Book review: The Richest Man in Babylon

The Richest Man in Babylon cover

This is a short book of 144 pages that gives basic money advice in the form of parables. The premise is that the ancient city of Babylon was famed throughout the world for the richness of it’s citizens, their money sense and the benefits to the society of this knowledge.

The book starts by telling the story of a hard working chariot maker who has little to show for his labours. He talks to his friend the musician, who is similarly poor, then resolves to find out the secret of wealth from Arkad, The Richest Man in Babylon.

The following chapters in the book tell different short stories, as told by Arkad, which depict basic financial advice. The three main points are:

  • Save 10% of all you earn.
  • Get advice from people knowledgeable about money.
  • Invest your savings to earn more money, then reinvest that.

The Richest Man in Babylon is a pretty easy read and much less dry and boring than most financial books. It may be too brief for some, and the advice too simplistic, but the book is really advocating a set of principles for wealth creation and leave the next step up to you. I purchased it from Angus & Robertson for $13.99.

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