Introduction

The Richest Man in Babylon is a classic book written by George S. Clason. The book was first published in 1926 and has since become a popular read for those seeking financial advice. The book is set in ancient Babylon and tells the story of Arkad, the richest man in Babylon, and his journey to wealth. The book is filled with timeless financial advice that is still relevant today. In this essay, I will provide a book summary of The Richest Man in Babylon, including examples and anecdotes from the book wherever possible.

The Seven Cures for a Lean Purse

The book starts with Arkad sharing his wisdom with a group of men who are struggling financially. He shares with them the seven cures for a lean purse, which are:

1. Start thy purse to fattening
2. Control thy expenditures
3. Make thy gold multiply
4. Guard thy treasures from loss
5. Make of thy dwelling a profitable investment
6. Ensure a future income
7. Increase thy ability to earn

Each of these cures is explained in detail throughout the book. For example, Arkad explains that the first cure involves saving at least 10% of your income and putting it towards investments. The second cure involves being mindful of your spending and avoiding unnecessary expenses.

The Five Laws of Gold

In addition to the seven cures, Arkad also shares the five laws of gold. These laws are:

1. Gold cometh 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 laboreth diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field.
3. Gold clingeth to the protection of the cautious owner who invests it under the advice of men wise in its handling.
4. Gold slippeth 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 followeth the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires in investment.

These laws serve as a guide for those seeking to accumulate wealth. Arkad explains that following these laws will lead to financial success.

The Story of Dabasir

One of the most memorable stories in the book is the story of Dabasir. Dabasir is a camel trader who is struggling financially. He seeks the advice of Arkad, who tells him to invest his money in a profitable venture. Dabasir is hesitant at first, but eventually invests his money in a caravan that travels to distant lands. The caravan is successful, and Dabasir becomes wealthy. This story illustrates the importance of investing in profitable ventures.

The Story of Bansir and Kobbi

Another memorable story in the book is the story of Bansir and Kobbi. Bansir and Kobbi are childhood friends who decide to go into business together. They invest their money in a business that they know nothing about and end up losing everything. They seek the advice of Arkad, who tells them to invest their money in a business that they are familiar with. They follow his advice and become successful. This story illustrates the importance of investing in businesses that you are familiar with.

The Story of Sharru Nada

The story of Sharru Nada is another memorable story in the book. Sharru Nada is a wealthy man who loses everything due to a series of unfortunate events. He seeks the advice of Arkad, who tells him to start over and follow the seven cures for a lean purse. Sharru Nada follows Arkad’s advice and becomes wealthy once again. This story illustrates the importance of perseverance and following sound financial advice.

Conclusion

In conclusion, The Richest Man in Babylon is a timeless book that provides valuable financial advice. The book is filled with memorable stories and anecdotes that illustrate the importance of saving, investing, and following sound financial advice. The seven cures for a lean purse and the five laws of gold serve as a guide for those seeking to accumulate wealth. The book is a must-read for anyone who wants to achieve financial success.