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 Book Review – The Richest Man in Babylon

"The richest man in Babylon" by "George Clason" is known to be the bible of financial freedom. This book shows timeless rules and laws of money that can be used by anyone. This book is for the person who wants to acquire wealth or financial success. A few simple insightful stories will give you an understanding of money.

 With the help of small stories, this book teaches you the lessons that lead to the secret to building wealth which never changes throughout the time. The story revolves around a man "Arkaad" who wants to acquire wealth and work hard for it, learn from his faults and eventfully become the richest man in Babylon. Every concept mentioned in this book is easy as everyone could understand as they are showing the basics of money management.

This book will relate to anyone who has struggled in his life for money and was unable to earn enough of it. With every chapter, the concepts about money will get clear to you how to start building wealth, how to keep it and how to multiply it. You will learn a lot of new truths about life, first, it will be difficult for you to understand but once you start understanding the timeless principle of money it will be easy for you to acquire wealth.

No concept is out of this world or impractical, every principle can be applied by any person at any time.

Learnings from the book

• Start By Fattening Your Purse- 

Whatever you earn save at least 1/10th of your income for yourself. Always pay yourself first and save it.

• Control Your Expenses- 

Spend less then what you need. This is important as society loves to spend more and want to have what they can't afford and hence they live their lives in misery.

• Multiply Your Gold- 

Invest your money smartly. Put your money to work. Once you have saved one-tenth of your income then you have the plan to make it work for you. Research the right investment for you.

• Protect Your Wealth From Loss-

Invest in different places to reduce the chances of loss, and if required use insurance to protect your loss.

• Research For Profitable Investment-

A home or land is the biggest investment one can make, so before you make a purchase do you research to ensure that there is no risk is that and it will give you good profits in the future.

• Ensure Your Future-

Use the power of compound interest in your favour. Use your youth to build wealth that will serve you in the future as well. Plan your retirement.

• Enhance Your Ability To Earn-

Before investing anywhere else, invest in yourself. Enhance your knowledge and wisdom about money. The book quote that the biggest investment one can make is in them. Once you have built yourself, wealth will come to you.

The book might, at first thought, give you the idea of having engraved in it , crucial and rare secrets to managing finances in life. But the reality as is that “the truth is always in front of us in plain sight, we just choose to avoid it.” We all might already be aware of the simple things which our parents and elders have been telling us from years, we casually choose to ignore.

The book lays down very simple rules to follow in life, and I am sure we all might have heard those at some point in our lives. The really catch here is being consistent and adhering to a plan strictly. So the secret is not really the things to do that will make you rich , but to do them with absolute dedication.