Book summary of the The richest man in Babylon.
The book was an advice to read in Forbes, CNBC or Wall Street Journal
In our opinion it gives basic financial education for children, youth, beginners, new very young investors and all people looking for the foundation of how people should deal with money in general.
George S. Clason wrote a famous book, published in 1926. This non-fiction book is very popular since approx. 100 years. It connects storytelling with basic financial education.
Clason wrote short stories and parables about money basic skills and narrated them in a very catchy way. The stories are pictorial, easy explained and interesting.
The book gives the money basic skills of the advanced civilization of Old Babylon.
Arkad was the rich money man of Babylon.
His friends attended the same schools and worked just as hard. But why are their wallets often empty, while Arkad is rich?
They visited him and ask. So Arkad teaches them the basics.
How to save money? How to invest money? Wisdom or Gold? Risk or Protection?
Mind your decisions, Arkad would say!
Some similar advices came from a series of booklets distributed by U.S. banks and insurance companies in 1920-1924. (I know, it seems rather curious that banks would give out useful information about money. But in that case, they really did.)
Quote from the Forbes magazine: Rick Ferri (1 September 2010). “The book has become an inspirational classic to millions of readers and despite being set thousands of years ago in the historical city of Babylon. The stories and principles seem just as applicable today as they did in ancient times.” c.f.
CNBC listed the book in the 12 books to read in 2017 if you want to get rich:
The Wall Street Journal had an article 2013 with the title: The Experts: The Best Financial Advice for Young People Starting Out. c.f.
The book is often referred to as a classic of personal financial advice, and appears in modern lists of recommendations for personal financial advice and wealth management. Untill now, over 2 Million copies of the book are sold.
The unusual structure of the book has inspired many modern works that offer further discussion and insight into the parables.
spoken and summarized by Tom Eagle
animated skilled and easy to memorize by Tom Saborowski