The Richest Man in Babylon should be read by every school child!

Synopsis:

The Richest Man in Babylon is written in language as simple as that found in the Bible. These fascinating and informative stories set you on a sure path to prosperity and its accompanying joys. Acclaimed as a modern-day classic, this celebrated bestseller offers an understanding of–and a solution to–your personal financial problems that will guide you through a lifetime.
This is the book that holds the secrets to keeping your money–and making more. May they prove for you, as they have proven for millions of others, a sure key to gratifying financial progress.

My review:

This is an amazing personal finance book and really sets out the foundations of great money management. As my opening header says, this book should be read in schools all around the world. The lack of financial education in schools is crime in my opinion.

Just the simple messages like:

  • Save 10% of what you earn (put this money aside as soon as you get it, “pay yourself first”)
  • Invest your money to get the benefits of compound interest
  • Don’t take financial advice from someone who is not an expert
  • Make sure you have insurance or sufficient savings in case of an emergency

The piece that I really liked was about how ‘the richest man in Babylon’ gave a lecture to a wide range of people, each with different jobs and incomes, but each of them did not have any money. This really highlights that it doesn’t matter how much you earn, you only get rich if you manage your money properly. There are people who earn really good money but end up just spending it all and therefore living for retirement and not making their money work for them. I strongly believe people need good financial advice. I would strongly recommend people read this book before they go and talk to a financial advisor, to make sure you are doing the basics right first. See my blog “What is my issue with financial advisors?” for more on this topic.

Is there anything I can take from this book?

The main thing I took from this book is to ensure I have my personal finances in order. For a long time I have been keeping track of our finances in a simple spreadsheet – this has been really powerful as it makes it easy for me to see what we are saving and if our money is increasing.

The other key thing from this book is about story telling and education. I want to make sure that I do write my blogs using stories to make them more engaging and also to make my message stick. I also believe that this book is truly about education. As I read this book, I was constantly thinking of how I could get these messages out to other people. I suppose that reading this book was one of the key motivators for starting this site! I recently written a blog on about “How to make your kids rich?

Score:

Thought provoking = 8 (out of 10)

Enjoyment of reading = 10 (out of 10)

Money making = 8 (out of 10)

Overall score = 8.48

Read again = Definitely

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