I have something that is a huge help in my life, which I keep in reserve in the back pocket of my brain at all times. It is a little book, only around 100 pages, usually printed gold in color, called The Richest Man in Babylon written by George Samuel Clason and first published in 1926. It was a book recommended to me by a young man I grew up with who had made a great success of his life at an early age. It taught a number of great hacks for everyone who hasn’t won the lottery. I will try and summarize some of them here.

The first thing this little book taught was that people are always willing to give advice, but the smart way to solicit advice is to make sure the person you ask is someone who has a lifetime of experience and skill on the topic you want to learn about. A few years back I had a little extra money and I wanted to find a good investment, and so I went to a McCauley pawn shop and asked my friend there what he thought was a good thing for me to put my money into. He suggested that I buy silver, which at the time was selling for about $11 an ounce. If I had taken his advice and bought it and sold when it was at it’s high, I would have realized quite a profit, as silver soon went up to $60 an ounce, and since even now is well over the $11 it was at then, I definitely would not have lost out.

The next thing the book talks about is that there is no real get rich quick scheme: the best way to get ahead is to simply become better at what you do. Advance in education about your job, and put more attention and effort into your work. This is the one thing I have consistently been able to do with my writing and it has opened so many doors for me.

Another piece of wisdom this book offers is to not try and save too much, and to live well and treat your family well, but remember that part of what you earn should always be put aside for the future. The book recommends 10% of your earnings be used to “pay yourself first.” It is good to look at it this way because people who live pay cheque to pay cheque often pay all of their bills, end up with nothing, then borrow more at high interest when they need something. With a little discipline, personal expenses should be cut back so bills can be paid and 10% put away.

There are many things this little book teaches. Another favourite of mine is that is so important to own your home. It makes for a better way of life, people respect you more, and it is often the best investment you can make. The other suggestion that this book illustrates with fictional tales from old Babylon is how important it is to ensure a living for your loved ones in case you become disabled or worse one day. No one can predict what the future holds, and in the case of a tragedy it is so important to have proper insurance. A few years ago I found myself unable to work for more than a year due to disability and I could have gotten through it easily if I had opted for a low cost insurance program my bank had offered me.

So there you have it: seek good advice, pay yourself first, own your home, and prepare for the worst. If we could all do it, the world would definitely be a better place.