This inspiring book, began in 1926 as a series of informational pamphlets distributed by banks and insurance companies. By 1927, several of these pamphlets had been compiled into a book and this collection has been in print ever since. It has helped millions of people, and has been hailed as the greatest of all inspirational works on the subject of thrift, financial planning, and personal wealth.
A modern day classic, The Richest Man in Babylon dispenses financial advice through a collection of parables set in ancient Babylon. These famous "Babylonian parables" offer an understanding of - and solution to - a lifetime's worth of personal financial problems, and holds the secrets to acquiring money, keeping money, and earning more money.
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I'm a reader, but I've been finding myself on the go a lot more lately. Audible to the rescue.
This book was recommended by Jim Rohn in a speech I listened to and I have so much admiration for him I instantly hopped on audible and picked this up. The parable format was perfect for an audiobook and I've already listened through a few times.
I can't say anything in this book is outside the realm of common knowledge, but a lot of times I don't need to learn something new, I just need to be reminded of those core fundamentals, and if I'm not doing them- start!
The 7 Cures for a Lean Purse discussed in the book:
Start thy purse to fattening
Control thy expenditures
Make thy gold multiply
Guard thy treasure from loss
Make of thy dwelling a profitable investment
Insure a future income
Increase thy ability to earn
The one that has been the biggest game changer for me has been "Start thy purse to fattening-" saving 10% of my income. I've always heard "pay yourself first," but I always felt like if I did that I wouldn't have the money to pay my bills. If I had money left over after paying all of my bills I'd save that.
Guess what? There's always something else to spend on so I wasn't saving much.
This book inspired me to just try it, and the results have been huge for me. Not huge in terms of my bank account, but more with my attitude towards money. Shortly after starting the process of setting aside 10%, I started to feel in control of the money instead of the money being in control of me.
I think the mental shift has to do with when you spend everything, there's never enough. As soon as you start setting aside that 10% your mentality shifts from there never being enough to, "Of course there is enough. I don't even have to spend everything I earn and I'm doing just fine." I don't know if that makes sense. I think it shifts your subconscious from the scarcity mindset to a prosperity mindset.
Fringe benefits with 10% of my income being mine to keep, is that potential negative life events (worries) don't hold the same power over me because I have a little cash reserve that's growing every paycheck. If I get a cavity, blow out my knee, lose my job, have car problems, they'll still all be unfortunate and stressful, but they won't send me into crisis mode.
Typing this I'm thinking about a quote from Mark Twain, “I've had a lot of worries in my life, most of which never happened.” The mental benefits of saving calm a lot of my worries and let me focus on more productive thoughts. If they never happen I'll be glad I didn't waste my time worrying and if they do, I'll be in a position financially to deal with them.
This has been my long winded way of saying, buy the book. You won't regret it. If you already know it all, it will be good to go through the checklist and make sure you're actually doing it. If you're new to the study of personal finance, this book hits on the fundamentals and would be a great place to start.
It was entertaining and not too long.
The way it unfolded and reinforced the concepts.
Will be going back to this one just for the story. It's written well.
Quick bites of wisdom that are easy to digest. Simple enough for kids to start with, but complex enough to hold adults
this is a recommended read, but it was really repetitive and really boring....the book could be a lot shorter and it's already a short book!!
One of the best books on handing money !
Rich Dad Poor Dad
Great interesting story.
How he moved from a slave to a rich man
The wisdom within the pages of this book are life changing for those who choose to understand and execute it's principles. I fell in love with the spoken word again listening to the richness and texture of every word and sentence.
None that I can think of..
His flow and voice matches the book well.
I like Finance books and True Crime stories. It's kind of funny, since some people may say that the two are one in the same.
Yes. This book helped change my financial life. It's hard to imagine that a fictional work of stories and parables could be so inspirational and enlightening. I can't wait to read it again!
Arkad was my favorite character. His lectures to men, teaching them the "seven cures for a lean purse" was so simple and true, that it escaped the men of his time, just as it escapes people today.
"Control thy Expenditures"
I immediately began cutting my expenditures to equal 90% of my net income. Then allocated the remaining 10% to my investments. It was painstaking work, and took several months, but it was worth it. I can now see why the majority of people never achieve financial independence. It's because they continue to adjust their expenditures upward when their income rises, and cannot delay gratification until a future date.
Take lottery winners for example, 70% of lottery winners go broke. More than 50% of professional athletes go broke, and Hollywood actors and actresses who earn more than 10 million dollars per movie go bankrupt. As the wise Arkad said - "That what each of us calls our necessary expenses will always grow to equal our incomes unless we protest to the contrary". Arkad then goes on to say - "Don't confuse necessary expenses with your desires, that all men (and women) are burdened with more desires than they can gratify".
I've come to realize that becoming wealthy, or financially independent, is not natural. It takes incredible discipline and self-control. It's not about how much money you make, but about how much money you keep.
It took a bit to accustom myself to the language, but I did adjust, then enjoyed it very much. Enjoyed the basic messages of the book - great advice!
This is an amazingly powerful story. The writer teaches great principles by using an engaging parable.
Arad - he buys his freedom by learning the value of work.
Dabasir realizes he is not a free man as long as he has financial obligations. When he escapes he goes back to his creditors to make things right.
The Five Laws of Gold and Seven Cures for a Lean Purse
Such rubbish. I have no issue with it being a historically inaccurate fable. My problem is that it's carefully crafted to give false hopes so you will keep paying your debts. I help people build their own businesses, and this book says nothing useful about growing income! The focus is on paying off debt. Moreover, even if your only aspiration is to get out of debt, which is admirable, dont expect help there either. This formula won't work in modern credit industry practices! This book may even cause you harm by subtly brainwashing you into thinking all sorts of lies desingned to get you to pay so you can "feel good about yourself." In truth, many people need to stop paying creditors, but they let shame and fear of bad credit destroy their lives. Forgive your own past bad choices and declare bankruptcy so you can return to being a fully available parent, neighbor and citizen. Creditors don't care if you never see your childern or don't engage with your community; they prefer you work the extra jobs so you can pay them. To them, being "responsible" means only one thing- getting out of debt -and they love to make you feel lousy about any other choice you might make other than that. I too was lured into the messages of the book at first...until I really thought about it. Then when I came to write this criticism I read publisher notes: sure enough it was started as depression era propaganda from bankers and insurance companies! Granted there are some truths in here; like all great propaganda they have to feed you just enough to seem believable. But don't believe the high ratings like I did; probably the same folks who lobbied for bankruptcy reform commissioned this writing and are propping up the ratings artificially.
"Interesting although a bit repetitive"
This book was recommended by Mike Dolce who is a well known lifestyle guru. A lot of it is common sense and I enjoyed the book once I got used to the 'old'style' language that was used. Very interesting in parts but seemed to be a bit repetitive after a while although as its only 4 hours long, its not too bad! Worth a listen!
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