I recently finished the book „The Richest Man in Babylon” by George S. Clason. Yes, although it’s a classic, I never managed to read it earlier. But now I’m glad I did. Why?
In a simple, fictional story-based language, it offers an understanding of—and a solution to—your personal financial problems that will guide you through a lifetime. In my opinion it is so effective since the protagonists are pretty straight forward – ordinary jobs, common problems, nothing too eccentric. And when people appear to be eccentric, they are immediately grounded by their circumstances (= something happens).
And herein lies the fascination to me: The everyday struggles and dreams of the protagonists are always resolved from this grounded, conservative, rational point of view.
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Everyone Is Responsible For Their Own Actions
Arkad, for example, a poor scribe, becomes the richest man in Babylon by following the strategy of saving at least 10% of his income, investing wisely, and seeking the advice of experts.
Nothing about speculation, gambling, taking unnecessary risks, all-or-nothing approaches.
No: The book rather highlights the dangers of debt and impulsive spending, as well as the power of patience and perseverance in achieving financial goals.
It’s been said about the book that it “provides practical and timeless advice on how to attain and maintain financial prosperity”. And after reading, I can confirm that 100%. And it is justified in a very simple way.
There is absolutely no need in getting fancy when starting or continuing a financial path of growth and prosperity. Sticking to your numbers, setting the framework and having realistic expectations is all it takes to get started.
Why People Still Fail!
But oh, I see! The mathematical financial frame and realistic return on investment expectations do not match one’s dream! It needs to be more than that! If not, the mathematical approach or the financial system must be wrong, broken, outsmarted, whatever!
The unpopular truth though: This dilemma takes place in the mind – not in the money or the financial world. It is as good (or bad) as it is.
Now I’m not trying to come up with smart-ass comments like: Then just lower your dreams or your expectations if you see a problem there.
I rather say: Don’t try to fix the problem with fancy or sophisticated financial strategies. The strategies are good. Basically, any situation in life has its own strategy. Your situation is nothing special or unique, i.e. there have never been other people in the history of mankind who have not been in a similar situation – and were able to improved it.
However, it becomes problematic when you choose a strategy because of an impatient, irrational or even greedy mind.
You theoretically could, for example, add some crypto to your portfolio. It could be part of a (reasonable) strategy. However, what tend people to do (I mean the impatient, irrational, or even greedy ones)? They outweigh crypto in such a way that it goes beyond gambling – and the disaster begins.
Conclusion
Are such lessons taught or even be found in the “Richest Man in Babylon”? No.
Do the protagonists have a boring and miserable lives? No.
Do they have dreams of improving their financial situation or becoming rich? Yes.
Do they pick proper strategies, or do they give up on their dreams? They find strategies and start to execute.
What strategies? I encourage you to find out for yourself, I added the book to my suggested reading list.
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