A collection of parables set in ancient Babylon, “The Richest Man in Babylon Summary” offers timeless financial advice. The book is about Arkad, a man who lived in Babylon and was very rich; he shared his secrets of making money and achieving success. All in all, Arkad argues that if you save some amount of your income, make wise investment decisions as well as live below your means you will surely become wealthy since discipline can be practiced by anyone adhering to the right principles. This teaches us that persistence and good management practices are key factors for successful financial life.
Chapter One Analysis
In his Foreword and first chapter, Clason makes some bold statements regarding Babylonian culture and the importance of its ancient ideals to modern people. Clason describes the city and its inhabitants in colorful terms, calling it “glamorous” and “fabulous,” and encouraging the reader to imagine “the glory of Babylon” with its “treasures of gold and jewels” (1, 3). He makes broad generalizations about the city’s population, referring to them as “educated and enlightened people” (2). He expands on the notion of Babylonians as shrewd, smart, and disciplined by underlining the challenging conditions under which their civilization prospered. By pointing out that there was little rainfall, no significant woods or stone, and no trade routes, Clason implies that Babylonians must have been exceptionally sophisticated to survive in such a difficult climate for so long. Clason uses boot-strap philosophy in this section, arguing that Babylon is a “example of man’s ability to achieve great objectives using whatever means are at his disposal” and that all of Babylon’s wealth and riches are “man-made” (1). He eventually admits that Babylon had excellent terrain and plenty of river water, implying that the Babylonians’ prosperity was aided by external sources.
Clason concludes his first chapter by returning to his core topic: gaining and increasing money. He emphasizes the significance of his issue to the reader since “money is the medium by which earthly success is measured” (5). By providing an idealized and vivid portrayal of Babylon and its inhabitants, Clason prepares readers to see Babylon’s ideals as a wellspring of knowledge. Rather than providing specific data or studies as evidence, Clason draws the reader in with descriptive language, writing, “The eons of time have crumbled to dust the proud walls of its temples, but the wisdom of Babylon endures” (5). The persons, situations, and institutions in the following tales are all fictional and have the same romanticized depiction as Babylon. Clason uses parable to make an emotional appeal to the reader, asserting authority by framing the stories as tied to stereotyped conceptions of ancient knowledge and sensationalized treasures from the past.
Chapters 2–3. Analysis
In Chapter 2, Clason hooks the reader by introducing Bansir, a relatable and lovable protagonist who works hard but becomes disappointed when he cannot advance. By portraying Bansir as someone who wants “the gods” to reward him for his work, Clason urges the reader not to expect deities or luck to enrich them, instead directing them to actionable guidelines. Clason introduces a theme of taking charge of one’s financial future by developing healthy financial habits. He contrasts successful guys like Arkad with those who seek money but lack the discipline and consistency to obtain and maintain it. For example, after Arkad shares everything he has learned with his friends, some of them are too jealous and distracted by their animosity toward Arkad to concentrate on applying his lessons.
Clason’s second fable (Chapter 3) features a new main character, Arkad. The narrative begins with a flashback to Arkad’s youth and lack of personal economic experience. Young Arkad learns how to earn, save, lend, invest, spend, and manage his money. Following a failed employment, he seeks advice from Algamish on how to increase his income. Arkad follows Algamish’s counsel and begins to earn and save more money, but he does not invest it wisely. By posing impediments to Arkad’s achievement, Clason incorporates another financial rule into his story: invest your money carefully with professionals in their respective industries. While it is not one of his explicit instructions, Clason’s story emphasizes the value of networking and acquiring the trust of other successful individuals. While Arkad becomes affluent by adhering to Algamish’s standards, he also benefits from approaching Algamish in the first place and showing himself to this wealthy guy.
