Reddit reviews The Richest Man in Babylon
We found 34 Reddit comments about The Richest Man in Babylon. Here are the top ones, ranked by their Reddit score.
Great product!
Reddit reviews The Richest Man in BabylonWe found 34 Reddit comments about The Richest Man in Babylon. Here are the top ones, ranked by their Reddit score.
Rich Dad Poor Dad catches a lot of flak, but it's actually really good at teaching the absolute basics in an easy-to-follow manner. Like, learn what a Cash Flow Statement is, increase your asset column, learn basic accounting language, separate emotions and money, minimize taxes. Just glean the overall principles he's teaching and don't blindly follow his specific strategies.
The Richest Man in Babylon is another great, easy to read, investing 101 book.
And The Millionaire Next Door is a research-based book on Millionaires in America and what kind of habits and mindsets got them to their current wealth. It's a wonderfully refreshing read after being brainwashed by tv and movies saying that millionaires won it or stole it and live lavish lives. Most actual millionaires are pretty frugal and hard working with modest lives.
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And here are some resources to help you learn all the new words and concepts:
-- Microeconomics
-- Macroeconomics
-- Finance
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And when you get pretty familiar with the basics and want to start messing with stuff, I've enjoyed the Think or Swim paper money route. They give you $200,000 in fake money to play around with and invest and practice your strategies. It helps you get acquainted with the research and the interface and the fees for investing. It's a wonderful tool.
And then The Intelligent Investor by Benjamin Graham is supposed to be a pretty good comprehensive guide the advanced basics (is that a term?) of investing.
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Or if you want to skip alllll of this and just hire someone, I've read in those subreddits that you want to find a fee based financial adviser. Which you can do here.
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I hope I've helped man! It's a lot of fun to learn about. I wish you all the best.
It's a good question - a lot of people just assume they can't ever be rich.
No you don't need to get a degree. You don't need to get a high-paying job. You don't need to be Elon Musk unless we're talking billionaire rich.
Making money is about delivering value at scale. Either deliver a little bit of value to a lot of people, or deliver a lot of value to a few people. Or do both to rake it in - but this is usually harder.
The most accessible way to deliver value at scale is by building a business.
You also need to figure out why you want to be rich and what kind of rich. Do you want to build a massive empire and make hundreds of millions or does making a couple of million a year and getting to travel whenever you want sound better?
The basic steps are pretty simple. You've got to start by reprogramming your brain a fair bit. Rich people - especially entrepreneurs, don't think about the world in the same way as most people do. More on how to do this later.
After that you'll want to start exploring the opportunities open to you at the moment. There are lots of business models you can replicate and do really well with - you don't need to start completely from scratch and build something the world has never seen before. You would not believe the ridiculously niched business models people make stupid money from. Example - I know a guy who built an online health and safety testing form for oil rig workers that was making $20,000 a month.
When you're starting out it's a good idea to keep things simple and use it as a way to build your skills. You don't want to be trying to build the next Facebook while trying to learn the basics of business. You're probably not as smart as Mark Zuckerberg.
The point is you have to keep learning and learning and learning. You know the business section of the book store you've probably never looked at? Pick the right books and you can pretty much learn anything.
You've been fed a lot of bullshit your whole life - so you need to read:
BOOKS FOR REPROGRAMMING YOUR HEAD
It's pretty incredible how many successful people I've spoken to in the last few years have said something along the lines of "well it all started when I read the 4-Hour Work Week...". This is a great book that will give you a huge mindset adjustment and also a bunch of practical ideas and case studies of what you can do.
Those will give you a good start. Once you've picked something to work on, you'll want to start reading up on learning sales, mindset, strategy, mindset, business management, mindset and some more mindset. If you jump in you'll quickly find the hardest thing about business is usually dealing with yourself.
Hit me up if you take action on this and I'll be happy to recommend where to go next :)
Qualifications: grew up in a very modest (i.e. lower) part of town, parents worked in blue-collar professions, and started buying a rental property in the 1960's, then dad passed away (with four kids). Now definitely intergenerational wealth, all kids went to college in STEM, parents in their 90's (step-dad helped build up RE holdings to 36 units) with holdings in the 8-figures. No I haven't inherited any of it (yet) but well into middle age myself, make very good money (and will leave it at that), and have a few RE holdings.
