reason why you cannot afford to read and become rich.
Enjoy the process of getting rich and be the richest person in town.