The Richest Man in Babylon

[TheVagabond]

This is a great set of short stories published by banks and insurance agencies in the 1920's.  They all use the metaphor of a wealthy man in ancient Babylon teaching his non-frugal friends how he got rich.  This is a great resource for teaching children about personal finances and is pretty fun reading for adults as well.

Anyone else out there read them?  Thoughts?

-The Vagabond

[Kriegsspiel]

I enjoyed them.

[nktokyo]

This book is my bible and it's why I don't have to work anymore at age 30.

If you can master each of the lessons and put them into practice it's like a rocket ship out of the rat race. I'm so glad I found this one. I literally give it to everyone I know, some of whom use it to prop up their sofas, *sigh*

[destron]

It is a good book, especially for those who are struggling with finances in the modern era and spending all they have and more. IIRC, the main point of the book was to save 10% of your income first and invest it, and eventually you will become rich off the money. I totally agree and think that, for me, saving well over 10% is the best goal.

[arebelspy]

It is a good book, especially for those who are struggling with finances in the modern era and spending all they have and more. IIRC, the main point of the book was to save 10% of your income first and invest it, and eventually you will become rich off the money. I totally agree and think that, for me, saving well over 10% is the best goal.

Agreed.

It came up with many of the old adages, like "pay yourself first."

It's pretty basic. Good for someone bad at finances or who wants to do the bare minimum.

I wouldn't recommend it to most Mustachians, as I think with today's ridiculous amount of disposable income one can do much better than that.

Wikipedia has a very good summary, for anyone that's read it and just wants a refresher (or someone already advanced past it, but wants to see what the hype is about):
http://en.wikipedia.org/wiki/The_Richest_Man_in_Babylon_(book)

[TLV]

I mentioned that I thought this book was a good beginning personal finance book to a friend a while back. To my surprise, they had read it and revered it ("grandpa treated it like the Bible"), but they were surprised in turn that I thought it was basic ("saving 10% is really hard!").

[grantmeaname]

As has been linked before, the PDF full text of the work can be found here.

[nktokyo]

As has been linked before, the PDF full text of the work can be found here.

Thanks. I've been giving people copies, now I can just send the link :-)

[arebelspy]

As has been linked before, the PDF full text of the work can be found here.

Thanks. I've been giving people copies, now I can just send the link :-)

I'd wager a physical copy is a lot more likely to guilt someone into reading it than a link to a PDF, so if it's someone you really want to influence, you may want to continue to give physical copies.

Free books that are out of copyright are great though, especially when you ask if they have a kindle and then you can link them directly to a free epub version.

[nktokyo]

As has been linked before, the PDF full text of the work can be found here.

Thanks. I've been giving people copies, now I can just send the link :-)

I'd wager a physical copy is a lot more likely to guilt someone into reading it than a link to a PDF, so if it's someone you really want to influence, you may want to continue to give physical copies.

Free books that are out of copyright are great though, especially when you ask if they have a kindle and then you can link them directly to a free epub version.

I've given up trying to save the world. The most powerful form of influence I can think of now is to go to the beach on a tuesday morning and put pictures of me playing with my kid on facebook.

[arebelspy]

As has been linked before, the PDF full text of the work can be found here.

Thanks. I've been giving people copies, now I can just send the link :-)

I'd wager a physical copy is a lot more likely to guilt someone into reading it than a link to a PDF, so if it's someone you really want to influence, you may want to continue to give physical copies.

Free books that are out of copyright are great though, especially when you ask if they have a kindle and then you can link them directly to a free epub version.

I've given up trying to save the world. The most powerful form of influence I can think of now is to go to the beach on a tuesday morning and put pictures of me playing with my kid on facebook.

That fine, but there may still be a few people you haven't given up on individually.. that's who I meant that comment for.  ;)

[englyn]

I've given up trying to save the world. The most powerful form of influence I can think of now is to go to the beach on a tuesday morning and put pictures of me playing with my kid on facebook.

