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lollalong 's review for:
The Richest Man in Babylon
by George S. Clason
informative
inspiring
medium-paced
4.5 stars
I was pleasantly surprised by how much I enjoyed this book. I thought it was a good basis for understanding financial literacy and the starting steps to building up your own wealth. The information wasn't anything new to me, but I liked that this could be made so easily accessible for so many people.
The basic principle is to live on 70% of what you earn, leaving 20% to pay off any debts and the remaining 10% to be saved or go into investments. Once the debts are paid you can either increase your standard of living or use it to help build up your wealth. I understand this advice is not universal in the sense that it is not looking at the people who have no spare money. But I still think it teaches a good foundation on which to start.
I was pleasantly surprised by how much I enjoyed this book. I thought it was a good basis for understanding financial literacy and the starting steps to building up your own wealth. The information wasn't anything new to me, but I liked that this could be made so easily accessible for so many people.
The basic principle is to live on 70% of what you earn, leaving 20% to pay off any debts and the remaining 10% to be saved or go into investments. Once the debts are paid you can either increase your standard of living or use it to help build up your wealth. I understand this advice is not universal in the sense that it is not looking at the people who have no spare money. But I still think it teaches a good foundation on which to start.