The Richest Man in Babylon by George S. Clason - Essay Example

?Review of “The Richest Man in Babylon” by George S. Clason George Samuel Clason was born in Lousiana, Missouri, on the 7th of November, 1874. He studied at the University of Nebraska and was a member of the United States Army during the Spanish-American War. He was the founder of the Clason Map Company of Denver, Colorado, and was the publisher of the first road atlas of the United States and Canada. In 1926, he began issuing a famous series of pamphlets on thrift and financial success using parables with an ancient Babylonian setting to illustrate his points. The pamphlets were distributed by banks and financial institutions and the most famous of these was “The Richest Man in Babylon.” Since then, these “Babylonian Parables” have become a superb classic of inspiration (Clason 3). This book starts by noting that man’s future stretches before him like a long road on which are his desires and ambitions. However, to satisfy these ambitions and desires, he must be successful with money. It goes ahead to say that there is plenty of money to those who understand the simple rules of its acquisition. To many, this seems an understatement because we believe that the art of acquiring money is a difficult task only reserved to the elite. But this is not what Clason says; money simply requires the understanding of certain laws and principles which are as unchanging as the Law of Gravity. Historically, never has there been a city as glamorous as Babylon. At the mention of its name, visions of splendor and wealth are conjured. Its treasures of gold and jewellery were splendid and one would naturally imagine that it was located on a suitable surrounding of tropical luxury and natural resources like rain forests and mines. This was far from true as it was located in an arid valley beside the River Euphrates. “It had no forests, no mines—not even stone for building. It was not even located upon a natural trade-route. The rainfall was insufficient to raise crops” (Clason 5). Clason cites Babylon as a perfect example of man’s ability to achieve great goals using whatever is available at his disposal. This book illustrates that for one to be wealthy, he must have a strong desire for wealth. After this desire, there has to be a firm decision to be wealthy. But for one to have this desire there must be a realization that it is possible to make wealth. This realization comes with a single thought. In addition, this text shows that wealth is not simply a result of talent, but of choice. A good example is Bansir and his friend Kobbi. Bansir is a chariot maker who designs and makes the finest chariots while Kobbi is the finest lyre player in the city. Both friends are talented in their respective arts but yet they are still poor. Bansir has been waiting for the gods to bestow wealth upon him but unfortunately this they have not done so. Kobbi comments to him that; "Never, in all the years of our friendship, didst thou talk like this before, Bansir." Bansir then replies, "Never in all those years did I think like this before,” this shows that he had finally realized his need for wealth (Clason 9). Gerry Roberts writes in his Millionaire Mindset, “If you want to turn your dreams into reality, you can’t just sit around.” He goes on further to say, a man does not strive for greatness and embrace mediocrity” (Roberts 8).You have to do something about it. Napoleon Hill writes of the great Edison that he “had learned, from years of experience with men, that when a man really DESIRES a thing so deeply that he is willing to stake his entire future on a single turn of the wheel in order to get it, he is sure to win” (Hill 14). There is nothing more ample in striving to succeed than a strong, convicted desire. The secret of a man’s success lies in his habits. That is to say, there are things that a successful person does that make him successful, while there are things that a poor man does or neglects to do that make him poor. When Bansir, Kobbi and some of their friends from youth pay Arkad the richest man in Babylon a visit, Arkad tells them, "If you have not acquired more than a bare existence in the years since we were youths, it is because you either have failed to learn the laws that govern the building of wealth, or else you do not observe them.” Arkad goes ahead to explain, “as you have so frankly said, with superior powers or wisdom, I decided that if I was to achieve what I desired, time and study would be required.” This means, to become wealthy, one must be committed to invest the required time and studying of the laws and ways of acquiring wealth. And after this, to observe these laws (Clason 11). Clason shares some secrets to wealth acquisition. The first secret to wealth is to understand that a tenth part of all you earn is yours to keep. This means, 10% of all your income should be saved and invested, and then all that is earned by this 10% would work for you to earn more. By this, a man should learn to live on less than he what earns. This secret was taught to Arkad by Algamish, the money lender. Algamish also taught Arkad to seek advice from those who are “competent through their own experiences to give it.” True to the saying, a man should seek advice about money and investment from people who are experienced and not quacks in acquiring and investing of money. In addition, out of the money one has saved, one ought to make money work for him by investing in a worthy trade. By doing these three things, one is competent for a responsible position (Clason 14). There are seven cures for a lean purse according to Clason. These were taught by Arkad to the academy of men chosen by the Babylonian king to learn the secrets of acquiring wealth. The first secret is to start the purse to fattening. When a man earns, he should only spend nine portions and leave a tenth part of the earnings in the purse. This will ensure that the purse continues fattening. Surprisingly, this secret will not make one to lack. Few other people have tried this and have found that it works perfectly. The second cure is to control one’s expenses. One should only spend one one’s necessities instead of gratifying all desire. "Therefore, engrave upon the clay each thing for which thou desireth to spend. Select those that are necessary and others that are possible through the expenditure of nine- tenths of thy income” (Clason 20). The third cure for a lean purse is to make one’s gold to multiply. The money that one retains after satisfying one’s necessities is gratifying but it should be the starting point for building a fortune. This money should be invested into a venture that will create a continuous stream of income whether the man works or travels. The fourth cure for a lean purse is to guard one’s treasures from loss. One should not be intrigued by larger earnings if the principal has likelihood to be lost. Before a man invests, he should acquaint himself with the dangers that may beset it. Thus one should invest only where the principal is safe, where it may be reclaimed if need be, and where one would earn a fair deal. This, however, should be done by seeking expert advice from people experienced in financial matters. Roberts advises, “discover whom you are listening to for advice” (Roberts 32). The fifth cure for a lean purse is to make of thy dwelling a profitable investment. As much as one endeavors to create wealth, one’s family should be raised in a comfortable home with ample space for children’s playground and a plot for farming. One therefore should own a home. It is worth noting that it is cheaper to stay in the comfort of one’s own home than in a rented house. These extra expenses could be used to build a greater income source. The sixth cure is to insure a future income. People are born, they mature and grow old. One therefore must prepare for the days of old age where they will no longer be able to indulge in much activity, and even if he dies, his family will still be catered for. The seventh cure is to increase your ability to earn. When one perfects his skills in whatever trade he is involved in, the greater his worth becomes and the more he can earn. One should therefore cultivate his powers, study and become wiser, and be more skillful. By this shall a man become confident in himself to achieve his carefully considered desires. This book also addresses the debate about good luck. It says that opportunities come to all people but it is only to those eager to grasp the opportunities for their betterment that attract the goddess of good luck. Action therefore propels one forward to the success that he desires. This ancient text is a sincere exposition of the art of acquiring wealth. The laws stated therein have been tested and proven to be true. Most of these secrets are also spoken of by other financial success authors like T. Harv Ecker, author of Secrets of the Millionaire Mind, Keith Schreter of How to Get Rich Without Winning the Lottery and Robert Kiyosaki of Rich Dad Poor Dad. The laws and wisdom of age are as sure as the stars in the heavens, fixed, “so unchanged that the sailor may depend upon them to steer his course” (Clason 12). He who follows these true sayings shall no doubt acquire riches. Works Cited Clason, George S. The Richest Man in Babylon. New York: Signet, 1988. Print. Hill, Napoleon. Think and Grow Rich. Cleveland, Ohio: The Ralston Publishing, 1953. Print. Roberts, Gerry. Millionaire Mindset. Scottsdale, Arizona: Life Success, 1999. Print. Read More