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The Richest Man in Babylon is a 1926 book by George S. Clason that dispenses financial advice through a collection of parables set 4,000 years ago in ancient Babylon. The book remains in print almost a century after the parables were originally published, and is regarded as a classic of personal financial advice.
✔✔ Seven Cures For a Lean Purse
i. The First Cure: Start thy purse to fattening.
✔ Arkad advises on saving 10% of your annual profits to start building up your wealth (or purse): “For every ten cash thou placest within thy purse take out for use but nine. Thy purse will start to fatten at as soon as and its increasing weight will feel good in thy hand and carry satisfaction to they soul”.
ii. The Second Cure: Control thy expenditures.
✔ Arkad advises against luxury costs that ultimately become confused as necessities: “The gold we might also retain from our earnings is but the start”, and, “What every of us calls our 'necessary expenses' will always grow to equal our incomes unless we protest to the contrary”, and, “Confuse no longer the necessary expenses with thy desires”.
iii. The Third Cure: Make thy gold multiply.
✔ Arkad advises to invest and to compound the funding return from these savings: “The earnings it will make shall build our fortunes … Learn to make your treasure work for you. Make it your slave. Make its children and its kid's children work for you”.
iv. The Fourth Cure: Guard thy treasures from loss.
✔ Arkad advises against taking a risk of loss and investing get-rich-quick schemes: “Is it clever to be intrigued by larger earnings when thy important may be lost? I say not. The penalty of risk is probable loss. Study carefully, earlier than parting with thy treasure, each assurance that it may be safely reclaimed. Be not misled by way of thine own romantic desires to make wealth rapidly”.
v. The Fifth Cure: Make of thy dwelling a worthwhile investment.
✔ Arkad advises buying versus renting your principal residence, and using your dwelling to establish a business: “I recommend that every man personal the roof that sheltereth him and his”, and, “Nor is it beyond the ability of any well-intentioned man to own his home”.
vi. The Sixth Cure: Insure a future income.
Arkad advises on having a pension and future retirement income: “Therefore do I say that it behooves a man to make preparations for a appropriate income in the days to come, when he is no longer young, and to make preparations for his family should he be no longer with them to alleviation and support them”.
vii. The Seventh Cure: Increase thy ability to earn.
✔ Arkad advises to keep growing your own skills to increase your investing knowledge and also to increase your earnings power: “The extra of wisdom we know, the more we may earn”, and, “That man who seeks to research more of his craft shall be richly rewarded”.