Just finished the book “The Richest Man in Babylon”. Its been a book that I have heard of for quite some time but have never read it. It was a fair book with some great points but was hard to read at times with the grammar that was used. I so not think this one will sit very well with today’s youth. I don’t know how many of the points the author was trying to reach account for how the modern world is ran and how easily you can finish some things with imagination. Example: think I even talked about this in my last post, Owning your home or owning your car will not help you create money success. With so many ways to lease cars and transportation companies like Uber and Lyft make it more common for people not to own a car in big cities. With the rising costs of car payments and insurance its not a crazy thing to think about going public trans. The part with why leases look smart these days is this… Cars are now in the technology world. Did you know buy the end of next year it is standard to have a back up cam on all new cars enforced by the US government safety? This is a good thing, I think. But my point is with technology going the way it is you might want to upgrade more frequently than we used to in the past. Then there is the cost of fixing cars when they break, issue solved with a lease. Remember the mileage part of leases, these can be the one part I believe to stay clear if you drive a lot.
I just read an article about a guy that has been living in the shell of his truck for all of college. I definitely don’t think you need to own your home for long term success. This kid sounds successful in what he is trying to do. Again things have changed, you can rent a room in about every american city. A lot of them you can find for pretty cheap. Sometimes I believe that owning a home hinders some young couple and individuals from obtaining lifelong money success. Again repairs, insurance, the almighty Taxes and you can start to see the rising costs of owning your own home. There is a lot of stress you can unload by just renting from the right landlord.
Now there are a lot of things to agree with. Usually wealth does not happen overnight, it is good to start saving 10% of your income now. You will be amazed at how fast it grows and then what you can do with just 10% of your earnings.It also talk about doing whatever means necessary to not lose that percentage once you have it, Beware of bad investments. Trust investors to investing and only get your advice from experts on the subject you seek. Make your money make money, which I believe is a hard thing to get going. But once you get this going I think is the most important part of growing rich. It can be hard to find different ways to invest your money, especially if you are trying to invest wisely.
Overall not a bad book, I just don’t know why all the hype. These points are made in many more books I have read, many of them more influential than this one. It was a fairy short read so if you have a day with nothing to do you may want to pick this one up.