Book Review: “The Richest Man in Babylon” by George S. Clason

Timeless Wisdom for Modern Financial Living

“The Richest Man in Babylon” by George S. Clason is one of the rare books that articulates the philosophy of generating wealth as effectively as any treatise or essay ever written. The wisdom imparted by this book, written by a person living nearly a hundred years ago, has timeless lessons to impart to future generations, despite living in a bygone era, actually ancient Babylon, to be precise.

Essentially, “The Richest Man in Babylon,” is not an instruction manual on how to acquire wealth, but rather a guide on how to control one’s habits effectively. The author, using very simple yet insightful tales, instructs us that prosperity is a product of living life with morals, rather than just luck or birthright. The main character, Arkad, the richest man in Babylon, is a living example of this, as encapsulated by his timeless saying:

“A part of all you earn is yours to keep.”

“Store up enough today, that you shall not want aught: so shall you prosper and be wealthy” expresses a deceptively simple truth, which lies at the backbone of every financially written plan ever penned. Clason weaves this truth into a series of tales so engaging that they border on morality stories rather than classroom instruction. Perhaps the most famous among these tales is that of the chariot maker Bansir and the musician Kobbi, two friends who bemoan their empty pockets even as they toil away, unaware that their earnings alone are insufficient to make a man wealthy, a truth that is just as valid today: earnings without self-discipline are as pointless as pouring water into a leaking jug.

The transformation of Arkad, a poor scribe to the richest man in Babylon, is the moral foundation of this literary piece. He starts by burning with a passion to acquire knowledge, approaching a wealthy moneylender and inquiring how he achieved all that he has. “I found the keys to wealth, my friends, when I decided that a part of all I earned was mine to keep—and so will you,” says Arkad to his pals afterwards.

The wisdom secured by this humble copy clerk is really the foundation, the first among Clason’s Seven Cures for a Lean Purse, which will be delineated later.

The brilliance of Clason’s work is that he tells stories through allegory. The markets, temples, and palm tree-lined streets of Babylon are really symbols for the financial systems found around the world. A good example is how well the five laws of gold are conveyed through the following story:

·  Gold comes easily to those who save.

·  It multiplies under wise handling.

·  It clings to the cautious.

·  It slips away from the reckless.

·  It flees from the impossible dreamers.

Each one of these laws could, if translated into modern-day language, be a chapter out of a ‘Financial Management’ text or a TED ‘Personal Finance’ talk.

What makes this book so human, nonetheless, are the undertones that are moralistic in nature. It is not a love or a promotion of greed, but a love or promotion of stewardship, by which Clason wants to assert that riches, if properly managed, are capable of building families, communities, or civilizations. The example of Dabasir, a camel merchant, a slave to a life of indebtedness, is so compelling, so full of hope: “Where determination is, the way will be found.”

It says so much as a promise or a principle, whether one is dealing with one’s debt or a lack of self-discipline among others.

The timeless appeal of “The Richest Man in Babylon” is, of course, its successful blending of ancient wisdom and modern applicability. The insights shared are just as applicable to the young entrepreneur starting a new company as they are to the young man or woman pulling out a savings account card after graduation. A Culture of Instant Gratification makes its philosophy all the more radical by comparison.

As persons of Indian heritage, we may discover the applicability of similar ideals under our own tradition—for example, the attainment of “artha” or prosperity, alongside “dharma” or righteousness. The wisdom imparted by this book resonates well with veteran saws, “A penny saved is a penny earned,” or “dana and dharma sustain the world” as philosophical ideals inherent to our tradition, among others, including “Don’t let someone else have what you want, but don’t take things that belong to others.” 

Final thoughts:  The Richest Man in Babylon is not a mere book, but a mirror! It shows us that we will never achieve freedom and prosperity by looking into the banks or the markets, but by gazing into our minds, as Clason says: “Our acts will never be wiser than our thoughts. Our thoughts will never be wiser than our understanding,” Each reader, each person who receives the wisdom contained in this book, will feel that they are a little richer—and this, not just in material things, but also in wisdom, patience, and purpose.

Dr. Prahlada N.B
MBBS (JJMMC), MS (PGIMER, Chandigarh). 
MBA in Healthcare & Hospital Management (BITS, Pilani), 
Postgraduate Certificate in Technology Leadership and Innovation (MIT, USA)
Executive Programme in Strategic Management (IIM, Lucknow)
Senior Management Programme in Healthcare Management (IIM, Kozhikode)
Advanced Certificate in AI for Digital Health and Imaging Program (IISc, Bengaluru). 

Senior Professor and former Head, 
Department of ENT-Head & Neck Surgery, Skull Base Surgery, Cochlear Implant Surgery. 
Basaveshwara Medical College & Hospital, Chitradurga, Karnataka, India. 

My Vision: I don’t want to be a genius.  I want to be a person with a bundle of experience. 

My Mission: Help others achieve their life’s objectives in my presence or absence!

My Values:  Creating value for others.