Richest Man in Babylon

Discussion in 'Wealth Creation & Management' started by mmm....shiney!, Dec 3, 2012.

  1. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    I'll start, a really simple one, from "the Richest man in Babylon":

    Save 1/10th of your wage before you pay anything else. This means, pre-tax income.
     
  2. ozcopper

    ozcopper Administrator Staff Member

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    It's a great book with lots of gold talk :)
     
  3. Captain Kookaburra

    Captain Kookaburra Well-Known Member Silver Stacker

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    I only read about 1/10th of it... ;)
     
  4. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Well, as long as you saved the best bits you're on a winner.
     
  5. Sargeant Argent

    Sargeant Argent New Member

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    An old addage my folks always told me this growing up.
     
  6. Ernster

    Ernster New Member

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    I love "real" books now!

    I read Rich Dad Poor Dad last week.

    and I started Mike Maloneys book and have read over half the book in 1 night!

    Might have to give Richest man in Babylon another go. I find with some of the real old books the language just doesn't motivate me to keep reading.

    Damn I'm turning into a nerd:(
     
  7. petey

    petey Active Member Silver Stacker

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    For those with kids getting into the workforce, suggest what my dad did to me:

    Save half of your income in one account (in hindsight, PM's?), and the rest is your spending money. When you come out of school, even a few hundred a week is a massive amount of money. Teach them to live with half of stuff all and they will always be resourceful.

    I did this until I was around 23 (saved half of my wage). Never felt like I was poor or missing out and when it came time to buy some land it really helped out (no mortgage insurance).

    Thanks for the book recommendation, I'll be checking it out.
     
  8. House

    House Administrator Staff Member

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    There's a recent edition that's been updated and revised for the 21st century, I found it much easier to read and comprehend than the old one with all it's fuddy duddy language. Try give that a go this time round
     
  9. gcsun

    gcsun New Member Silver Stacker

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    @silver stacker.

    Link to the modern day version???
     
  10. Auspm

    Auspm New Member

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    Amazing that back 'in the day' you're told savings is the key to wealth creation.

    What do you get told nowadays about saving?

    ...
     
  11. JulieW

    JulieW Well-Known Member Silver Stacker

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    .

    Methinks thou doth protesteth too much.
    :)
     
  12. House

    House Administrator Staff Member

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    Now think of the poor people with lisps who had to say that!
     
  13. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Saving is the first of Arkad's cure for a lean purse.

    "For every ten coins thou placest within thy purse take out for use but nine....

    Surely it is a law of the Gods that unto him who keepeth and spendeth not a certain part of all his earnings, shall gold come more easily."

    Arkad, from "The Richest man in Babylon".

    The second of Arkad's cures are hinted at in the following quotes:

    "Study thoughtfully thy accustomed habits of living. Herein may be most often found certain accepted expenses that may wisely be reduced or eliminated. Let thy motto be one hundred percent of appreciated value demanded for each coin spent.

    "Therefore, engrave upon the clay each thing for which thou desireth to spend. Select those that are necessary and others that are possible through the expenditure of nine- tenths of thy income. Cross out the rest and consider them but a part of that great multitude of desires that must go unsatisfied and regret them not." (My emphasis, not meant to be a clue, just a piece of sage advice).

    Any one out there, if you haven't read it have a guess what Arkad's second cure is, try not to cheat by googling, work it out yourself from the quote :lol:
     
  14. JulieW

    JulieW Well-Known Member Silver Stacker

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    It's an age old problem:

    [youtube]http://www.youtube.com/watch?v=tlADJpNtS_s[/youtube]
     
  15. goldpelican

    goldpelican Administrator Staff Member

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    Put this into practice this week.

    10% of pre-tax pay straight into unallocated silver. 20% onto the credit card that's got the remains of a holiday balance on it.
     
  16. renovator

    renovator Well-Known Member

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    the same thing ..If you listen to the right people
     
  17. honey stacker

    honey stacker New Member Silver Stacker

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    Is it budgeting?
     
  18. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Ooh, a clue into one of Arkad's other cures. Have you read the book reno?

    Anyway, back onto to Cure #2:
    Does anyone want to play the guessing game and have a stab at what Arkad's second cure is? No googling now, use the quote to guide you. Six free ounces of gold from the Perth Mint to whoever guesses correctly (I haven't confirmed this with the Perth Mint yet).
     
  19. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Nearly ;)

    What is on of the aims of budgeting?
     
  20. honey stacker

    honey stacker New Member Silver Stacker

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    1.Seeing where the money is going so you can redirect it to a different place?
    2.Spending less on the silly stuff?
    3..................................................?

    Its 3 isn't it!
     

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