The greatest piece of advice I can give anyone who is set on building wealth is this: You must read The Richest Man in Babylon. Of the many books on financial planning and personal wealth I’ve read in my life, The Richest Man In Babylon is by far the very best. I just finished re-reading this book for the third time. And here is the kicker: It was initially written in 1926!
Why would anyone today choose to read a book on personal wealth that was written in the 1920s? (Did they even have indoor plumbing in those days?) Well, in my case, I read the book because a billionaire I know told me to read it. That was all the convincing I needed!
Here is a little background on the book. The Richest Man in Babylon was written by George Samuel Clason (1874 – 1957). He wrote many informational pamphlets for banks and insurance providers. (In my mind, George Clason is the godfather of personal finance blogging.) These separate pamphlets were pulled together and published in 1926 as a book called The Richest Man In Babylon.
You might not have come across this book, however I guarantee you know some of its contents. Did you ever hear of the notion of saving 10% of each paycheck, or “paying yourself first?” Nearly every wealth expert I listen to today offers this concept using some form or another as their own “secret formula for success.” Well guess what? Mr. Clason presented this strategy back in the 1920s.
Controlling debt is a big issue today. Wealth experts everywhere pound us everyday with the concept of “living within your means.” Well that’s in the book, too. I’ve noticed dividend investing is getting very popular these days. That topic is covered starting in Chapter 2. Want to preserve your wealth from loss? The book provides lots of advice on that as well.
A lot of books I’ve read on finance and wealth creation are quite technical and quite frankly, boring. The best thing about this book is its unique style. Topics are delivered through a collection of parables set in ancient Babylon. The stories are exciting, the characters are intriguing, and the contents are very educational. Not only will you enjoy reading about characters like Bansir (a chariot builder), Mathod (a money lender) and Arkad (the richest man in Babylon), you will also discover the fundamentals of wealth creation. Also, the book is relatively short with only 144 pages.
So why do I recommend a book from the 1920s? My experience has taught me that the more things change, the more things stay the same. Despite the advent of computers, the internet, and Wall Street trading algorithms, the principles of wealth creation have not changed much since the ancient times Babylon. I use the word “principles” deliberately when describing wealth creation because I do believe there are a set of rules that everyone can follow to be successful. In fact, the principles of wealth creation are very simple, as The Richest Man In Babylon shows.
Needless to say, simple doesn’t always mean easy. Wealth building also requires discipline, dedication, sacrifice and hard work, and that is the part you have to supply.
To get serious about building wealth, you need to learn the principles of wealth creation at WealthStrategiesNewsletter.Com