The Richest Man in Babylon

[Lowlow]

Didn't want to hijack the savings challenge thread, but thought participants there would enjoy a quick read through what I consider one of the greatest books ever written about personal savings.  I absolutely adore this book and have loved it since I was young, and I have read, re-read, and given copies away to people countless times.  It's a sleeper in the sense that not everyone knows about this book, yet for the people who do know about it in the United States it can be found on any bookstore shelf, it is extremely accessible.  It's one of the few 100 year old books you'll find on a shelf in a Barnes & Noble, Books a Million, maintaining as much value as the day it was first printed.

The book is so old there are now free versions of it online (Search "the richest man in babylon pdf" and when you find "Chapter 1: The man who desired gold" you know you've found it)

Amazon sells a kindle version for 0.99$us

There are even free audio versions online

 

[Lowlow]

It's a sad commentary on the state of our world that this book's opening lines are now revolutionary.

Quote

Our prosperity as a nation depends upon the personal financial prosperity of each of us as individuals.

This book deals with the personal successes of each of us.  Success means accomplishments as the result of our own efforts and abilities.  Proper preparation is the key to our success.  Our acts can be no wiser than our thoughts.  Our thinking can be no wiser than our understanding.

 

[Groundup]

Listened to the audiobook of this a few years ago, even though without knowing it, I was doing a lot of the methods that are described. 

Until recently I was struggling with how I could make my stack make some more. Now I believe I have that base covered. 

Not the richest man yet but there is still time. Lol. 

I still refer back to the audiobook as it's such good advice and it keeps me on the road.

[KDave]

The opening lines explain why western nations are in decline. Too many are achieving 'success' as a result of the efforts of others, via taxation, inflation and the devaluation of money. 

[Gordon]

A great book for anyone that says they can not save or afford to stack 

[Xander]

Apparently, Saddam Hussain tried to rebuild Babylon. I suppose at the end of the day if we were all rich then nobody would be rich and we would all be happy.😉

[Lowlow]

18 minutes ago, Xander said:

I suppose at the end of the day if we were all rich then nobody would be rich and we would all be happy.😉

 

From "The Richest Man in Babylon" Chapter 2 Pages 14 and 15.
 

Quote

 

And then another friend spoke up and said, "If what you tell is true, and it does seem as you have said, reasonable, then being so simple, if all men did it, there would not be enough wealth to go around."

"Wealth grows wherever men exert energy," Arkad replied. "If a rich man builds him a new palace, is the gold he pays out gone? No, the brickmaker has part of it and the laborer has part of it, and the artist has part of it. And everyone who labors upon the house has part of it Yet when the palace is completed, is it not worth all it cost? And is the ground upon which it stands not worth more because it is there? And is the ground that adjoins it not worth more because it is there? Wealth grows in magic ways. No man can prophesy the limit of it. Have not the Phoenicians built great cities on barren coasts with the wealth that comes from their ships of commerce on the seas?"

 

(Artist: Shen Fei)

[Xander]

2 hours ago, Lowlow said:

"Wealth grows wherever men exert energy,"

The problem we have as humans is too many desire wealth without exerting energy, result...contention and envy.

[Mike]

10 hours ago, Xander said:

The problem we have as humans is too many desire wealth without exerting energy, result...contention and envy.

And there in lies the problem - I don't know about outside the UK, but here we now have 3rd and 4th generations of families that don't work and live off of benefits - they are masters at it.  Its a sense of entitlement and increases the burden on the rest of society.

Right - getting off soapbox and heading off to work to turn the wheels of industry for another day!

PS - Just ordered this book, never heard of it, can't wait to read it

[vand]

I would highly recommend to listen to some Jim Rohn, who often cited "The Richest Man In Babylon".

Some people poo-poo this "self-help nonsense", to which I can only pity such their small minds. Success is only gained by improving yourself, and to do that you must improve your attitude. 

[AllanParkins]

A brilliant book,simple easily followed advice it’s a book I reread a number of times every year and it never fails to inspire me.

[Pipers]

this book is a very good book and makes very good sense. Over the years I have recommended it to a lot of people most people laugh at me , some don't and they go away and read it. I believe this book can change people's lives ESP those who have poor financial education.To me the book also re-affirms financial strategy when money coming in changes. 

[AuricGoldfinger]

Just want to thank @Lowlow for posting this recommendation on the forum. I asked for this book for Christmas and am only 1/3 of the way through but it is like someone has written my own thoughts on paper, and its fascinating that it’s as relevent today as when it was written - and will be relevant in another 100 years. Loving it so far and it’s really encouraging as we look to start a new year with new goals that i seem to be abiding by the laws of the book! Great way to get yourself in a positive mind set for the present and the future. Thanks again, Merry Christmas and have a Happy New Year.

[Lowlow]

On 26/12/2018 at 10:20, AuricGoldfinger said:

Just want to thank @Lowlow for posting this recommendation on the forum. I asked for this book for Christmas and am only 1/3 of the way through but it is like someone has written my own thoughts on paper, and its fascinating that it’s as relevent today as when it was written - and will be relevant in another 100 years. Loving it so far and it’s really encouraging as we look to start a new year with new goals that i seem to be abiding by the laws of the book! Great way to get yourself in a positive mind set for the present and the future. Thanks again, Merry Christmas and have a Happy New Year.

Thank you for the shout out! :)  I love the book myself and still occasionally read through it, and quote from it often.

[AuricGoldfinger]

Already leant it to 3 family members to convert them to my new babylonian religion 

[Groundup]

After finishing the richest man in Babylon audio book, I came across this book. It's on a similar thread, it's not really the sort of book I usually go for but there are points that just click and I thought wow that make sense.

[vand]

On 10/02/2019 at 10:05, Groundup said:

After finishing the richest man in Babylon audio book, I came across this book. It's on a similar thread, it's not really the sort of book I usually go for but there are points that just click and I thought wow that make sense.

 

TBH I thought it was pretty awful. Came at a good time when the financial crisis was still fresh in peoples' minds to highlight tail end risk in what we perceive at efficient markets. 

 

belangp's video makes the points just as well and much more eloquently:

 

[Groundup]

1 hour ago, vand said:

 

TBH I thought it was pretty awful. Came at a good time when the financial crisis was still fresh in peoples' minds to highlight tail end risk in what we perceive at efficient markets. 

 

belangp's video makes the points just as well and much more eloquently:

 

I wasted 20 quid and 8 hrs of me life...when I could have watched YouTube. 😫

Your right about it being awful for the most part but I've spent £20 on worse things. 👊

[Lowlow]

On 14/02/2019 at 05:25, EllenD said:

This book changed my life. I tried to save money, but I started investing only after reading it. Huge inspiration

Thank you for the feedback EllenD, glad you found it!  That's how I felt when I found the book decades ago.

[CadmiumGreen]

@Lowlow is back!!

[Lowlow]

19 minutes ago, CadmiumGreen said:

@Lowlow is back!!

Silver prices brought me back  :D  It's time to start watching close again, I think.

[CadmiumGreen]

5 minutes ago, Lowlow said:

Silver prices brought me back  It's time to start watching close again, I think.

It is looking good. And great to have you back...looking forward to your contributions, as always!

[Michal]

I noticed when I recommend this book to people they say it is BS and pass over it, problem is people cant read between the lines and pull personal conclusion from what they get. We are living in society of consumption of information but with no reflection over what they get.

[Derv]

It's because of this forum i purchased the book a few months ago. I've still to read it though , I've a couple more books to get through first before I crack the spine.

I'm looking forward to it.

[PansPurse]

I've read it and it was thought provoking. It is limited in its outlook and has some definite issues.