“The Richest Man in Babylon” by George S. Clason offers timeless financial wisdom through a series of parables set in ancient Babylon. At the time I didn’t really appreciate the parable like format, and had to think about how it was applicable. Similarly, some of the concepts felt oversimplified because banking and investing has changed so much throughout time. The book’s basic principles of saving, living within one’s means, and seeking secure investments remain valuable. However, you need to seek additional contemporary resources to fully round out your financial education and strategy. I felt like I had already absorbed the lessons of this book before I got to it, so it wasn’t super valuable for me but might be for others.

The main lessons from the book include:

1. Save at Least 10% of Your Income: Pay yourself first by setting aside at least 10% of your earnings before paying your expenses.

2. Live Below Your Means: Control your expenditures and live within your means without sacrificing necessities. Avoid frivolous spending that doesn’t bring long-term happiness.

3. Invest Wisely: Seek advice from those knowledgeable in the area you are investing in and make your money work for you by investing in ventures that you understand or are advised by competent people.

4. Guard Your Wealth from Loss: Ensure the security of your capital. It’s better to have a small return than to lose your principal.

5. Own Your Home: Homeownership can bring stability and help save on rent, which can then be used to build wealth.

6. Ensure a Future Income: Provide for the future with investments and insurance so that you can maintain your lifestyle in your older years and provide for your family after you’re gone.

7. Increase Your Ability to Earn: Strive to become more knowledgeable and skilled in your chosen career to earn more. Personal growth and education are critical.

The book emphasizes that financial prosperity is the result of managing one’s finances wisely, and it outlines a plan for achieving personal wealth and financial independence through disciplined saving, prudent investing, and hard work - timeless advice.