> I'll have manager experience. I'm also reading a book called "real estate investing for dummies" and I just finished "rich Dad poor Dad"
Good for you, I didn't start reading books on anything finance related until well into my 20's, and then I read a lot of very good books. I don't think much of Kiyosaki, frankly, but as Brian Tracy said 'to earn more you must learn more'. So don't stop, keep on reading, and especially books over blog posts and short pieces. Why? Books will have more complex ideas and more research to back it up.
Regarding your game plan: you did not indicate what you are interested in doing, and what you do well, and what people will pay you to do, and what the world needs. Take a look at this ikigai graphic. Not sure if you know that welding or sales is this for you, and of course there are other things you may grow into. But hey if you have a good idea that this is the path you want to take, good for you!
I came here to say about sales, few salespeople are on Reddit, they are very busy making lots of money to talk about it. In my own (technical) sales field base runs from $65K up to $120K with another 40% commission, but you need to have the right background (STEM college degree, experience as a customer, and aptitude for outside sales) so barriers to entry are high. So yes, six figures in your late 20's is achievable, and it does take a lot of hard work, no doubt!
Of course owning your own business as a contractor, or becoming a top welder, or tons of other things you could do, I know of plenty of people who do very well.
Regarding the end goal, admirable, and I say your thinking is in the right place. The road to FI is varied - real estate is a very good method (the way my parents went, they bought low and held onto their properties in a HCOL area), investing into index funds another good method (again read books like Boglehead's Guide to Investing, or another favorite of mine on the sidebar called The Richest Man in Babylon) The amount these books can make you over five or ten years is a lot. Over 15 or 25 years is huge.
> Even if I don't get to enjoy it
I see many piling on here saying 'you should enjoy it' but I didn't interpret this comment in that way. You realize it's a road not many take (too many live way beyond their means, and don't have savings / passive income / true wealth to show for it). Yes there's sacrifice, and it takes a long time to build up $1,500 in monthly passive income much less $15,000, but people do this and often you cannot tell. (For example, look up the book The Millionaire Next Door.)
Are you on the right path? Definitely YES. The path to financial independence starts with a mindset, and the fact you are asking the question puts you out in front of all the peers of yours who are thinking about lots of other things, which you know all too well.
Will you make mistakes along the way? Of course, we are all human. The important thing is mindset, and the great thing of being younger is that you have time to make other choices, and learn along the way.
The younger you start savings the better off you'll be. Even if it's just a little every day.
http://www.businessinsider.com/amazing-power-of-compound-interest-2014-7
READ: The Richest Man in Babylon
READ: Rich Dad Poor Dad
Do this, and you'll be ready to be on your own.
throwaway (despite the name) is legit.
If you want to know more about the stock market and why index funds are where it's at, check out A Random Walk down Wall Street. You learn things like 80% of "managed" mutual funds perform worse than index funds. not only that, managed funds charge much more in the way of fees, effectively charging you more to lose money. He also investigates if the stock market is correlated with fashionable skirt length in women or the superbowl champion (yes these are real theories).
If you want to learn more about personal finance, check out The Richest Man in Babylon. To this day one of my favorite books. If you let money be your master, you will always be a slave. If you are the master of your money, no one can ever own you. fuck yeah.
Ich habe jedes dieser Bücher gelesen und kann es empfehlen. Ich würde jedes davon wieder kaufen und wieder lesen.
Came here to say the exact same thing.
The Richest Man in Babylon is a 200 page book. It's a fictional story about a couple of different people and their financial situations. It's set way back in history.
There are 8 rules to becoming wealthy.
I got the Richest Man in Babylon! by George S. Clason out of college It was published in 1926 and is still great advice. There is also a free audio version here!. The book is written very differently than most personal finance books. The author uses parables to teach financial lessons. This makes it a great introduction for the financial newbie. The part that most stuck with me is:
"“A part of all you earn is yours to keep. It should be not less than a tenth no matter how little you earn. It can be as much more as you can afford. Pay yourself first. Do not buy from the clothes-maker and the sandal-maker more than you can pay out of the rest and still have enough for food and charity and penance to the gods."
