Yup, The Richest Man in Babylon now steals the trophy away from The Millionaire Next Door! haha…although I’d highly recommend both books as they really give you a wonderful perspective on life :)
What I liked most about The Richest Man in Babylon though, is that the whole thing is based on fables! Every chapter is a whole new short story that tells another aspect of managing money. It’s freakin’ great. Sometimes the chapters are connected, and others not, but it’s seriously the best financial book for those with A.D.D.
And it fits wonderfully in your back pocket! Haha… So if you take the metro/train every day like me, it’s super easy to store and read on the go :)
The entire book can be read in a few hours (it’s only 140 pages long) and it discusses everything from saving 10% of your paychecks, to investing it wisely to knocking off all debt. The craziest thing of all is that it takes place thousands and thousands of years ago, yet the advice is STILL relevant in today’s times! It really is a good read for anyone of us out there needing some more motivation – and even more so if you’re *just* getting into personal finance. It’s a PERFECT book for recent grads and/or untrained adults :)
Here’s a pretty cool quote that highlights its simple, yet effective, writing style:
“Wealth, like a tree, grows from a tiny seed. The first copper you save is the seed from which your tree of wealth shall grow. The sooner you plant that seed the sooner shall the tree grow. And the more faithfully you nourish and water that tree with consistent savings, the sooner may you bask in contentment beneath its shade.”
While I’d love to go on and on and break down all the chapters here for ya, I really don’t wanna give it all away. Just know that it covers a handful of financial advice and portrays it in a most beautiful way. This def. helps it “stick” in your brain too! As well as speaketh like this to all ye friends and loved ones ;) Thy lover shall question your words unless thou hasth readeth thyselves! Long live storytelling.
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Other Book Reviews:
– The Millionaire Next Door
– The Automatic Millionaire
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I am currently reading the book again and found an exchange I thought fit really well with you philosophy. The main character Arkad is teaching some guys to be rich. He tells them in essence to create a budget to dictate where all their money goes after saving 10%. One guy gets up and argues saying he’s allowed to enjoy the fruits of his labor…:Therefore do I rebel against the slavery of a budget which determines just how much I may spend and for what.” Arkad, being the patient sort asks the guy who would make the budget. Compares it to the burden a mule might carry pointing out that the mule would likely pack grain and water rather than the junk he’s packing on the mule all to illustrate the point that the purpose of the budget..is to assist one in meeting their needs while allowing for a person’s wants within reason.
I bought two copies, one for me and one for my oldest daughter who is about to start working in the next year. I hoping she learns the lessons way sooner than I did. :^)