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Friday, October 13, 2017

Friday Feature Book Review: The Richest Man in Babylon by Georges S. Clason バビロンの大富豪 「繁栄と富と幸福」はいかにして築かれるのか : ジョージ・S・クレイソン

This seems very much like an old classic story, but was written just 100 years ago, in the 1920s. The style is of a classic fable, and creates a timeless tale about how to approach wealth with the right mental attitude. Questions like why am I poor and others rich?, why am I very similar to those who are the 1% of society? You learn about many basics never taught in most schools, but common lessons known by many rich members of the population. It is enlightening and recognizable by successful business people, the true winners in economic life. If you enjoy figuring out the bigger picture, then this is an important glimpse into what you may want to know. This is really about building morals inside yourself, before running large amounts of money and making it grow for your family or legacy.

Early on, we meet a chariot maker called Bansir, who wonders like any man, why so few are rich, and how they get that way. Arkad was the richest man in Babylon, yet Bansir and Arkad grew up together, so what made the wealth gap difference so clear? Both were born poor at first, so it was not inheritance, was it something else? What could that be? Maybe it can be learned? You learn how Bansir and his friend Kobbi, the musician learn these lessons by observation. They find out how these basic wealth steps are explained in a very historic way. It often comes down to fundamentals like save part of your income, live below your means, invest for the future, take advice from experts who are qualified, take calculated risks, and many more tips on wealth. 

Many of the values explained are indeed timeless. I suspect that if you asked any number of billionaires today.  Or even other millionaires of the past, both groups would recognize the key lessons explained. It must be said that the age of the reader will change how the lessons are valued. The older billionaires of today like Warren Buffett, will know more of these lessons than the younger version of the same man. It seems that it is not just a bank account, but the values around wealth that get tested over time. Those with large amounts of significant layers of family money. 

What comes across is that time is not important to the value of these lessons. The values are clear in ancient Babylon from thousands of years ago, or the very modern Hong Kong, Singapore or Tokyo today. The lessons are timeless, and keep their value. If you like history enough to learn the foundation of wealth, then this is the book for you. It is a pleasant twist that helps review the true core of any wealth foundation. The ultimate question comes down to "how hungry are you?". What are you willing to do more than the average man? Only those strongly motivated over time can survive and accomplish what is really needed to succeed on the path to great wealth.

The Top 3 Takeaways from this book that really impact any reader are:

1) This is the story of very special people in Asia with hard wired talent that finds a way to true wealth. The pattern shows how drive, budgeting and perseverance often wins the way to immense wealth.

2) The ability to work with family and friends, needs to be learned in life. Only once you start to save and find a balance of lifestyle and expenses, do you find out all of the new skills you need to succeed longterm. 

3) This is never about somebody happy to be average. The common pattern shows that there is always a deep driver to push any rich person to a level few others ever reach.There is a clear difference between short term sacrifice and long term benefit.

This classic book reminds any reader today, of what has worked in the past, and will work in the future. The secrets of wealth creation are known, but not always the detailed execution of those same lessons. It is the will power needed especially after failure, or perseverance, that is core to success. Any reader will learn that he or she can be rich anywhere in the modern world. It is not just in the ancient city of Babylon, from times past that rewards those who learn the core lessons.

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme. Follow us now for our free weekly updates, just click hereThank you for reading and learning more about how money is made in finance!

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