7 lessons from the Richest Man in Babylon
The Richest Man in Babylon, the success secrets from the Ancients” is the most popular publication of George S. Clason.
The Book – The Richest Man in Babylon
Even if it was written and published in 1926, it is still extremely popular and relevant today:
- it is one of the first divulgation books on Financial Planning and Personal Wealth.
- In this book, we have the first written reference to the concept of “paying yourself first”. This slogan is now a mantra and golden principle in personal finance). I have extensively covered this concept with the review of the book “The automatic millionaire”, by David Bach
- With the Richest Man in Babylon Clason demonstrated being an excellent storyteller: he shared financial principles using philosophical parables set in ancient Babylon: a successful way to engage an audience.
The Animated Video – The Richest Man in Babylon
In this animated video – a small experiment – I share an extract from the book, that focuses on a parable titled “The 7 Financial Rules of Arkad, the Richest Man in Babylon”.
Transcript on the 7 Financial Rules of Arkad
- Financial Rule 1: every month, a part of earnings is yours to keep and put aside: pay yourself first
- Financial Rule 2: differentiate between NEEDS and WANTS with your expenditures
- Financial Rule 3: invest your monthly savings, so that they will grow exponentially over time
- Financial Rule 4: protect your savings from losses
- Financial Rule 5: own your home, make it an asset
- Financial Rule 6: insure your assets
- Financial Rule 7: invest in yourself, grow your skills, become wiser
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