I don’t normally write about the finance books that I read, but George S. Clason’s “The Richest Man in Babylon” has some really sound financial principles that I want to pass along. It’s a tiny little book, only 140 pages and since it’s older you should be able to pick it up at your library or on Paperback swap if you want to read it yourself.
“The Richest Man in Babylon” is the story of Arkad, a man who started out as a simple peasant and has now become extremely wealthy. From his castle the king of Babylon sees the poor in his country continue to suffer as they mismanage their resources. He asks Arkad to teach the citizens the secrets to achieving financial security.
The lessons Arkad teaches them he calls the “Seven Cures for a Lean Purse”. While they are not revolutionary, their simplicity makes them very valuable information.
Cure #4: Guard Thy Treasures from Loss (A Frugal Chick’s Translation: Get Intelligent, Trustworthy Help)
Your money is important- don’t let people take it from you. Arkad says his first investment was a complete disaster- he gave his money to a brick maker named Azmur to buy him some jewels to sell. Azmur returned to Arkad with small glass jewels- worthless for reselling. Arkad’s advice? “Better by far to consult the wisdom of those experienced in handling money for profit.” In other words, who expects a brick maker to know about jewels?
The same goes with your money. Talk to your friends who seem to have a good handle on their finances and find out who they have managing their funds. While there is always some risk with investing, a trust worthy financial manager can make sure that your money is handled honestly and with great potential for success!