The Richest Man in Babylon by George S. Clason
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Book Reviews of The Richest Man in Babylon
Book Review: a classic
Summary: 5 Stars
I have a hard time keeping my copy of this book on my bookshelf since I often give my only copy away to a friend or relative. A hundred years from now this book will still be on the best sellers list. The message is simple but the telling of the story is brillant which accounts for its success. The book teaches you how to save with logic lessons that cannot be challenged, just what our youth today need. I also recommend a little book titled How to Make Money in the Stock Market-Buy 2,500 different stocks for $1000 - Pay no Commission. Easy to read packed with precise directions for success. A cookbook for the investor just follow directions. I enjoyed this book a great deal. It shows how indexing and diversification strategies work and why they are so important to investing success. Unlike many other books, this one is not only informative, but also useful. There should be no question as how to implement the author's strategy and measure your progress. He skillfully addresses asset allocation, and shows how to minimize tax consequences by assigning securities to tax deferred accounts. The author does not dwell on lengthy longwinded discussions but cuts to the quick with useful recommendation and directions for the novice and experienced investor as well. I recommend this book for all investors.To find the recommended book just click on the liHow to Make Money in the Stock Market-Buy 2,500 Different Stocks-Pay no CommissionmkBook Review: Timeless classic.
Summary: 5 Stars
I believe the true definition of "timeless classic" means something is just as meaningful and relevant today as it was when it was first created. Such is the case with George Clason's, THE RICHEST MAN IN BABYLON. Originally published in 1926, this book is not only still relevant today, but over the past eighty or so years has spawned many a financial success book. In fact, this is like an early version of Robert Kyosaki's decade old, Rich Dad Poor Dad.
It's even quite possible that this very book may well have been the financial training Kyosaki's rich dad used to create his wealth and became the financial knowledge he passed on. The timing is certainly about right. The lessons are more than similar.
This book is written in the form of a parable as told in ancient Babylon. Clason uses what he thought to have been the proper language of the time, similar to the King James English derived from the translation of Textus Receptus. Herein lies my only knock on this great book. Unless you don't mind wading through all of the "thee", "thou" and "hath nots", the book does become tedious at times.
Nevertheless, it is well worth the effort. There are precious pearls of financial wisdom to be gleaned from these pages. If you want the basic rules of creating wealth that has been proven for millennia, there is no better place to start than with this timeless classic.
Book Review: Essential Reading
Summary: 5 Stars
I've read a lot of books and this easily goes down as one of my favorite books of all time, hands down. This is the kind of book that I would give/recommend to anyone regardless if their interest is outside of business/finance. Since finance can seem daunting these days due to its complexity, the book simplifies it through short stories. The insights that it provides allows me to step back and look at finance in simple terms. It opened up my eyes by introducing new possibilities, and adds positive reinforcements as to what a person can achieve in his/her lifetime. The wisdom that the book teaches is financially enlightening and it can totally change how you view your finance in many ways. Although the messages are delivered in a very unique fashion, the underlying nuggets of wisdom are direct and concisely to the point.
The concepts might be a refresher to individuals who already has a solid grasp of their finance, but nonetheless, it solidifies what you already know in many ways. This is a type of book that I can refer back to time and time again. If you apply some of the concepts that is presented in the book to your life, you will be definitely on your way to financial freedom. If I can sum up the book in one word, it would be "refreshing." I recommend this book to everyone regardless of your interest or age. Read, apply, then repeat.
Book Review: Discipline, Patience and Perseverance
Summary: 5 Stars
Hello all,
Firstly, should state I have read the translated version of this book in Chinese. This book is probably one of the most useful personal finance books I've read. The advice, seemingly simple and straightforward, truly does make a difference in planning one's future.
For it does not promise instant rags to riches, other practical advice includes 'working hard in one's job', 'saving 10% of your monthly salary' and 'do not be too stingy, enjoy the rest of the salary and life's many wonders' while keeping strictly to the principles of savings and investing.
Right now, I'm working on 2.5% savings, it's less than the recommended amt but it's a mindset of "less now, more later". While paying off one's loans and debts, while saving, can feel the security and empowerment that comes with increasing one's savings as described in the book.
In the end, what the book preaches is sticking to a simple formula of
1)Earn one's money through labour
2)Save 10% of earnings
3)Spend the rest of 90%
4)Invest savings
Repeat infinitely.
The analogy of using a seed to describe the growth of money is apt as it requires discipline, patience and perseverance.
A recommended read.
Book Review: Timeless, simple truths...
Summary: 5 Stars
This incredible little book was recommended to me for many years because of the texts inspirational qualities, in terms of offering timeless simple truths concerning thrift, financial planning and the value of a good work ethic. The formula offered for financial independence is highly practical and workable. Promoted as success secrets of the ancients, the text is written in parable form, similar to the bible, which gives the entire work a credible quality. I know from personal experience, that with persisitence, a good work ethic and a strong will to succeed; one can achieve a modicum of financial prosperity. Which, by the way, includes enjoying the fruits of one's labours. "Enjoy life while you are here. Do not overstrain or try to save too much...live otherwise according to your income and let not yourself get niggardly and afraid to spend. Life is good and life is rich with things worthwhile and things to enjoy." (20) In other terms, the lesson offered is a practice in moderation, not letting one's behavioural pendulum swing too far either way, but earning well and living well in the mean is a key to achieving a happy life. If you read any 'financial success' book this year, let it be this one.