Richest Man In Babylon Book Report

The Richest Man in Babylon is a book written by George Samuel Clason. This book teaches multiple lessons on the ability to manage your personal finance; to pay ourselves first, spend less than what we are making, and to work for the money we earn. I believe this book should be read by most economic students. Students will learn how to budget money, spend money, and use money wisely.

The first thing that the book teaches is to pay ourselves first. The richest man in Babylon is known by the name of Arkad. He actually started out his life as a poor man. “If you have not acquired more than a bare existence in the years since we were youths, it is because you either have failed to learn the laws that govern the building of wealth, or else you do not observe them” (pg. 16). This book suggests that we should pay ourselves with 10% of all that we have earned. “A part of all you earn is yours to keep. It should be not less than a tenth no matter how little you earn. It can be more as you can afford. Pay yourselves first” (pg. 20). …show more content…
There are many ways to spend less than what you make. You can make a budget plan to balance your spendings. When you buy something, think about whether it is a need or a want. Take a car, for example. Yes, you might need a car to transport yourself to places, but does it have to be a 2016 Mustang? No. You just need something that runs and can get you to your desired destination.. Who cares if you do not have the newest model. “Budget your expenses so that you may have money to pay for your necessities, to pay for your enjoyments and to gratify your worthwhile desires without spending more than nine-tenths of your earnings” (pg. 35). “The purpose of a budget is to help the purse to fatten. It is to assist thee to have thy necessities and, insofar as attainable, thy other desires” (pg.