I joined the Peace Corps after college so I didn't get around to implementing Mr. Clason's advice. For some reason, over the three year period I was out of the US, his advice changed in my memory to three-tenths. So since I got my first full-time professional job at 27, I have been aiming to save 30% of income. I haven't always met this goal but I have averaged saving at least 20% of my gross income.
This past May, I read Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence! which introduced me to FIRE. While I'm a little sad about the 6 years, I wasn't saving for FIRE, the savings I accumulated is a great start. The approach in this book has been very useful in figuring out what I am willing to give up in order to increase my SR and achieve FIRE sooner.
Edit: fixed hyperlink
>mitä varten te ylipäätänsä säästätte
Ei täyspäiväinen työnteko nappaa. Olen järjestänyt asiani kivasti ja en usko että mun tarvii koskaan käyä töissä toimeentulon takia. Muuten toki voi käyä puuhastelemassa.
Jos vinkkijuttuja kaipaat niin lukase pari kirjaa:
Think and grow rich
The richest man in babylon
How rich people think
Seven strategies for wealth and happiness
Ihan sillee ympäripyöreesti avaan: Köyhyys ja rikkaus on elämäntapoja. On köyhiä joilla on vitusti massia (brittiläinen koditon lottovoittaja ryyppäs rahansa vuodessa, on jälleen persaukinen) ja rikkaita joilla on vaan vähän (vaikka miljonääri somaliassa voi olla vitun rikas paikallisesti mutta maailmalla suhteellisen varaton).
Take $6.99, go to the bookstore, buy The Richest Man in Babylon.
I highly recommend this insight book for starters:
http://www.amazon.fr/The-Richest-Babylon-George-Clason/dp/0451205367
> What do you mean by acting like a child?
Stop spending like a retard and fucking anything with a moist hole. You said in a different post that there are a lot of women, men and sex. Enjoy the STI's and superficial women who base your worth on the brand names you wear. You're investing in status symbols to put on a show for other people, STOP IT.
> Like where do I find investing and tax professionals? HR Block?
Dave Ramsey's ELP list would be a good place to start looking.
A little reading might be in order as well:
Try to find someone who would loan the book to you, or visit the library. I've been through each one of these in audio book format while I drive for work. They should all be available at the bay, but check your library first.
https://www.amazon.com/Richest-Man-Babylon-George-Clason/dp/0451205367?
From 1926. You can probably find versions floating around on the internet. I don't think it actually talks about tithing, though.
Like a large minority here, I was a classic centre-right conservative while I muddled through high school. I didn't understand then, but I recognise now that the "right" part of me was the economic freedom part, and the "centre" of course was the social freedom. My view of the world was that socialism had failed, so I accepted and defended individual economic freedom. I knew governments were inefficient with my money, and wanted them to have little to do with me. Socially, I fiercely defended conservatism. I could see consequences that others seemed incapable of seeing. Marriage needed to be defended, because childeren were at stake. Drugs... I laughed uproariously every time someone weakly suggested decriminilization. Of course.. the only reason more deaths and accidental overdoses didn't happen were because selfless police were out on the streets at night stopping a horrible immoral and violent trade. At the same time I had nothing but contempt for "anti-capitalists". I opposed the wars fought by "our" enemies, but I supported all 21st century wars fought by America and my country. A strange blindness to hypocracy infected my life.
Through university I ignored the Socialist Alliance. That was the extent of my politics through those 4 years. I was way too busy learning facts and philosophies of my Bacheolor Degree.
