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Book ReviewsRICHEST MAN IN BABYL |
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Book: RICHEST MAN IN BABYL
Written by: George Clason |
Publisher: Bantam
Average Customer Rating: 5.0 / 5
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Ancient Wisdom for Modern Cash Crunch
Rating:
4 / 5
This easy to read book (2 hours or less) has great wisdom in basic principles of saving and investing for building one's wealth. While there may be better ways to establish a disciplined savings plan (i.e. Quicken), the necessity of conservatively and continuously setting aside a safety net reverberates throughout the simple lessons in this text.
Best personal finance book ever
Rating:
5 / 5
I've been reading lots of personal finance books and this was absolutely the best one. I've given it to my mom to read. I'm buying copies for everyone who asks me for financial advice. I just graduated with an MBA- and apart from my major college loan debt I wanted to figure out a strategy to deal with quickly, because I work as a financial advisor with people who have major debt and nothing saved- this book has an amazingly simple startegy that could help them and me. Basically it tells you to save 1/10 of every paycheck. Send 2/10 to pay debts and fit all your expenses into 7/10 of every pay check.
You'll grow in worth (because of the 1/10 put away every pay check), your debts will reduce overtime because of your 2/10 of your paycheck sent to them. Deciding you have to teak your expenses to fit into 7/10 your pay check is a much more organized way of doing your finances rather than the sloppy "I'll save if anything gets left over"- which never happens.
Also because it's an old book, it explains the ideas behind financial concepts in simple words rather than using hard words that economics majors like me had to cram before exams and nobody else understands.
Some simple points, nothing special.
Rating:
3 / 5
This book is OK. I don't know why it is so popular, perhaps because of the exotic title and it is quick to read.
There are about a dozen points from the story of how a rich guy became so during ancient times. Believe me the points are nothing special (save money, control expenses, guard against loss, action not good luck brings results, etc.). There are some proverbs thrown in. The one I like is "Better a little caution then a big regret".
I don't dislike the book, but if you are looking for anything profound or significant, it is not here.
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