Summary: A fantastic read! A literary classic in wealth-building and self-help. Read it! And if you’ve read it, read it again. And again. Really. It’s that good.
The book is set in the ancient times of Babylon, approximately 4000 years ago. It loosely centres around Arkad, the richest man in Babylon and how he obtained and taught the wisdom surrounding the acquisition and keeping of gold ‘wealth’. I’ll share some of the passages I found to be most useful. If you can put into practice the ‘7 cures for a lean purse’ and the ‘5 laws of gold’, you’ll be well on your way to building lasting wealth.
Law 1. ‘Gold cometh gladly and in increasing quantity to any man who would put by not less than a tenth of his earnings to create an estate for his future and that of his family.
Law 2. ‘Gold laboureth diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field.
Law 3. ‘Gold clingeth to the protection of the cautious owner who invests it under the advice of those men wise in its handling.
Law 4. ‘Gold slippeth away from the man who invests it in businesses or purposes with which he is not familiar or which are not approved by those skilled in its keep.
Law 5. ‘Gold flees the man who would force it to impossible earnings or who followeth the alluring advice of tricksters and schemers or who trusts it to his own inexperience or romantic desires in investment.
If you want to have ‘gold to jingle in your purse’, you must employ these laws.
And don’t forget these which Arkad calls ‘The 7 cures to a lean purse’.
1. Starve thy purse to fattening – save a tenth of your earnings.
2. Budget your expenses from the remaining 9/10th of your earnings.
3. Make your gold multiply – invest it in profitable investments. Make wealth by creating golden streams of income.
4. Guard your wealth from loss. Don’t fall into the temptation of putting your money into unsound investments that promise to make wealth rapidly. Be careful in loaning money or investing it without guarantee of its safety. Consult with those who are more experienced in the handling of money.
5. Make of your dwelling a profitable investment – own your own home.
6. Make preparations for your future and that of your family for the time when you’re no longer able to earn.
7. Increase your ability to earn. Cultivate your own powers (work on yourself). Study to become wiser, increase your skills and abilities so as to increase confidence in yourself.
In closing, listen to Arkad’s words ‘there is abundance for all. Go thou forth and practice these truths that thou mayest prosper and grow wealthy as is thy right.’