The Richest Man In Babylon  by George S Clason

 

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Favorite Quote

“The reason why we have never found measure of wealth. We never sought it.”

Main Idea

The most important factor in accumulating extraordinary wealth is the discipline of placing aside 10% of our income. The 7 rules below facilitate this discipline, makes this money work for us and places it in a safe place.

Review

Honesty, is one of my many traits, (not so many), and being really honest, I hated The Richest Man In Babylon when I began listening to it. The book was published in 1926 and its author George S Clason purposefully tried to make the dialogue and narration sound ancient throughout the book. So here I was, a Finance graduate, listening to an old book, that wanted to sound ancient narrated in Audible by someone who was trying really hard to sound like a Medieval jester. A jester who gave up on jokes and started teaching finance to all of us, the bored peasants in the kingdom who wanted a break from Netflix.

However, as I kept digging through with my Honey Badger attitude I got slapped down, by its genius, but most importantly its simplicity. If you happen to be one of the few interested in my life decisions, I was certain that I wanted to studied finance, because I had no clue what I was going to do with my life. In retrospect a great decision, who knew I would turn out to be a sloth… The point is, that an argument could be made that this book summarizes the principles I learned in my four years in college and some. Placing aside 10% of your income is a certain path to riches, but putting the below 7 together makes of money something to be excited about. And all of this are simple to understand, but require tons of discipline.

1) Start thy purse to fattening (10% aside)
2) Control thy expenditures (Where do you spend?)
3) Make thy gold multiply (Compound Interest is a the 8th Wonder Of the World – Einstein)
4) Guard thy treasures from loss (If it is too good to be true it probably is)
5) Make of thy dwelling a profitable investment (Buy yo House!)
6) Ensure a future income (Insurance. Nobody needs it until they do.)
7) Improve thy ability to earn (Invest in yourself)

How It Made Me Better

It made me realize that I knew many financial fanciness, but was failing to apply the key concepts, which are the bare essence to wealth. I have no doubts that these 7 principles (and The Magic 3), will make me abundantly rich.

Next Wednesday come back at 7 for an amazing review of The One Thing.

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Written by The Magic Sloth