Book Review Series: The Richest Man in Babylon by George S. Clason
With renewed interest I am reading George S. Clason’s classic “The Richest Man in Babylon.” I am reading an Elizabethan English version for some reason, although I hear it can be found in modern English. At first glance, most of the principles conveyed in parable form are identical or at least very similar to those put plaining by Napoleon Hill in “Think and Grow Rich.”
Step 1: Save, do not spend, at least 10% of your income, adding consistently.
Step 2: Put that money to work in interest bearing accounts.
Step 3: Invest wisely, not by gambling, or entrusting your money to fools, but by entrusting your money to wise investment advice.
Step 4: Take advantage of opportunities that present themselves, rather than being too scared. This is called “luck” by those who don’t do it.
Step 5: Diversify, carry life insurance, teach your kids financial principles, and thus ensure a lasting legacy.
Seems easy enough. I think the first and greatest hurdle is Step 1. As an American raised in the culture of the last 30 years, I am programmed and trained to be a consumer, and also a slave to the corporate labor pool and corporate “consumer” pool. Happiness is found in the stuff I can buy, and more stuff is the reason for my labors. I am willing to forsake time with my family that I can earn an extra buck to buy more stuff. I will climb the corporate ladder by flaggelating my values to earn a promotion, to earn an extra buck, to buy more stuff. My wish list of material possessions, immaterial purchases, and fashion far exceeds my ability to purchase, but that’s why Visa and MasterCard are in business. But I digress…