That's probably the most powerful form of influence there IS, anyway.

[Storypage]

I love this book. Reread it every couple of years, just for the inspiration. About time for another read, methinks.

[sgerbs]

This book was given to me by a mentor of mine while in college.  It really is a great primer on teaching folks about money and investing. 

I've given it to several people to read, but as others have said, you can't force change.  Hopefully, they will pick it up someday.

[Mr. Minsc]

I came across this book through an MLM company I was briefly involved with a few months ago.  In a sense The Richest Man in Babylon was the catalyst which eventually led me here.  Ironically this book was one of the factors which made me question and leave the mentioned MLM.

I certainly recommend it as an eye opener for people who have yet to see the holes in their spending.

[nktokyo]

As has been linked before, the PDF full text of the work can be found here.

Thanks. I've been giving people copies, now I can just send the link :-)

I'd wager a physical copy is a lot more likely to guilt someone into reading it than a link to a PDF, so if it's someone you really want to influence, you may want to continue to give physical copies.

Free books that are out of copyright are great though, especially when you ask if they have a kindle and then you can link them directly to a free epub version.

I've given up trying to save the world. The most powerful form of influence I can think of now is to go to the beach on a tuesday morning and put pictures of me playing with my kid on facebook.

That fine, but there may still be a few people you haven't given up on individually.. that's who I meant that comment for.  ;)

Not really. I've tried for 4 years and now I help those who want to change. Everybody else wants sympathy not help.

[steveo]

Great book but 10% isn't going to cut it for me.

[Leisured]

Thank you for the link, grantmeaname. A repetitive book, but setting the story 5000 years ago drives home the point that the more things change, the more they stay the same. People were joining investment syndicates, and borrowing to invest in land, herds, and merchandise, all that time ago. I liked the image of gold saved for investment as being slaves to work for you, just as we create a new slave labor force in the form of machines, like backhoes, forklifts an diesel shovels.

[rogersbilly]

This is one of the few financial books I would recommend if I actually knew anyone that would take my advice.

[dragoncar]

I think it has good advice, but honestly I could never take it seriously with that terrible prose:

"May the Gods bless thee with great liberality, my good friend," began Kobbi with an elaborate
salute. "Yet, it does appear they have already been so generous thou needest not to labor. I rejoice with
thee in thy good fortune. More, I would even share it with thee. Pray, from thy purse which must be
bulging else thou wouldst be busy in your shop, extract but two humble shekels and lend them to me
until after the noblemen's feast this night. Thou wilt not miss them ere they are returned."

It reads like what an insurance salesman might think a Babylonian might sound like (they certainly didn't speak olde english, so why write obscurely?)

[nktokyo]

Because it was written a long time ago, I guess.

[arebelspy]

Because it was written a long time ago, I guess.

Or rather because they wanted it to seem like it was a long time ago.  It's only about 100 years old.

[Kriegsspiel]

Like how I assume the Amish speak in Ye Olde English?

Think you're really righteous, think you're pure at heart?
Well I'm a million times as humble as thou art.

[nktokyo]

Because it was written a long time ago, I guess.

Or rather because they wanted it to seem like it was a long time ago.  It's only about 100 years old.

I was assuming 100 years ago meant a long time :P

What do I know... I still think 1990 was 10 years ago

[wepner]

I think it has good advice, but honestly I could never take it seriously with that terrible prose:

"May the Gods bless thee with great liberality, my good friend," began Kobbi with an elaborate
salute. "Yet, it does appear they have already been so generous thou needest not to labor. I rejoice with
thee in thy good fortune. More, I would even share it with thee. Pray, from thy purse which must be
bulging else thou wouldst be busy in your shop, extract but two humble shekels and lend them to me
until after the noblemen's feast this night. Thou wilt not miss them ere they are returned."

It reads like what an insurance salesman might think a Babylonian might sound like (they certainly didn't speak olde english, so why write obscurely?)

