08 Apr Lessons from ‘The Richest Man in Babylon’
People search everywhere for sound financial advice and finance students are taught multiple theories about what works and what doesn’t in the field of financial planning. Some of the most basic rules of finance are creatively outlined in the well-known book, The Richest Man in Babylon. The book has been around since 1926, but the ideas haven’t changed. The characters discover logical methods that have to do with saving, timing and predicting the future. George S. Clason sets his tale in ancient Babylon with a cast of characters who have practical financial problems that need to be solved. They are concerned about not being able to save for the future, so they ask a wealthy Babylonian for advice. They are told three simple mistakes that need to be avoided: wasting time instead of seizing opportunity, spending instead of investing and not protecting yourself against loss.
The genius of Clason’s tale is not lost and his advice can help millions avoid many sleepless nights worrying about their financial future. These simple concepts and a financial planner who knows the market can help you secure the financial future you need to protect you and your family. We all procrastinate when it comes to making investment decisions, but remember that the best investments are made when the timing is right. The Richest Man in Babylon reminds us not to miss good opportunities and always trust your instincts. Keep track of expenses and invest wisely. Find ways to guard against loss and you will be in a more secure place when the time comes to retire. Earn while you can, but always plan for the future.