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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.
78 of 81 people found this review helpful
Would you consider the audio edition of The Richest Man in Babylon to be better than the print version?
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.
What other book might you compare The Richest Man in Babylon to and why?
None that I can think of..
What about Grover Gardner’s performance did you like?
His flow and voice matches the book well.
15 of 15 people found this review helpful
Inspiration and a good kick up the ass! Nothing to lose trying this and everything to gain by doing so!
5 of 5 people found this review helpful
Basically the advice is to save 1 10th of your earnings then invest in into something that will earn your more money. Then save that money.
4 of 4 people found this review helpful
It's a great book in order to get a great understanding and appreciation of money. It's told using interesting stories set at Babylon.
1 of 1 people found this review helpful
from the first chapter I was hooked and I knew it was going to change my life. And it has. a must read for everyone.
1 of 1 people found this review helpful