Richest Man in Babylon

>>1702139
not much...

>>1702141
So did you take anything of importance of value from the book?

>>1702139
the book embraces the idea of cash flow and saving money, but it has not solved my employment problem, so it was not exactly useful knowledge.

insurance companies and banks paid him to write the book, but it is still kind of cool how a book almost 100 years old is still relevant today

>>1702147
What's really amazes me is how knowledge from over 4,000 years ago, is still like you said relevant today, and sorry to hear about your employment problem anon

>>1702151
it's fictional work from early 20th century, not non-fiction.

Books like this don't really have any useful financial advice (except very basic save your money), but they are good little motivators sometimes.

Rich Dad poor dad gave me the courage to dump about 6000-12000 in the stock market before the trump rally (was just sitting in money market in my roth, waiting for a crash).

One of my biggest mistakes was not taking enough financial risk.

My father never wants me to buy a house, because it's always' top of the market', but the prices just keep going up and up and up.

>>1702183
Really? I can imagine it the stories themselves being fiction, but I read that they did find tablets written of one of the slave's tales. Also Real Estate is one of the best market that has made the most millionaires, so i've heard. Also buying a house is an easy way to create cash flow, apart from it going up in value, so i don't really so how it would be a bad investment.
Rich dad poor dad is the book I'm about to start, i have a list of ~100 books i want to read

>>1702201
the problem with real estate around me is even the most ghetto areas 50 minutes away still cost 400k-600k (oakland), or 300k for a home 2 hours away in Hemet/Vallejo.

I have always wanted to move to texas, oregon, washington, tennessee and start buying up cheap homes and becoming a slum lord, but my father would not allow me to do this, because I get free rent and I would be selling some SP500 to afford the down payment.

>>1702139
garbage old wives wisdom

>>1702139
It was an interesting read and motivational in some respects. The advice to invest wisely, utilise compound interest, never lend more than you can afford to lose, and to only invest in things you understand well enough to make an informed decision about, are all sound.

However I think the author's early 1900s viewpoint is a liability in some ways. His advice to restructure debt by putting on a nice tie, asking for your bank manager by name and firmly shaking his hand before sitting down to a gentleman's agreement of repayment simply isn't applicable in an age of computerized credit scoring and McCustomer Service.

The insistence on building savings regardless of debt is simply bewildering (I could be using this cash to pay off my 25.99% credit card bills, but Mr Babylon wants me to deposit it in a 0.05% savings account.)

The idea that hard work and a can-do attitude will deliver you from any hardship up to and including literal slavery is la-la land bs. A savvy person knows when they're beat, when to change tack, and should be working smarter not harder.

Lastly, the fact that he illustrates compound interest with loans at 25% apr runs the risk of sensationalising an aspect of cash investment which is crucial, but over a longer timescale.

Still; good book, enjoyed it, but read it alongside something more contemporary.

>>1702415
>The insistence on building savings regardless of debt is simply bewildering (I could be using this cash to pay off my 25.99% credit card bills, but Mr Babylon wants me to deposit it in a 0.05% savings account.)
But anon you're earning credit that way! Besides, how else can you afford Yeezy's working at McDonalds?

>>1702435
he doesn't recommend that

>>1702139
>I'm assuming that if you're serious about your financial success and well being, you've read The Richest Man in Babylon
what a silly assumption

why don't you find a bunch of rich people and ask them what they read that helped them become rich?

I'd be willing to bet that 10 times out of 10 the answer will be "nothing."

>>1702139
Thoughts?

Its a good book.

If you're trying to pretend that its going to help, but I think its one of those things where the people who were going to be succesful or are becoming that, would have already known the information before reading the book. The people who picked it up years after its publication were just dreaming and pretending the first steps of wealth, and never achieving it.
tl;dr
Book keeps our delusion of wealth fueled, but doesn't contribute anything important to the people who didn't have the tools and actions already.

>>1702139
It's kind of meh and earlier than half way through it just starts to repeat itself over and over again, not even in a "last time we learned x" or "also btw while i am explaining the other thing i am reminding you of an earlier lesson", no it's literally the same factoids like "save your shekels", "invest the shekels you saved" and "the shekels you get from investing you should invest again"

The beginning is pretty good though I would read that in a pdf that you go find on the internet

Also there was some stuff about a dude bringing his money to the bank and getting like 5% interest "why don't you just go and do that lmao it's so easy haha"