Clason’s descriptions of Babylon’s walled city contradict his prior claim that the majority of its residents were wealthy. On the contrary, he depicts “a mixture of grandeur and squalor, of dazzling wealth and direst poverty, crowded together without plan or system within the protecting walls of the city” (6). Clason notes that not all Babylonians were well-off, including “barefooted beggars” and numbers of enslaved individuals (6). The author utilizes these sad folks to indicate that Bansir and his comrade Kobbi are no better off than slaves because they “live slavish lives.” Working, working, working. Getting nowhere (9). This striking comparison highlights how Bansir, and the reader, must learn more about finance in order to avoid poverty. It also demonstrates that Babylon, like most communities, was not ideal.
Chapter 4 Analysis
Clason’s fourth chapter contains practical financial counsel written in a tone similar to biblical instructions. Clason utilizes authoritative language like “Control thy expenditures” and “Make thy gold multiply” (23, 25) to impress upon the reader the importance of following these directives. Throughout this chapter, the author employs antique vocabulary to lend historical context to his parables.
This passage’s main focus is Clason’s admonition to reject immediate wants in order to save money. Clason’s first “cure” encourages the reader to avoid short-term impulses to save money, as he believes individuals should consider beyond their weekly or monthly spending. He writes, “Which dost thou desire the most?” Is it the fulfillment of your daily desires, such as a gem, a touch of finery, nicer clothing, or more food, which are quickly forgotten? Or is it substantial property, gold, lands, herds, commodities, or income-producing investments?” (23). Clason’s second “cure” returns to this topic, equating people’s “desires” to weeds in a field that grow wildly wherever they can (24).
These discussions help Clason build a new theme: discipline and hard effort. He disputes the notion that budgets constitute “slavery” to people, seeing them as a tool to help people retain discipline and save for long-term goals (25). He emphasizes the need of a strong work ethic, as Arkad encourages his students to improve their talents and work hard: “The more wisdom we know, the more we may earn. “The man who seeks to learn more about his craft will be richly rewarded” (35).
While much of Clason’s counsel is easily applicable to modern readers, such as conserving a percentage of their income, other orders may not be as pertinent. For example, Clason’s exhortation to “Own thy own home” may make financial sense for some but be extremely impractical for others. This instruction, like Clason’s other advise, is broad and provides no specific guidance on modern financial difficulties for homeowners, such as down payments, mortgage rates, taxation, home maintenance, and so on. Clason states, “Nor is it beyond the ability of any well-intentioned man to own his home” and that a mere “few years” will be enough to pay back the cost of the house (30). Clason makes home ownership sound easy to achieve by ignoring specific information and potential challenges associated with home acquisition.
Chapter 5: Analysis
In this chapter, Clason introduces the reader to a new component of ancient Babylonian life: the Temple of Learning. The author admits that his concept of the Temple of Learning is not based on historical research, claiming that “you will find scant mention of it in the history books,” but he imagines it as a location where individuals from various classes might mingle and discuss (37). The temple is an idealised environment in which “the humblest of slaves could dispute with impunity the opinions of a prince of the royal house” (37). The author reintroduces his character Arkad as a “wise rich man,” and expands on his story in Chapter 4, where Arkad continues to advise his students (37).
The author continues to employ archaic terminology in this chapter to underline the ancient culture he is describing. He employs the concept of a “good goddess” of luck to convey how Babylonians may have perceived good and bad fortune (39). While the author does not overtly include modern ideas into his novel, Arkad highlights how people’s actions mostly determine whether they are “lucky” or “unlucky.” This permits Clason to strike a balance between acknowledging the superstitions that individuals in Babylon may have held about luck and delivering practical guidance to the reader.
Arkad’s lessons enable Clason develop his topic of the need of hard effort and accountability in financial success. The author examines how unlikely it is for people to effectively gamble their way to money and instead encourages them to engage in “honest trading,” “occupations,” and “transactions” (39). The author then discusses the significance of procrastination in financial planning. By demonstrating how procrastination may lead to missed opportunities—and hence lost wages—Clason advises the reader to consider taking initiative early rather than risking missing out on a chance as an important element of their financial discipline.
