There are only a few books that I would suggest as required reading for everyone. One of these is titled The Richest Man in Babylon, by George S. Clason. This book teaches tremendous lessons about finance and saving by telling a humorous story set in ancient Babylon. It is not just another boring book about money. It has become one of the most popular and well-loved books about personal finance the world over.
The first chapter of the book is titled, “The Man Who Desired Gold.” It tells the story of a Babylonian man named Bansir who was frustrated that although he worked hard, his purse was empty, and he did not have the fine things in life that he wanted. In dismay he asks his friend, “Why cannot we have our share of the good things so plentiful for those who have the gold with which to buy them?” Talking together, they recall an old friend named Arkad who the people call the richest man in Babylon. They decide to go to him and ask him for advice.
Arkad lets them know that anyone can gain wealth by sticking to simple rules. These rules are called the “seven cures for a lean purse.” One principle that comes up over and over again in this book is that everyone should save at least ten percent of their income. Arkad, the main character in the book explains that everyone makes different amounts of money anyway, so there is always someone out there who is making ninety percent of what you earn. If someone else can survive on that amount, then you should be able to as well. The money you save should eventually start working for you, making you more money as you invest it wisely.
The great thing about this book is that it teaches sound financial advice by means of an entertaining story. Each chapter is a little story in and of itself. The book is much easier to read than other books about money that merely explain theories, strategies or principles.
You can buy new copies of this book on Amazon for a mere $6.29. Once you read it, you might decide to buy additional copies to give away as gifts. These inexpensive presents work great for anyone, especially newlyweds or high school or college graduates.
If you want to learn more about being smart with your money, but don’t want to sit down with an unexciting how-to, check out The Richest Man in Babylon. Buying this book might be one of the best investments you’ll ever make.