In 2008, my second-last year of uni, I kept hearing the name Ron Paul. I saw him as some guy popular with liberal arts students, so I wasn't even interested enough to read more than his seven-letter name. However, at the same time, I started to see deep deep problems with conservatism. Firstly, in Australia conservative politicians are universally seen as economic masters, but even then I could see that eight years of Bush administration hadn't done wonders for the US economy. Meanwhile, I was growing up. I could see huge problems with the two wars our nations were fighting. Afgans and Iraqis had a completely different culture to ours. Where we applaud most compromises, Middle Eastern culture (not exclusively) sees it as a weakness. I knew that there was no real reason to fight in Iraq, and to me the Afgan campaign was the world's most expensive assassination attempt against one person (Osama bin Laden). To an economic conservative, that hurt my sensibilities.
My original fling with voluntaryism and individualism came via a book that was highly recommended to me. Called The Richest Man in Babylon, it is a book that explains how individuals produce wealth. I never knew this. For the first 20 years of my life I believed, as most statists believe, that society produces wealth, and the sneakiest people are the richest. This book showed me how my life came down to my own decisions, my own wisdom. In the first chapter, the main character (a master chariot builder) is told that he doesn't own all of his money, he only owns a portion of it. When all is said and done, he pays others to help him live. Only the portion that he keeps as savings is his own. That money can work for him.
It spoke to me of one thing above all else: In a free society, people have to help each other in order to survive. This was the pure capitalism I could intuitively see from a young age.
The first time I really found out about libertarianism was late last year. I was staying at a friend's house for holidays, and began reading a very balanced series of books by Richard J. Maybury. The first one was "The 1000 Year War", a tale of how foreign policy of myriad powers have brought us to a dangerous ground of tit-for-tat terrorism attacks and invasions. Mr Maybury didn't defend the US, and he didn't explain away terrorism as justified. It was a brand new idea for me. He seemed so intellecual, honest, and peaceable. This was what I wanted to be! I hated to feel self-righteous. I didn't care what my thoughts sounded like, so long as they were principled and worked better than the status-quo. I began to research further. Every night of research gave me hours of entertainment with very very smart tutors. There was Milton Friedman, F. A. Hayek, Learn Liberty, How the World Works Youtube channel, Mises, Thomas Sowell, Gary Johnson, Adam Kokesh, Ron and Rand Paul (I had finally discovered their platforms).
So now, after less than a year as a libertarian, I can see that I am still journeying. I know that Anarcho-Capitalism is the pure form of our principles, and I really want to reach there. I am a firm Minarchist-Libertarian who would like to one day join those ranks when I am firmly convinced. But we are all struggling in the same direction, and for that I am proud!
If your teeth are bad and the enamel soft, it suggests that your diet was or is poor. Studies of remote indigenous people early last century showed that even though they'd never seen a toothbrush, decay was extremely rare and crowded teeth were unknown.
The dentist who conducted those studies, Dr Weston Price, concluded that vitamins A and D, as well as an unknown substance in butter (now identified as vitamin K2) were vital for the formation of bones and teeth, and successfully treated dental deterioration and decay with a healthy diet supplemented with cod-liver oil (contains vitamins A & D) and butter oil (contains vitamins A and K2). Check out Ramiel Nagel's book Cure Tooth Decay: Heal and Prevent Cavities with Nutrition or, if you can't spare funds for the book, he's got a series of 3 YouTube videos on the topic. He examines the work of Dr Price as well as two other dentists.
Another item to be aware of is the post-metabolisation acidity of foods. Too much acid-producing food in a meal causes your body to raid the bones and teeth for alkalising minerals to try and restore a more neutral pH that the body prefers. Check out The Acid-Alkaline Food Guide: A Quick Reference to Foods & Their Effect on pH Levels, or this brief online list. While we need essential nutrients from acidic foods like meat and mildly acidic ones like butter, it's best to ensure the alkaline-food portion of our diet is the bigger part.
Another item to address your enamel softness problem is to avoid fluoride as much as possible. Fluoride exchanges places with calcium quite readily, and is stripping away the very mineral your teeth need. Excessive exposure (dental/skeletal fluorosis) leads initially to white marks, then brown stains, and in extreme cases, pitting and visible structural deterioration. Fluoride-free toothpastes are available, many based on sodium bicarb/bicarbonate of soda. You can actually use bicarb on its own as a tooth-whitening agent. Before you go using abrasives or brushing extensively though, probably a good idea to boost teeth strength with a good diet for a while first. A variety of fresh produce with lots of leafy greens (chlorophyll contains magnesium, another alkalising mineral involved in bone/teeth formation), and be sure to take daily cod-liver oil and butter and/or cheese.