Chapter 6 Analysis
In this chapter, Clason employs rich descriptive language to captivate the reader and bring ancient Babylon to life. The author compares Kalabab’s “faded tents” to “neatly stacked bales of merchandise covered with skins” (46). He asks the reader to visualize the camels “sprawled in the sand, some chewing their cuds contentedly, others snoring in hoarse discord” (46). He also describes Nomasir’s significant family supper, describing the residence as “hazy with smoke from the wicks of the oil lamps that but dimly lighted it” with “long-stemmed palm leaves” for fans (47). The author carefully selects his phrase to make an effect on the reader. By referring to the concepts in this chapter as “laws,” Clason argues that they are timeless and universal, independent of cultural or individual settings. This lack of nuance may cause the current reader to question the credibility and application of Clason’s claims.
Clason continues to write in an apolitical tone. He portrays poverty as negative and money as desirable, regardless of how the wealth was acquired. Clason’s character gets job overseeing enslaved people, which Clason portrays as unproblematic. By mentioning enslaved people again, Clason undermines his opinion that most Babylonians are wealthy due to their own unaided hard work, as well as his narrators’ statements that all men in Babylon can save money and thrive equally. Clason avoids moralizing the accumulation of money, instead focusing the reader’s attention solely on his “Five Laws of Gold,” the majority of which he has already introduced in prior chapters. This recurrence makes the fable rather redundant, but it is one of Clason’s strategies for ensuring that the reader understands his instruction. Furthermore, Nomasir’s life story parallels that of his father, Arkad, who faced hurdles and made terrible investments on his path to success. The connections in these anecdotes sound redundant, but underline Clason’s topic of youthful inexperience in finance and the need for individuals to overcome naivety and wasteful spending to learn financial knowledge the hard way.
In Chapter 6, Clason continues to focus entirely on male characters, emphasizing patriarchal norms that, according to Clason, influenced how wealth was acquired and passed down in ancient Babylon. Clason uses male terminology in his advice, stating that “Gold cometh gladly…to any man” and “Gold flees the man who would force it to impossible earnings” (49). Clason offers a narrow and erroneous perspective of Babylonian society by solely referring to men in his parables, implying that women were never involved in wealth generation through commerce, employment, dowry, or inheritance. Chapter 2 of Women’s Writing of Ancient Mesopotamia: An Anthology of the Earliest Female Authors (UP Cambridge 2017) discusses the many social and professional responsibilities that women held:
Mesopotamian evidence reveals that elite women performed all of the same roles as men, despite the fact that many fewer women than men appear in Mesopotamian writing. Women communicated with males, the king, and each other, bought, sold, loaned, borrowed, guaranteed debts and served as witnesses, possessed property, participated in commercial endeavors, utilized seals, and so on. (24)
Women from lower socioeconomic groups also made substantial contributions to the Sumerian economy:
Early Sumerian organizations relied heavily on women to do physically demanding tasks. They worked as weavers, milled wheat, hauled boats, and cut reeds. Apparently, girls received half of the food offered to male laborers. Women have also worked as midwives, nurses, and bar owners. (19)
This research demonstrates that Clason’s representations of Babylon are based on his early twentieth-century American preconceptions regarding the role of women in commerce (i.e., that they are not or should not be involved) rather than historical fact. Equally significant, his male-centric book implies that his readers are men, most likely young men like Arkad’s students, seeking wealth-building advice.
Chapter 7 Analysis
In Chapter 7, Clason discusses financial responsibility and obligation to oneself and others. Unlike Clason’s other characters, Rodan has already amassed fortune through his exceptional professional service to the king. Rodan, who has suddenly become wealthy, feels forced to lend it to family members who wish to use it for commercial purposes. Clason uses Rodan’s predicament to give guidance to the reader, who may be able to connect to Rodan’s conflicting views about protecting their fortune and caring for their family. This tale adds nuance to Clason’s study of financial health by recognizing that even successful people can experience financial stress because their money can trigger complex feelings of duty, anxiety, power, and obligation (56).
