The Richest Man in Babylon
The Original 1926 Edition
Fact or Fiction
The stories may be fiction, but the wisdom they bestow could very well be fact. Originally published in 1926, the tenets of this book predate the teachings of today’s financial gurus. In fact, the simple practice of saving ten percent of everything you earn appears to date back thousands of years as the story tells. If this were a movie, it might very well begin with an opening scene that reads, “Based on a true story” as much of what is written is grounded in written testimony. Well, maybe not written – but carved! Yes, archeologists recovered clay tablets that shared financial accounts as well as the personal stories of prominent citizens. Imagine if journaling meant carving words into clay and then baking it to harden and preserve. One might think that the words written (carved) would have been chosen wisely, that the sheer effort of creating the written word would reserve it for matters of importance and value.
Key Insights
- Pay Yourself First: Save at least 10% of every dollar you earn before you do anything else. This foundational principle sets the stage for long-term wealth.
- Live Below Your Means: Don’t confuse necessary expenses with desires. Learn to control spending and budget wisely so you can live well within your income.
- Put Your Money to Work: Saved money should be invested wisely to generate more income. Money that just sits loses its potential.
- Avoid Risky Investments: Seek the advice of those experienced in the field before investing. Don’t fall for get-rich-quick schemes.
- Increase Your Ability to Earn: Continuously improve your skills and knowledge. Your ability to earn is your greatest asset, and investing in yourself pays lifelong dividends.
- Take Action and Be Disciplined: Consistent, simple habits applied over time — not luck — are what build lasting financial freedom.
Wisdom Awaits Us
For most of us, the majority of what we seek to accomplish has already been successfully done, and quite often, replicated. In such cases, remaining ignorant of the wisdom of those who have already summited the mountain is exactly that, ignorance.
A quote I love from the book is, “Perhaps there is some secret we might learn if we but sought from those who knew.” It captures the essence of seeking knowledge through a mentor. In the case of the book, on multiple occasions characters seek the knowledge of how to transform their current financial status. In each case, they were indeed rewarded with the wisdom they sought from someone who had previously walked the path they seek to travel.
In the real world, I have found reality to be quite similar in that we only need to ask. Those who have had greater success in particular areas of their lives are commonly known to be willing to “give back” and share the “secrets” of their success. Maybe it feels nice to be noticed, maybe they have achieved all they desire and providing service is all that remains – regardless of the motive behind their willingness to share, the truth is, if you genuinely take an interest in someone’s success and inquire how you might realize some of the same – there is a high probability you will get what you ask for. All you have to do is be ready to receive and prepare to take action upon your new found wisdom.
A few of my favorite quotes from the book!
Our acts can be no wiser than our thoughts. Our thinking can be no wiser than our understanding. George S. ClasonThe Richest Man in Babylon
Perhaps there is some secret we might learn if we but sought from those who knew. BansirThe Richest Man in Babylon
If I was to achieve what I desired, time and study would be required. ArkadThe Richest Man in Babylon
Too often does youth think that age knows only the wisdom of days that are gone, and therefore profits not. AlgamishThe Richest Man in Babylon
A part of all you earn is yours to keep, It should be not less than a tenth no matter how little you earn AlgamishThe Richest Man in Babylon
Advice is one thing that is freely given away, but watch that you take only what is worth having. AlgamishThe Richest Man in Babylon
One may not condemn a man for succeeding because he knows how. The ChancellorThe Richest Man in Babylon
That which one man knows can be taught to others. ArkadThe Richest Man in Babylon
What each of us calls our “necessary expenses” will always grow to equal our incomes unless we protest to the contrary. ArkadThe Richest Man in Babylon
Good luck waits to come to that man who accepts opportunity. Swarthy man of the desertThe Richest Man in Babylon
No man can arrive at a full measure of success until he hath completely crushed the spirit of procrastination within him. The MerchantThe Richest Man in Babylon
Men of action are favored by the goddess of good luckThe Richest Man in Babylon
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