Have you ever thought of how people in ancient civilizations built wealth when things like stock markets, banks, and real estate didn’t exist? Mansa Musa, whom people think was the richest man in history had an estimated net worth of 400 billion dollars. It’s nearly double the worth of Elon Musk. The answer to this is hidden in this book, “The Richest Man in Babylon.”
The richest man in Babylon
Babylon, an ancient city, located in modern-day Iraq was one of the wealthiest cities in the world. As a large and wealthy civilization, it stood as a center of commerce and culture. As a backdrop to “The Richest Man in Babylon,” this ancient city provides the setting for exploring timeless principles of wealth creation. Its historical significance sets the stage for the book’s insightful lessons. It talks about financial wisdom and prosperity, making the journey through its storied streets even more compelling.
My key takeaway from the book
The richest man in Babylon was named ‘Arkkad’. He was so rich that he lent money to the king’s treasury whenever there was a need. In the book he quoted: “A part of what you earn is always yours to keep.” Simply put, when you spend money on things like haircuts or food, it’s gone. It’s not yours anymore. But, if you set aside a part of your earnings and use it in a way that it stays yours, you’re doing it right. Nowadays, you can do this by buying stocks in a company or getting a piece of land and leasing it for farming. This way, your money doesn’t just go away – it sticks around and keeps being yours.
More about the book
The author wrote “This Richest Man in Babylon” in old-style English. Similar to the writing style of Shakespeare’s plays. So, you may find it difficult to read. But, I will highly recommend you to read this one. The knowledge from this book will help you make better financial decisions for building wealth.