Mathon’s narrative about the ox and the donkey serves as a caution to Rodan and the reader not to unintentionally take people’s financial risks and liabilities when attempting to aid them. The best way to avoid this is to thoroughly examine the person you are loan to and how they intend to utilize your money. Mathon suggests treating family members in the same manner you would treat other borrowers: carefully consider their potential to repay the loan and avoid clouding your judgment with “foolish sentiments of obligation” (62). By incorporating this advise, Clason expands on his logical and pragmatic approach to financial health, emphasizing that people’s desire to help their family should not lead them to ignore the realities about their family’s finances and spending habits.
In this chapter, Clason continues his topic of youth’s inexperience and naivety, as well as the consequences of their mistakes. Mathon recalls some young people who owe him money for taking out overly ambitious loans without knowing how to manage their money sensibly. He specifically advises the reader against incurring excessive debt, equating it to a “deep pit” of “sorrows and regrets” (60). These anecdotes serve as a caution for both borrowers and lenders to avoid making crucial financial decisions based on teenage enthusiasm and naivety.
Chapter 8 Analysis
In this brief parable, Clason attempts to depict the great dread that people felt when under siege in the ancient world. He depicts the Babylonians as “white-faced and terrified” and staring with “hushed awe” (64), while their injured warriors are removed. Clason describes the inhabitants as especially bewildered and vulnerable, writing, “[a]round him unceasingly crowded the throngs of frightened citizens” who wanted to know if they might expect to live (65). The horrific conflict resulted in “slaughtered attackers piled up in heaps before the wall” (65). This descriptive language allows the reader to imagine the stress and mayhem that residents and troops face as they attempt to survive a weeks-long siege. By comparing Babylon’s walls to modern-day financial safeguards, Clason draws comparisons between ancient civilians and the modern reader, hinting that without enough safety, everyone will feel terrified and endangered. In this analogy, a person’s finances are constantly under attack from risks such as poor investments, fraud, impulsive spending, gambling, and other forces that jeopardize financial security. This contrast broadens Clason’s topic of protecting your wealth and avoiding losses as much as possible.
Chapter 9 Analysis
In this chapter, Clason offers general conclusions regarding the dangers of youth and the value of experience. Clason frames the story as advise for a young individual in need of financial guidance, featuring yet another young character making naive financial mistakes. Clason uses characters like Dabasir to warn younger readers about bad financial habits. Dabasir calls Tarkad “boy” multiple times, underlining his youth and his need on men like Dabasir for survival (67).
This chapter builds on Clason’s subject of discipline and emphasizes the significance of a good mindset. Sira’s character serves as an external conscience for Dabasir, who believes he has poor luck. By proposing the duality of the “soul” of a free person or a slave, Clason pushes the reader to evaluate their own worldview to determine if they respond to obstacles by whining about their bad luck or by taking the initiative to change their circumstances. Clason, as usual, is uninterested in investigating the numerous possible causes of people’s misfortunes or their level of involvement in their difficulties. Instead, he indicates that individuals in poverty are “weaklings” (71) who lack the necessary mindset for success. While this strategy is straightforward, it allows Clason to preserve his sparse parable-style storytelling without complicating his narratives.
This fable is remarkable for the presence of Clason’s first identified female character. Sira plays a crucial part in changing Dabasir’s thoughts regarding his situation. Clason makes it obvious that by changing Dabasir’s thoughts, she has also helped to modify his life, as his difficulties stem from his own thinking habits. Sira is shown as a wise individual who knows how to respect oneself and others. She urges Dabasir not to be influenced by his debts to others, adding, “[N]o man can respect himself who does not pay his honest debts” (71). Clason employs Dabasir’s enslaved situation to suggest that remaining in debt and living in fear of creditors is equivalent to living in servitude to your debt. Dabasir’s lack of freedom allows Clason to underline his platitude that humans can extricate themselves from harsh conditions via “determination” alone.
