I always put books in the context of the times they were written. The fact this book was originally published in 1926 right before The Great Depression is telling. The fact that the advice endures even today is also astonishing.
As an author, I believe in the power of stories to relay concepts and “moral of the story” endings. The way That George Clayson relays financial elements in parable form are the precursor to “The Instant Millionaire” by Marc Fisher or “The Wealthy Barber” by David Chilton.
With recent scrutiny of the 1%, financial literacy is critical for more people to enjoy financial security, if not wealth. Ironically, at the beginning of the book, the king that commissioned Arkad to teach his subjects money management says, “our city is in a very unhappy state because a few men know how to acquire wealth and therefore monopolize it, while the mass of our citizens lack the knowledge of how to keep any part of the gold they receive.
The times are strikingly similar…
Yes, the financial advice is “light” but solid. Having struggled financially, I realize that my downfall was not following core elements of this book – “Start Thy Purse To Fattening” and “Control Thy Expenditures”. Here are the 7 laws of wealth that is outlined in the core story:
1. Paying yourself first
2. Controlling your debt and expenses
3. Investing your money for growth
4. Guarding your money against loss
5. Owning real estate
6. Insuring a future income
7. Increasing your ability to earn!
There are other stories that are very engaging and teach other financial lessons. I also own this title on Audible (Grover Gardner is excellent!).
When I ran a mortgage business, I used to recommend and giveaway this book to clients. I also loved the concepts so much I created my own take with “8 Silent, but deadly, Wealth-Killers” program that is based on this book.
Don’t skip this classic due to simplicity of concepts or language…read it…apply it…then get deeper financial knowledge or advice as you need it.