Rating: 6 / 10
The Richest Man in Babylon is a good book with a solid message. However, I found it to be slightly repetitive and dragged out at times, hence the rating. It is short, accessible, and simple. Recommended for those who wants to learn more about personal finances.
The book confirms much of what I already do.
Therefore, my actions are to continue saving a percentage of what I earn, continue investing, and continue learning from those wiser than me (in any area).
The First Cure — Start Thy Purse to Fattening
The Second Cure — Control Thy Expenditures
The Third Cure — Make Thy Gold Multiply
The Fourth Cure — Guard Thy Treasures from Loss
The Fifth Cure — Make of Thy Dwelling a Profitable Investment
The Sixth Cure — Insure A Future Income
The Seventh Cure — Increase Thy Ability to Earn
Be careful of hedonic adaptation. Once you achieve some goal, your new state becomes your new standard. It is taken for granted, and you start desiring more.
The Five Laws of Gold
1. Gold cometh gladly and in increasing quantity to any man who will put by not less than one-tenth of his earngs to create an estate for his future and that of his family.
2. Gold laboreth diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field.
3. Gold clingeth to the protection of the cautious owner who invests it under the advice of men wise in its handling.
4. Gold slippeth away from the man who invests it in businesses or purposes with which he is not familiar or which are not approved by those skilled in its keep.
5. Gold flees the man who would force it to impossible earnings or who followeth the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires in investment.
This is just repetition of earlier chapters.
Save. Invest. Listen only to the wise, not the 'get rich quick' schemers. Be careful with your money; only invest in what you understand.