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3.83 AVERAGE
3.83 AVERAGE
The Richest Man in Babylon is a financial advice book. This was published first in 1926. From that time a lot has changed, but the core financial tenets of this book still hold strong. However, a lot has changed in the ways of writing and information transfer too. This is where the book falls short.
There are some very valuable lessons here. The primary one being save at least 1/10th of what you earn no matter what. Rest of the book is a set of ground rules about how not to be stupid with your money. Then there is one thought-provoking quote,
This comes towards the end, coupled with another insight into repayment of debt. 20% of your income should be allocated to repayment of your debts and not much more. The point he makes twice is how an empty stomach loses sustainability. I liked how one of the protagonists limits his debt repayment outflow to 20% and justifies that, he also needs to feel happy and content with what he earns to continue doing the repayments regularly.
After reading this book I have started wondering if one should rate/recommend a book if its content has waned or better represented elsewhere. Do you still hold the book in high regard and apply to it the scales of the times when it was written? Or since you are reading it today, and applying what you gain from it in the society today, should they book strictly be valued for the current times? I don't have the answer to that, but this dilemma is here to stay for me.
If you feel this paragraph above, which is relevant considering I started thinking on those lines while reading this book, is a digression from a review, then this is what I continuously kept feeling when I was reading the book. Especially later chapters are verbose allegories written in archaic English for no discernable reason. dost, hast, thou are not the words often seen in a financial advisory. Not sure if these words were in vogue in 1926 when this book was first published, but in 2021, they make the prose much more opaque for no reason.
At ~90 pages, this is a quick read. Today, most of its core content can be well summarized in a blog post on a financial website. This book can still go through some serious editing to actually make it of a length of a blog post.
Overall, this is an okay read. If you read the first 3-4 paragraphs of this review, then you have pretty much covered the crux of the book.
There are some very valuable lessons here. The primary one being save at least 1/10th of what you earn no matter what. Rest of the book is a set of ground rules about how not to be stupid with your money. Then there is one thought-provoking quote,
That man who keepeth in his purse both gold and silver that he need not spend is good to his family and loyal to his king. “The man who hath but a few coppers in his purse is indifferent to his family and indifferent to his king. “But the man who hath naught in his purse is unkind to his family and is disloyal to his king, for his own heart is bitter."
This comes towards the end, coupled with another insight into repayment of debt. 20% of your income should be allocated to repayment of your debts and not much more. The point he makes twice is how an empty stomach loses sustainability. I liked how one of the protagonists limits his debt repayment outflow to 20% and justifies that, he also needs to feel happy and content with what he earns to continue doing the repayments regularly.
After reading this book I have started wondering if one should rate/recommend a book if its content has waned or better represented elsewhere. Do you still hold the book in high regard and apply to it the scales of the times when it was written? Or since you are reading it today, and applying what you gain from it in the society today, should they book strictly be valued for the current times? I don't have the answer to that, but this dilemma is here to stay for me.
If you feel this paragraph above, which is relevant considering I started thinking on those lines while reading this book, is a digression from a review, then this is what I continuously kept feeling when I was reading the book. Especially later chapters are verbose allegories written in archaic English for no discernable reason. dost, hast, thou are not the words often seen in a financial advisory. Not sure if these words were in vogue in 1926 when this book was first published, but in 2021, they make the prose much more opaque for no reason.
At ~90 pages, this is a quick read. Today, most of its core content can be well summarized in a blog post on a financial website. This book can still go through some serious editing to actually make it of a length of a blog post.
Overall, this is an okay read. If you read the first 3-4 paragraphs of this review, then you have pretty much covered the crux of the book.
informative
medium-paced
originally i read this book because my dad asked me to. being as it was a financial book i didn’t expect much of it i won’t lie.
it was a good book but for me personally the writing style was confusing and it was hard to read. i to understand this was written in the early 1900s but still not just an easy sit down read something you really have to think about.
also the book seemed a little all over the place. one main point (be smart with your money and the outline on how to do it) but i feel the storyline could’ve stuck to what it was in the beginning rather than jumping from story to story.
overall a decent book with a good message just a little hard to read
it was a good book but for me personally the writing style was confusing and it was hard to read. i to understand this was written in the early 1900s but still not just an easy sit down read something you really have to think about.
also the book seemed a little all over the place. one main point (be smart with your money and the outline on how to do it) but i feel the storyline could’ve stuck to what it was in the beginning rather than jumping from story to story.
overall a decent book with a good message just a little hard to read
informative
reflective
medium-paced
Lessons I've learned from the book 📚❝ The Richest Man in Babylon ❞ by George S. Clason
(& related lessons from other books I've read {If you read them before, share the book names on comment}) :
📚 A part of all you earn is yours to keep. Save 10% of your income and invest. (Pay yourself first.)
📚 Make money work for you and make the returns from it and the returns of the returns from it work for you. (Make money your slave instead of being a slave of money)
📚 Ask advice from those who are already successful in the field of your question. (Find and follow a mental even if he is on the other side of the world or the screen. Always learn from the person you want to be.)
📚 Never complain. Keep doing. ( Work hard)
📚 Select your task carefully. Do the most important work first. And enjoy the breaks. (Maintain Priority. Prioritize everything and maintain it)
📚 Spend less. Don't spend the money you paid yourself. Budget your expenditure. (Live below your means. Else focus on increasing your income.)
📚 Protect your capitals. (Take calculated risks)
📚 Make debts your slave too. (Good debt, bad debt)
📚 Save and invest for your future, retirement and family. Make sure that cash flow doesn't stop while you stop working. ( Cash flow, passive income, leveraged income)
📚 Have a burning desire and smart goals to earn money then more and then more and more and so on. (All it needs to have a Burning desire.)
