Book Review: The Richest Man in Babylon

Overview of the Content

The stories in the book are short and simple but full of meaning. The characters are very ordinary people: some are laborers, some are debtors, some are merchants; some succeed, some fail. Each has their own situation, but they all face familiar questions we all share: how to avoid being poor forever, how to keep money, and how to gradually become wealthy?

Some have lived in debt and hardship but, through determination and financial discipline, they rise up, pay off their debts, and rebuild their lives. Some become wealthy by knowing how to keep their gold, lending it wisely, and not letting kindness override financial decisions. Others miss opportunities because of hesitation, only to realize that luck doesn't come to those who sit and wait but to those who dare to seize and act at the right time.

I find these stories very thought-provoking. We often think success comes from luck or background, but the book shows that real wealth comes from the right mindset, continuous learning, perseverance, and financial discipline. Having a method and going in the right direction helps us improve our finances and move closer to stability and abundance.

What I like most are the parts about the 7 cures for a lean purse and the 5 laws of gold. These two sections are concise, simple but very practical and easy to apply—like a financial roadmap just for me, hehe.

7 Cures for a Lean Purse

1. Save at least one-tenth of what you earn
   Always set aside at least 10% of your income before spending anything.

2. Control your expenditures
   Don’t spend more than you have. Distinguish clearly between needs and wants.

3. Make your gold multiply
   Money kept idle does not grow. Invest wisely so your money can “work” for you.

4. Guard your treasures from loss
   Invest safely. Only entrust money to those experienced and trustworthy.

5. Own your own home
   Owning a home provides stability, lowers rental expenses, and creates security.

6. Ensure a future income
   Prepare for times when you cannot work: saving, insurance, retirement planning.

7. Increase your ability to earn
   The more skilled you are, the better you can earn and make wise decisions.

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5 Laws of Gold

1. Gold comes to those who save at least one-tenth of their earnings
   Those who save steadily will accumulate wealth over time.

2. Gold works hard for the person who invests it wisely
   Smart investments generate continuous returns.

3. Gold stays with the cautious investor
   Careful, well-informed investors keep their money safe and earn steady profits.

4. Gold flees from the person who invests without knowledge
   Giving money to unskilled people often leads to total loss.

5. Gold avoids the greedy or those chasing unrealistic opportunities
   When greed overtakes reason, money quickly disappears through bad choices.

I believe getting rich is not easy and there is no universal formula that works for everyone. But this book has been a very useful financial lesson for me. At least, if I can’t become wealthy in a grand way, I can learn to avoid debt and not let money control my life. That itself is a valuable kind of freedom. I appreciate this book and encourage anyone pursuing financial freedom.