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Old 11-18-2009, 01:39 PM   #1
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[STUDY GROUP] The Richest Man in Babylon

Hi All, I’m currently reading “The Richest Man in Babylon” and half way through the book I realized this book is too good to be read alone. On an aside I am going to by several paperback copies and re-read this book with my children and nephews/nieces.

Right now I am thoroughly enjoying this book, it’s a financial planning book written in form of a story where the lessons are in parables or dialogs --Platonian style.

Book Description:
Quote:
"The Richest Man in Babylon" is one of the bestselling financial self-help books ever published. Written by George Samuel Clason and first published in 1927, it has sold more than 2 million copies. The book dispenses financial advice through a collection of parables set in ancient Babylon. The story is uses parables in ancient times involving situations that modern people can understand and identify with. The author presents these lessons as timeless wisdom that is as relevant today as it was back then. This book holds the secrets to acquiring money, keeping money, and making money earn more money. It offers an understanding of and a solution to your personal financial problems which will guide you successfully through a lifetime. "The Richest Man in Babylon" is a book you will want to read yourself, recommend to friends, and give to young people just starting out in life.



STUDY FORMAT
The format since this is a STUDY GROUP we can start talking about the book and any concept immediately. If anybody has a question or comment on the book just post it.



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Last edited by =X=; 11-18-2009 at 06:42 PM. Reason: At one point I've uploaded this book but it is no longer here. Hm.. curious; Also added book description
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Old 11-18-2009, 06:40 PM   #2
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Okay apparently I'm not going crazy I did upload this book a year ago or so but have finally gotten around to reading the book.

However MobieRead was asked to remove the a publishing house claiming it was a copyright violation. However one of the Mods has confirmed the book I uploaded is in PD. I've asked the mod if they still want the book, but that is pending their reply.

For those that are interested in the book PM me and I will send you the copy of the book.

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Old 11-20-2009, 02:46 AM   #3
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Great book, I've read it a couple of times.

Only thing I would say is that in today's world it is very much harder, particularly on a low or lower middle class wage, to save enough to actually get ahead due to the cost of living being comparably higher while wages have not risen comparably.

Of course, where there is a will there is a way. If your primary goal is to set yourself up for a comfortable, if not extravagant, retirement whilst taking very little risk over your working life then this is sound advice and a very workable plan.

Cheers,
PKFFW
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Old 11-20-2009, 04:48 AM   #4
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i have tried to find it, but searching the obvious and the less obvious, still leaves me empty...

Can you post a link?

Thanks
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Old 11-20-2009, 04:49 PM   #5
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Hi Lene,
Hey I did not reload the files right away. I relaized the first files I had where created using BookDesigner. As a result the format was pretty bad.

I took some time to reformat the books with BookCreator so they look much nicer.

Anyhow here are the links: Note I just put the PDF/LIT/eReader files in one posting under Other.



LRF


MOBI/PRC/Kindle

ePUB


IMP eBookWise 1150


PDF/LIT/ eReader(PDB)
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Old 11-20-2009, 04:54 PM   #6
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Quote:
Originally Posted by PKFFW View Post
Great book, I've read it a couple of times.

Only thing I would say is that in today's world it is very much harder, particularly on a low or lower middle class wage, to save enough to actually get ahead due to the cost of living being comparably higher while wages have not risen comparably.

Of course, where there is a will there is a way. If your primary goal is to set yourself up for a comfortable, if not extravagant, retirement whilst taking very little risk over your working life then this is sound advice and a very workable plan.

Cheers,
PKFFW
Hi PKFFW,
Thanks for the comments. Yes I agree the middle class has a lot of burden put on them since they pay the highest taxes. However the middle class tends to have one tool that can prove advantages. Most companies have a 401K plan where a person can allocate up to 15% of their earnings, pre tax.

Any thoughts?

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Old 11-20-2009, 06:32 PM   #7
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I read that book years ago. The best advice I recall from that book: pay yourself first!

