Fundamentals of the Faith
The remainder of the book is peppered with lessons and insight. Choose wisdom over money. Borrow sensibly, as the unintelligent use of debt will undoubtedly become a later burden.
Seek luck by working hard and accepting opportunity, not by waiting for one-off successes. The book can often feel simplistic and repetitive, but the advice about earning and savings are sound. By its nature, a book that is set in the days well before banks and organized markets is going to be sparse on details.
Praise for Books in the Series
This is not the book to read if you are looking for a how-to guide or specific techniques. Rather, this is a book that takes a theoretical approach to examining personal monetary policy. This book would be an excellent choice for those who respond to qualitative motivation and storytelling. It would also be a particularly pertinent book for those that may feel overwhlemed by the all the recent market turmoil.
If this book accomplishes anything, it demonstrates that the fundamental truths to wealth building are still applicable today.
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This point is actually the crux of the book: the classic principle of paying yourself first. Even in his example of those who are paying off debt, he still advocates setting aside this one-tenth. If you want to save money for your future, you must begin by consistently setting aside part of your earnings today. Control thy expenditures. Essentially, this is learning to live within your means and avoiding lifestyle inflation. Your wealth should extend beyond your income. Put your money to work by making smart investments and taking advantage of time and compounding interest.
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Back to Basics: Lessons from The Richest Man in Babylon
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