Think of the last time you got advice.
Now think of a time you got really good advice. The kind that could stay buried in the desert for thousands of years and still be valid.
That’s what you get from reading The Richest Man in Babylon.
Some personal finance guys hate it. They think it’s too slow.
On its own, that may be true.
But if you’re paralyzed by your circumstances…
If you think there’s absolutely no way you’re going to get ahead working your job…
If you can’t stomach packaged ramen three times a day and sleeping on the floor of a loft with the rest of your executive team while you try to get your unicorn running…
This book is going to change your life.
Who it’s for
Because it’s about working stiffs just like you who learn how to turn small, incremental gains from wise investments into income that lasts a lifetime.
And it does so while also disabusing you of the illusion that getting rich quick is going to keep you drunk, fat, and satisfied for your entire life.
You see, there are rules to managing your money. Timeless rules. Rules that keep you from doing stupid stuff even when you’re taking smart risks.
There’s also the kick in the pants of a couple unlucky souls who get sold into slavery to pay off debts. They manage to overcome their lowest points with grit, not lying down in the desert dying while they blame the world for its unfairness.
Walk the talk
How does that look in real life?
Start by putting away 10% of your income to savings and investing. Commit to living within your means to make this happen. Saying no to a few comforts every pay period doesn’t hurt you as much as you thought.
As you invest, become more discerning about what you invest in. Yes, a normal worker can earn a comfortable retirement leaving his money in an S&P 500 fund…if he doesn’t retire right after an engineered market collapse.
You’ll find some companies know how to make money better than others, some seasons have outsized returns, and not every good investment that’s good for you is on a public exchange.
Timely reminders
And, as always, don’t forget the 1-2% maximum loss rule on every trade so you don’t over extend yourself.
Remember: you’re building up income for a period where your returns need to cover what you would have earned with your two hands.
If you start there, with an idea of what you want your life to look like at the end, and save toward something that keeps paying you in spite of engineered crashes, you can live more freely and happily while financing what will be.
Just like in the book, if you don’t figure out how to manage your money, someone else who’s figured it out will.
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There’s more to learn about investing to support your family. Go deeper in these related posts:
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