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.
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.
Quick bites of wisdom that are easy to digest. Simple enough for kids to start with, but complex enough to hold adults
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.
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.
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!!
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!
Although the narration was as boring as a lecture on astrophysics being delivered to a painter, the information contained in this program is of the highest value. The wisdom passed down from the ancient anecdotes is still relevant today. "Every gold piece is a slave to be put to labor to work for you". That is the mentality of the wealthy.
Really good listen, its my parents advice in a book if only I learned to listen earlier in life.
This book has a wealth of information for anyone looking to get a grip on their finances and also in making strategies to future security.
Class. What you take from each story is brilliant. 4-5 hours long so takes a while, but I highly recommend this !
"Very inspiring book"
There is no words to describe how much I enjoyed this book. Story and the content is timeless. a must read
"This is a great archeological find."
This archeological find, if fact, is well preasented in a form of interesting stories which holds better in the memory. The wisdom within these finds, even through ancient, are priceless.
"Good advice but too repetiive"
Well read, but the book could have been more diversified, it mentions that you should save 1/10 of your income on a dozen of stories, 1 or 2 would be enough.
this was an excellent book. it was my first time listening a book and the reader's level of clarity and speed made it a pleasing experience.
Inspiration and a good kick up the ass! Nothing to lose trying this and everything to gain by doing so!
"Save your self the money."
The opening facts have inaccuracies. Then the writer assumes that Babylonian people speak in a fake old Shakespearean english.
Basically save 10% of what you earn. And save your self from spending money on poor purchases like this.
"Follow these truths to be truly free."
Ancient rules to be free financially that are as relevant today as they were then.
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