Remember, your teeth are a window to your bones.. they are like the tip of the iceberg that you can see. You can't put fillings in, or whiten your bones with dental cosmetics: proper nutrition is the easiest and most effective solution for bone health. Eliminating from your diet highly acidic foods such as white flour/bread, white rice, white sugar is an important first step, and has other benefits (like reducing diabetes & heart disease risk).
Regarding your old fillings, I'm afraid there's no easy advice if money is tight. On the financial advice front I can highly recommend George Clason's great little book The Richest Man in Babylon (PDF version here). If you currently drink sodas regularly, as so many people do, one idea to try is to carry an old fizzy drink bottle with you and fill it with water. On every occasion when you would have bought a sugary acidic fizzy drink, put those few coins aside, in a jar or box, forget about them, and drink the water instead. Check your hoard in six months and you might be surprised at its value. (If not sodas, look for other small savings you can make - and then be sure to save the money instead of "dipping into" it!) If you can save enough for the filling replacements, in the interest of your health, have any mercury-amalgam fillings removed very carefully, and replaced with non-amalgam fillings. You'll want to find a holistic dentist, who will remove the amalgam using a dental dam and a proper ventilation system to protect both you and him from the additional toxic mercury vapour that will be released (in addition to the normal continuous de-gassing) when your fillings are disturbed. The filling replacements might take time to save for, but as a first priority you net to stop the rot, and that comes from fixing your diet for the better. Convenience and fast foods have a cost that is far greater than indicated on the cheap price tag.
http://www.amazon.com/Richest-Man-Babylon-George-Clason/dp/0451205367/
Changed.
My.
Life.
There's 3 kinds of incomes: A, B, and C income:
C - A job, the worst way to make a living. Working for another man trading dollars for hours. Slogan: "I'll learn to love (tolerate) what I do and live with what it gives me, at least until I save up enough money to strike out on my own."
B - Contracting work, a business you work. Trading dollars for hours still, but you work for yourself and set your own price. Example, creating and selling products or providing a service. Slogan: "I get paid what I'm worth because I work hard, make my own hours and prices"
A - Passive income streams, AKA residual income, a business that runs itself. Acquire a system of assets. Assets vary greatly and are generally built over time. Examples: Owning a rental unit, owning rental boats, owning a storage facility, really anything you can rent out is an asset, owning an online business that generates enough money for you to pay a manager to run it for you, investments in an institution that pays off high-yields, a copyright that leads to royalty payments, Or setting something up so others can make money, and take a small percentage (Facebook & twitter). Slogan: "Key word: Ownership. I've worked hard, sacrificed for the future, and made tough decisions most people don't. So now I don't have to work for money anymore... my money works for me now!"
Some books on how to get to Level A: 'Rich Dad, Poor Dad', 'The Richest Man in Babylon' Good luck out there :)
Honestly I would just read Richest Man in Babylon and use the 10 / 70 / 20 principle they talk about. Use that through college and then when you graduate you can have a much more meaningful conversation about finance. (cause you will have money to use)
Always save 10% of your income.
Figure out ways to invest your savings so that hey multiply
I highly recommend this book: The Richest Man in babylon
Get the book.
The richest man of babylon. This helped me lots with refunding the loans.
http://www.amazon.com/The-Richest-Babylon-George-Clason/dp/0451205367/
And read through it all and apply.
The Richest Man in Babylon
Buy a copy of The Richest Man in Babylon by George Clayson. It's $4 in paperback (used) or Kindle versions.
http://amzn.com/0451205367
It's short, it's easy to read, and it contains all the basics of personal finance that you need to know. Even if you only take the first chapter to heart, you'll be doing better than most of your peers.