Now, if I could only learn to actually apply that advice!
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Old 11-20-2009, 06:48 PM   #8
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Quote:
Originally Posted by =X= View Post
Hi Lene,
Hey I did not reload the files right away. I relaized the first files I had where created using BookDesigner. As a result the format was pretty bad.

I took some time to reformat the books with BookCreator so they look much nicer.

Anyhow here are the links: Note I just put the PDF/LIT/eReader files in one posting under Other.



LRF


MOBI/PRC/Kindle

ePUB


IMP eBookWise 1150


PDF/LIT/ eReader(PDB)
Thank you...
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Old 11-20-2009, 09:01 PM   #9
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Quote:
Originally Posted by WT Sharpe View Post
I read that book years ago. The best advice I recall from that book: pay yourself first!

Now, if I could only learn to actually apply that advice!
You might want to read "Automatic Millionaire" by David Bach which is a modernized version of the "Richest Man in Babylon". However his focus is on middle America and how to automate the process of becoming well of when you hit retirement. The book is very good and practical.

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Old 11-20-2009, 09:14 PM   #10
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I took some time to reformat the books with BookCreator so they look much nicer.
Shameless plug...

I had converted this ebook to .imp format because I liked the notion of this book being available for others to read, but forgot to read it myself!

Maybe this will be my excuse to do so now! Thanks =X= for the nudge.
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Old 11-20-2009, 10:50 PM   #11
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Shameless plug...
You tell him Nick! He's got a lot of nerve self promoting himself like that.....oh wait that's ....

Got to go the door bell's ringing.
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Old 11-21-2009, 12:09 AM   #12
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Hi PKFFW,
Thanks for the comments. Yes I agree the middle class has a lot of burden put on them since they pay the highest taxes. However the middle class tends to have one tool that can prove advantages. Most companies have a 401K plan where a person can allocate up to 15% of their earnings, pre tax.

Any thoughts?

=X=
We have something similar here called superannuation. The employer is forced to put 9% of your wage into it no matter what. Then you can elect to put extra in(up to a certain limit) pre-tax.

The problem is that all the money is still taxed, just at a lesser tax rate. All money going in is taxed at 15% instead of whatever normal tax rate you are meant to pay based on how much you earn. It is a benefit but not a real lot.

The other problem with our superannuation system over here is they seem to change the rules on it every couple of years. I don't like the idea of putting my money into a fund that I'm not allowed to touch again until I am 65 years old knowing that they may change the rules a couple of years later. If the new rules mean it is not advantageous to me any more, I can't get my money back out again and put it in some other investment.

Cheers,
PKFFW
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Old 11-21-2009, 08:27 AM   #13
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The problem is that all the money is still taxed, just at a lesser tax rate. All money going in is taxed at 15% instead of whatever normal tax rate you are meant to pay based on how much you earn. It is a benefit but not a real lot.
Private pension schemes here in the UK are enormously beneficial in that the contributions are tax free. That means that, if you're a "higher rate" income tax payer, for each £1 you pay into the fund, the government pays in another 40p on your behalf. It doesn't get much better than that!
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Old 11-21-2009, 09:06 PM   #14
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Private pension schemes here in the UK are enormously beneficial in that the contributions are tax free. That means that, if you're a "higher rate" income tax payer, for each £1 you pay into the fund, the government pays in another 40p on your behalf. It doesn't get much better than that!
Oh how I wish they did that here!!

Guess I should be happy that instead of paying 30% tax I only pay 15% tax on any dollars I choose to lock away for 35 years without access to. All in all I'd rather have access to my dollars to invest and use to my best advantage and pay a little more tax than stuffing it into a fund the barely outperforms the index, having to pay "management fees" for the priviledge and then having no control over it for 35 years.

Cheers,
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Old 11-21-2009, 09:56 PM   #15
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Oh how I wish they did that here!!
What do you mean? Most retirement funds are tax free in the US too.

Harry didn't really man that the UK contributes to the fund.... although it did sound like he was saying that, I'm sure that's not what he meant.

BOb
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