The Richest Man in Babylon is definitely one of the most valuable books that I’ve read. It’s teaching finance through a plot from an ancient historical record. The stories are inspiring and although it’s using dated-English, it’s still fairly easy to grasp. Some quick notes that I’ve taken from this book:
Income distribution:
10% pay yourself first
20% pay off debt (if any)
70% living expanse
Own your home. The book suggests buying your own property because it is treated as an investment. Instead of spending money on rent, own your house and spend the money to pay mortgage as your property might inflate in the future. If it doesn’t, just think of it as you were paying rent. Continue reading
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