Welcome. One more - wish I'd found this as early as you're asking, but I think this book is foundational in personal finance: The Richest Man in Babylon
https://www.amazon.com/gp/aw/d/0451205367/ref=pd_aw_sbs_14_3?ie=UTF8&psc=1&refRID=T6BW800K95JP290PTWQE
Every paycheck, I have my account automatically put 10% away into my savings acct that's in it's own separate account so it's a little more difficult to get to. That shit starts adding up really quick, and I highly recommend it. It's amazing how easily you can live off 90% of every paycheck.
I learn it from "The Richest man in Babylon" which I also highly recommend :-)
I had the same issue for a long time
I suggest reading "The Richest Man in Babylon" - It's changed my perspective on savings, and wealth in general. you can find it here; (https://www.amazon.com/Richest-Man-Babylon-George-Clason/dp/0451205367/ref=sr_1_1?ie=UTF8&qid=1496006456&sr=8-1&keywords=richest+man+in+babylon)
Before you can truly save money you have to be in the right mindset, this'll help with that.
Read and listen to Dave Ramsey if you want to be "good" with personal finance.
If you want to "optimize" finance, then come hang out with us in r/financialindependence
Podcasts: ChooseFI, Afford Anything
Blogs: Mr. Money Mustache
Books: Simple Path to Wealth, Your Money or Your Life, Millionaire Next Door, The Richest Man in Babylon
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Some pointers:
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Here is a random article I found about stock simulators.
How do you like to learn things? There are tons of books, podcasts and blogs about investing. Here are some popular ones or ones that I have read and used
Warren Buffett famously/supposedly read every book in the financial section at the library by age 12--I think the important thing to take from that is you are still young and have tons of free time and aside from starting to invest as soon as you can (you can usually start as soon as you have earned income) you should be investing in yourself...getting good grades, figuring out what you want to do after high school, trying out businesses, learning marketable skills (e.g., coding, good writing skills, good interpersonal skills, good organizational skills, etc).
Good Luck!
Richest Man in Babylon
The Road Less Traveled
Man's Search For Meaning
Things are already serious and getting more so but you don't know it. You're going to make decisions that are incompatible with who you wanted to be when you grow up without anyone saying a thing or you noticing. The foundation for being a good man is either solidified now or (as in my case) built amid the chaos of realizing I've drifted far from my self without knowing it in my forties.
All of these books are truly helpful but if you only have time for one make it the road less traveled. The first paragraph may change your life and stop you from being an entitled self-pittying child which, by and large, is how most of us enter our twenties and often thirties
"the richest man in babylon"
Because of how you worded your title, take money and turn it into more money, I'll recommend The Richest Man in Babylon. Its about the philosophy of making money. It provides absolutely no concrete examples but it does give you certain philosophical rules that you can learn about that will help you deal with the actual financial world we live in. http://www.amazon.com/Richest-Man-Babylon-George-Clason/dp/0451205367
I traditional basic read would be The Richest Man in Babylon.
It is a collection of parables that lay down the basic ground work for what to do. It is not earth-shattering but helps with the basics.
Read this book:
Read this book
wow thanks for the response! I've always liked books which helped to define strengths. I also find books that wrap thse ideas in a very creative and illustrative fashion better to retain. This reminds me of The Richest Man of Babylon.
Nevertheless thanks Wordslinger1919, I'll have to give your suggestion a good read =)
TIL Employer-provided health benefits are a scam... lol.
>the stock market and retirement funds have lost a lot of value in the last 4 years. full stop.
And yet they're on pace to recover and more... Also why are you talking like a telegram?
>why you oppose this notion so strongly? are you richer than warren? do you think you will ever be?
No and No, but I like to respect what people earn, as opposed to thieving it via the government.
>i thought u were in high school or college because statements like 80% of people can save 10% of their income. are u fuckin insane?
No, not insane. It's the truth. It's the premise behind best-seller books such as this one and this one.
>most people just cant save a penny, actually they are crazy indebted, go google some graphic about debt.
All that is saying is that there's a lot of people out there with poor money management skills. That I do not deny. All I've said is that 80% of the people are capable of saving 10%. Whether they actually do it or not is another story.
>go on. keep defending the interests of the rich. are you one of them?
Once again, no. But you said you were, so why are you arguing against what's in your best interest?