The Richest Man In Babylon

The Richest Man In Babylon gives common sense financial advice which you can apply today, told through tales and parables from the times of ancient Babylon.

What is it that makes rich people rich?

I’m not talking about the kids of millionaires or oil sheiks, who’ve always been rich.

I’m talking about the people who, after working hard for a few decades, can walk out the door of their job and never return again, because they can live off the wealth they have accumulated.

Do they stuff every penny they earn into their mattress? Or do they just work abnormal hours no one can keep up with?

The truth is in the middle.

Wealthy people develop their riches mostly based on 2 things:

Living slightly below their means. Investing the money they save well.

Living below your means is the first checkpoint you have to pass to even have the money to invest, so why not start there?

The goal of our Western economy and education system is for you to take on a 40-hour day job and then spend everything you earn.

But nobody said you have to play that game.

You don’t have to stop drinking the occasional Latte or going to the movies. But you can still spend less than you earn.

You know best where you’re spending money just for the sake of convenience, entertainment and gratification, that’s really not necessary and that’s exactly the money you should be saving and investing instead.

The Richest Man In Babylon suggests you save 10% of your income to invest.

I personally have been saving 20% of my income for the past year and it’s put me in a much more relaxed situation financially where I have some savings and even a small portfolio of stocks.

So look at your expenses and cut the ones that are really unnecessary and you’ll see finding those 10% is easier than you think!

The summary intro said “learn how to be lucky”. What a fascinating idea, isn’t it? But how can this book teach you something that’s really not in your hands? This is where most people are mistaken. No one ever said luck was something that can’t be manufactured. We just expect it to be. That’s something called chance. A random occurrence with very little likelihood of happening, such as winning the lottery or being struck by lightning. Luck, however, is based on opportunity and you can create more opportunities by working hard. Consider Jerry Weintraub’s story. This man called Elvis’s manager every day for a year to pitch him a tour he wanted to take Elvis on. 364 times, the man said ‘No’. But eventually, on the 365th day, he…