Now that Thanksgiving is over, most of us get sucked into the sales for the upcoming holidays. Many people struggle with how to manage their finances, though some end up going into debt.
One of my favorite books about finances is The Richest Man in Babylon. I like how the book begins “Our prosperity as a nation depends upon the personal financial prosperity of each of us as individuals.” One of the things that I love about this book is how easy it is to read. As you may have guessed the setting of the book takes place in Babylon. The story centers around Bansir, a chariot builder. He and his wife seem to always struggle with making ends meet, like many of us. Bansir and his friend Kobbi, a musician, decide to visit a friend of theirs, Arkad to learn about the “secrets of money.”
Arkad found a way to not only maximize his income, but also develop a passive income. He provided for his family, and also gave generously to various charities. Meanwhile, he kept his household expenses low. Bansir and Kobbi asked Arkad if he could explain to them how he acquired his wealth. Arkad explained how he learned about money through Algamish, the money lender. One of the most important things Arkad learned from Algamish was that part of all he earned was his to keep. This meant, that every time he was paid, he set aside 10% of his earnings. Algamish explained “Wealth, like a tree, grows from a tiny seed. The first copper you save is the seed from which your tree of wealth shall grow. The sooner you plant that seed the sooner shall the tree grow. And the more faithfully you nourish and water that tree with consistent savings, the sooner may you bask in contentment beneath its shade.”
Some of the lessons that I took from this book are: to live less on money earned, seek advice from people who have been successful in the areas where I would like success, and lastly, learn to make money work for me. I am definitely still on my journey of learning these principles, however, this is one of the best books for teaching about finances. The book continues to explain the Seven Laws of Acquiring Wealth.
I highly recommend everyone read this book. You can purchase it here: https://amzn.to/2Rhmc8h