I feel like I’ve blown through ‘The Richest Man in Babylon’ because the book was just so hard to put down! But don’t worry, if you don’t have time to read it or don’t want to buy it, which you should do both, below is my Richest Man in Babylon summary!
The thing that I really liked about the book, similar to ‘Rich Dad, Poor Dad’, was that the lessons that were given in the book were extremely easy to comprehend and they were very tangible and easy to act on.
Potentially my favorite chapter of the entire book is about the 7 Cures of a Lean Purse. In layman’s terms, that means 7 ways to fix your broke lifestyle!
It’s really 7 extremely simple and basic steps but when I look back to my life before I was addicted to personal finance, I was doing exactly 0 of them.
You see, to a personal finance geek like us, doing something simple like “control thy expenditures” or “make thy gold multiply” seems like super common-sense things, right? Cut your costs and then once you have some money, let that money work for you…and not the other way around!
Or, what about “start they purse to fattening”? This is the first of the 7 curse and is all about the savings rate that an individual might have. While George Clason, advises you to have a savings rate of 10%, I think that it’s very important to try to increase that to at least 20% if you can, but the logic is still the same!
As I mentioned, none of these cures are really earth shattering, but they’re broken down in such a simple way that make you feel like you’ve been hit on the head after reading the chapter.
If you’re too scared about the potential bumps and bruises that you might receive from reading it directly, just check out the summary!