Chapter 10 Analysis
In this chapter, Clason departs from his customary format and transports the reader into the twentieth century. Shrewsbury’s letters apply the parables’ lessons more clearly to the issues of the current audience. The letters provide a mysterious element to Clason’s work; because he does not make it plain that the letters are fake, allowing the audience to envision British academics poring over Babylonian tablets containing “ancient” financial advice is a cunning method to infer their legitimacy. Clason does not specify whether the tablets are fictional. Clason enriches and diminishes his work by fabricating primary historical documents such as these tablets and letters. On the one hand, this tale allows the reader to consider how they would react to reading Dabasir’s account firsthand and how they could profit from his guidance. On the other hand, this addition appears inauthentic because it lacks historical basis. It also risks giving the reader the erroneous impression about Babylonian tablets and their purpose (they were not used for personal journals).
While Clason attempts to build a more relevant current character in Shrewsbury, who is stressed out due to a series of obligations, he fails to establish a compelling case that Dabasir’s schemes may work for anyone in the present day. Shrewsbury is fortunate that his creditors agree to repay him on his timeframe, and his success at “securing a fair reduction” in rent is not a realistic option for most renters today. Shrewsbury does not go into depth about how he reduced his other living expenses; Clason merely uses the example of buying cheaper tea. Though Dabasir’s 70%-20%-10% plan is a decent general technique for sharing one’s income, Clason fails to admit that it may not be suitable for every reader. While the author may be able to generalize that the majority of customers may reduce their spending in some way, he fails to realize that some people will be unable to implement Dabasir’s proposal. As Shrewsbury proceeds to explain his cost-cutting to the professor, he glosses over the details, writing, “It is too long a story for a letter, but anyhow it did not prove difficult” (81). This omission undermines the book’s credibility and limits the applicability of Clason’s guidance.
Chapter 11 Analysis
Clason’s final chapter helps to consolidate his themes of work ethic, discipline, and success, as well as expand on his investigation of the relationship between a good outlook and hard effort. Clason believes that working hard is the best method to enhance your wealth, and hence it is critical to learn to like work and have a positive attitude toward its function in your life. Sharru is instructed to treat work “like a friend, make thyself like it” (87). When Sharru takes this counsel, he swiftly makes money and admits that “work was proving to be my best friend” (87). This lesson is repeated throughout the chapter and highlights the value of hard effort and endurance over looking for a quick and simple way to prosperity. At the end of the fable, Clason reinforces this message through Hadan’s epiphany as he reflects on Sharru’s life story: “Work drew many people who appreciated his industry and the success it brought. Work provided him with the laurels he so desired in Damascus. Work brought him all of the things I had approved. “And I thought work was only for slaves” (94).
In this chapter, Clason again emphasizes that gambling produces little benefit and that gamblers lose far more often than they win. Sharru, for example, is sold into slavery by his stepmother in order for her to save enough money to buy her son’s release after he gambled and got into a violent brawl. Sharru informs Hadan that “[i]t was a gaming house and barley beer that brought me disaster” (85). Later on in Sharru’s story, gambling is mentioned again when his boss is compelled to sell him because he “lost much at the gaming tables” (91). By providing these references, Clason urges the reader to never gamble with their savings.
Hadan, a youthful and naive character, lacks financial experience. By portraying Hadan as having a terrible work ethic, Clason demonstrates the disadvantages of being reared privileged and without adversity. Despite coming from a different social stratum, Hadan shares many parallels with Tarkad, who believed that being rich or poor was a matter of luck. Hadan believes his granddad had the “secret key” to comprehending money. Clason emphasizes that people from any background can be naive and unknowledgeable about money by featuring an affluent teenager who lacks financial skills and shares the same beliefs as the lower-class characters. This helps him establish his belief that children from wealthy households should start life with humility and learn to work hard and provide for themselves. At the end of the chapter, Hadan removes his jewels and rides behind Sharru, realizing the worth of hard effort. This represents his goal to be a self-made man like his grandfather, as well as his growing appreciation for hard labor and life experience.
