How to get Rich!

A book summary and review of The Richest Man of Babylon

How does one get rich? Thorough chance like playing the lotto? Or how about being lucky enough to land a high paying job at some prestigious firm or playing professional sports? Turns out it's none of these things according to George Clason's classic, The Richest Man in Babylon.

The novel starts with a few downtrodden fellows complaining on why they don't have immense riches after toiling away for many years (sound familiar?). They thought to go see their friend who was considered by most to be the richest man in Babylon (Don't you love when book titles make sense? :P). They were told the true secret of his wealth lied in accumulation rather than earning. He told a story on how he begged a noble to teach him how to get as much money as he did. Taking pity on the boy, our nobleman indeed taught him the big secret to getting rich and here it is:

"For every ten coins you make, one is your's to keep"

In modern terms, save 10% of everything you earn. This was the most important part because you can do step two without step 1 lest you wish to fall on your face. Part two of this is to invest that 10% into stuff you're knowledgeable about (there's a story here where our protagonist had his money scammed by scoundrels to solidify this message.)

"So save and invest, no crap Sherlock" I hear some say or "how does something that happened almost 4,000 years ago relate to today? Especially in the cryptocurrency space?" other might say. Look at it from this angle, close to 70% of Americans have less than $1,000 in their savings account. You might scoff at 10% as being a menial amount to save but you'd be way ahead of your peers if you committed to putting aside that 10%.

Additionally how these valuable lessons apply to the world of cryptocurrency relies more on part 2 of the lesson. Many use currencies like Bitcoin and many other Altcoins as forms of investments. They believe it will rise in value so that's why they buy it. Some believe it's more of a philosophy thing where people run their own money, not oppressive superpowers. No matter how you see it Bitcoin is more of an investment and a store of faith that it will hold value for an extended time. Is it always honest? this is where our friend's advice from Babylon helps us. To avoid losing our money we must protect as religiously as we grow it with savings. This means not getting scammed with ICO's who will take your money and run.

One last important thing to cover, debt. Some of us have the blessing of being free from it, but some don't, this lesson is for you. Treat debt like your enemy. Of your ten coins, at least two coins should go towards paying it down. You should still save that one coin for yourself, but use those two coins and you'll find yourself debt free and you can still enjoy the fruits of your labor.

As a recap, save 10% of all you earn and protect it from those who wish to part you from it. Learn all you can about the world and use that money for good things that will also build your wealth. If you have debt, use 20% of your earnings to pay it down.

Reading this book was enjoyable even with all the old speak they use. The advice here is practical and fun. It turned saving money into a game of sorts that felt great when playing. I was happy to pay myself first and see that number rise and by doing so, I have more in savings than almost 35% of working Americans (Hell even putting $0.01 will put you at that mark) but I'm fast approaching that $1,000 and I plan to put that money to good use by investing in the exciting world of cryptocurrencies.

Recommendation: Highly recommended to everyone

Link to where you can pick up a paperback copy*:
https://www.amazon.com/Richest-Man-Babylon-Original-1926/dp/1508524351/ref=sr_1_8?ie=UTF8&qid=1492725420&sr=8-8&keywords=richest+man+in+babylon

Link to the kindle download*:
https://www.amazon.com/Richest-Man-Babylon-Study-Guide-ebook/dp/B00MTXJD0Y/ref=sr_1_5?ie=UTF8&qid=1492725420&sr=8-5&keywords=richest+man+in+babylon

*(Full disclosure these are not affiliate links. I do not get paid if you buy from any of these links.)

How are millionaires made? Follow me for my review on The Millionaire Next Door coming soon.

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