📚 Learn more, study more, earn more skills, help more, get more knowledge, become wiser, pay your debts, take care your family and friends, earn more money as well as respect. (The more you learn, the more you earn.)
📚 Luck wants to come to those who accepts opportunity. Men of actions are favorite by God with good luck. (Action attract success. *Think about doing nothing, giving no efforts and also thinking that God shall give it to you without even asking!)
📚 Say 'No' to procrastination. Do what is needed. (Grasp every opportunity you get.)
📚 Without wisdom, gold is quickly lost by those who have it but with wisdom gold can be secured by those who have it not. (Money management skills)
📚 Never invest or do business with which you are not familiar or little knowledge.
📚 Say 'no' to tricksters and schemas. (Avoid gambling)
📚 If you desire to help your friend, do so in a way that will not bring your friends burden upon yourself. (Take calculated risks)
📚 Hopeless debt is like a deep pit into which one medicine quickly and where one May struggle vainly for many days. It is a peit of sorrow and regrets where the brightness of the sun is overcast and night is made unhappy by restless sleeping. (Good debt, bad debt)
📚 Better a little caution than a great regret. (Life is too short to leave with regrets)
📚 The hungry are one becomes, the clear our ones mind works. (Burning desire)
📚 Where the determination is, the way can be found. (Burning desire and continuous action)
📚 Do what you love and love what you do.
Secret messages:
😑This book took me a while to finish because of my laziness. Actually a large period ☹️
(& related lessons from other books I've read {If you read them before, share the book names on comment}) :
📚 A part of all you earn is yours to keep. Save 10% of your income and invest. (Pay yourself first.)
📚 Make money work for you and make the returns from it and the returns of the returns from it work for you. (Make money your slave instead of being a slave of money)
📚 Ask advice from those who are already successful in the field of your question. (Find and follow a mental even if he is on the other side of the world or the screen. Always learn from the person you want to be.)
📚 Never complain. Keep doing. ( Work hard)
📚 Select your task carefully. Do the most important work first. And enjoy the breaks. (Maintain Priority. Prioritize everything and maintain it)
📚 Spend less. Don't spend the money you paid yourself. Budget your expenditure. (Live below your means. Else focus on increasing your income.)
📚 Protect your capitals. (Take calculated risks)
📚 Make debts your slave too. (Good debt, bad debt)
📚 Save and invest for your future, retirement and family. Make sure that cash flow doesn't stop while you stop working. ( Cash flow, passive income, leveraged income)
📚 Have a burning desire and smart goals to earn money then more and then more and more and so on. (All it needs to have a Burning desire.)
📚 Learn more, study more, earn more skills, help more, get more knowledge, become wiser, pay your debts, take care your family and friends, earn more money as well as respect. (The more you learn, the more you earn.)
📚 Luck wants to come to those who accepts opportunity. Men of actions are favorite by God with good luck. (Action attract success. *Think about doing nothing, giving no efforts and also thinking that God shall give it to you without even asking!)
📚 Say 'No' to procrastination. Do what is needed. (Grasp every opportunity you get.)
📚 Without wisdom, gold is quickly lost by those who have it but with wisdom gold can be secured by those who have it not. (Money management skills)
📚 Never invest or do business with which you are not familiar or little knowledge.
📚 Say 'no' to tricksters and schemas. (Avoid gambling)
📚 If you desire to help your friend, do so in a way that will not bring your friends burden upon yourself. (Take calculated risks)
📚 Hopeless debt is like a deep pit into which one medicine quickly and where one May struggle vainly for many days. It is a peit of sorrow and regrets where the brightness of the sun is overcast and night is made unhappy by restless sleeping. (Good debt, bad debt)
📚 Better a little caution than a great regret. (Life is too short to leave with regrets)
📚 The hungry are one becomes, the clear our ones mind works. (Burning desire)
📚 Where the determination is, the way can be found. (Burning desire and continuous action)
📚 Do what you love and love what you do.
Secret messages:
😑This book took me a while to finish because of my laziness. Actually a large period ☹️
The book provided the financial wisdom through stories, the way writer wrote the stories were obvious what will be end result but still too interesting that one will read it even though he knows the plot.
The financial knowledge provided in book is not something which is not written in another book so nothing new here but this book can be a better option for kids as the story keeps them entertained as well as dispenses financial knowledge.
All in all good book.
The financial knowledge provided in book is not something which is not written in another book so nothing new here but this book can be a better option for kids as the story keeps them entertained as well as dispenses financial knowledge.
All in all good book.
informative
reflective
fast-paced
Repetitive and the advice is so simple and financial wisdom is common sense.. I did. not expect this book is for truly newbies who dont know the value of saving money and investing it… this wont give you praactical tips on finances
Excellent book written in the style of a parable. Very clear and concise and actionable immediately. The early lessons can be started while you read the book - pay yourself first and make a budget - and, as you advance, you can employ the practices easily. While finance may seem boring, once you read this book you'll understand why you need to manage your finances. One of the key life skills is financial management, but they don't teach it at school - so apply yourself to learn this essential skill and finish rich! After you read this, go read [b:Rich Dad, Poor Dad|69571|Rich Dad, Poor Dad|Robert T. Kiyosaki|https://i.gr-assets.com/images/S/compressed.photo.goodreads.com/books/1388211242l/69571._SY75_.jpg|3366043] next.
Such good advice is still applicable. I need to get a physical copy to reread and annotate. I'm sure I'll pick up new tidbits every reread.
challenging
hopeful
informative
inspiring
reflective
fast-paced