Yeah seriously. Not a super accurate depiction of Ancient Babylon by any means either, but it still has some sort of charm and pretty solid advice.

[dragoncar]

I think it has good advice, but honestly I could never take it seriously with that terrible prose:

"May the Gods bless thee with great liberality, my good friend," began Kobbi with an elaborate
salute. "Yet, it does appear they have already been so generous thou needest not to labor. I rejoice with
thee in thy good fortune. More, I would even share it with thee. Pray, from thy purse which must be
bulging else thou wouldst be busy in your shop, extract but two humble shekels and lend them to me
until after the noblemen's feast this night. Thou wilt not miss them ere they are returned."

It reads like what an insurance salesman might think a Babylonian might sound like (they certainly didn't speak olde english, so why write obscurely?)

Yeah seriously. Not a super accurate depiction of Ancient Babylon by any means either, but it still has some sort of charm and pretty solid advice.

Put money in thy purse.

[Storypage]

I think it has good advice, but honestly I could never take it seriously with that terrible prose:

"May the Gods bless thee with great liberality, my good friend," began Kobbi with an elaborate
salute. "Yet, it does appear they have already been so generous thou needest not to labor. I rejoice with
thee in thy good fortune. More, I would even share it with thee. Pray, from thy purse which must be
bulging else thou wouldst be busy in your shop, extract but two humble shekels and lend them to me
until after the noblemen's feast this night. Thou wilt not miss them ere they are returned."

It reads like what an insurance salesman might think a Babylonian might sound like (they certainly didn't speak olde english, so why write obscurely?)

That's the King James influence. People in biblical Jerusalem didn't speak that way, either, but at the time the book was written it just felt right. It's a common device for film and literature. For instance, the Germans in Schindlers List all spoke with a British lilt. Not because that is how Germans sound when they are speaking German, but because it just feels right. Gives an impression.

That's all Clason was trying to do... give an impression of long ago. I personally found it appealing.

But then, the King James version is my favorite of the bibles, and I've read it through twice (though I'm atheist). It's poetic to me. So, maybe I'm just more used to it that others.

[dragoncar]

I think it has good advice, but honestly I could never take it seriously with that terrible prose:

"May the Gods bless thee with great liberality, my good friend," began Kobbi with an elaborate
salute. "Yet, it does appear they have already been so generous thou needest not to labor. I rejoice with
thee in thy good fortune. More, I would even share it with thee. Pray, from thy purse which must be
bulging else thou wouldst be busy in your shop, extract but two humble shekels and lend them to me
until after the noblemen's feast this night. Thou wilt not miss them ere they are returned."

It reads like what an insurance salesman might think a Babylonian might sound like (they certainly didn't speak olde english, so why write obscurely?)

That's the King James influence. People in biblical Jerusalem didn't speak that way, either, but at the time the book was written it just felt right. It's a common device for film and literature. For instance, the Germans in Schindlers List all spoke with a British lilt. Not because that is how Germans sound when they are speaking German, but because it just feels right. Gives an impression.

That's all Clason was trying to do... give an impression of long ago. I personally found it appealing.

But then, the King James version is my favorite of the bibles, and I've read it through twice (though I'm atheist). It's poetic to me. So, maybe I'm just more used to it that others.

I don't know much about bibles, but wasn't the language of the King James Bible colloquial when written?  I mean, that's how people talked during the time the bible was written, not during the time it was written about?  As opposed to the richest man in Babylon which was written in the early 1900s and people spoke very similarly to today.

[MustacheMatt]

This is a great set of short stories published by banks and insurance agencies in the 1920's.  They all use the metaphor of a wealthy man in ancient Babylon teaching his non-frugal friends how he got rich.  This is a great resource for teaching children about personal finances and is pretty fun reading for adults as well.

Anyone else out there read them?  Thoughts?

-The Vagabond

Just read it this week.  Just like MMM it was a punch in the face!  After a little wrestling with cognitive dissonance I feel stronger in the ways of money than ever.  Highly recommend it!