William Beesley's Reviews > The Richest Man in Babylon

I find the book a valuable resource so far. The story form makes a fair level of redundant information a little bit easier to swallow.

Your review is rather pessimistic. I would think that having read this book you would have a positive approach to life.

Everyone's different. I plan to use the info in the book to strengthen my financial position.

Matt,
There is no arguing against the financial premise of the story. Its straight forward and simple, spend less than you bring in. Anyone following the advice will benefit from it. I'm glad to hear that the book has been a resource for you.

William,
The book was written in the 1920's, long before the first credit card reared its ugly head. I have a finance background and am just devouring anything related as I teach a small business class and try and review everything for my students. I think the most important part of the book is putting across the idea that it's ok to ask someone for advice if they can help you out. I just know so many people that refuse to try to understand wealth and money and just keep going on with the everyday.
Mike

Thank you for the summary

William, a well-written, sober review. If it were all that easy as this book implies, the majority would be wealthy not debtors. And very true, it would take an way of thinking that runs counter to what our educational and financial institutions teach us. It can be done, but it takes more giving up than simply giving in, more failure than success, and more patience and sacrifice than most are willing to put forth.

Jeffrey wrote: "William, a well-written, sober review. If it were all that easy as this book implies, the majority would be wealthy not debtors. And very true, it would take an way of thinking that runs counter to..."

I completely agree.

This conversation is exactly WHY we need these books and people recommending them. Almost everyone I know who has been successful in life with money, meaning net worth not income, has mastered these simple habits. I recommend these books to everyone I meet. Once you hate debt and love the idea of retiring without worrying about money and living in a payed for house that no one can take no matter what happens the rest becomes pretty easy.

Robert wrote: "This conversation is exactly WHY we need these books and people recommending them. Almost everyone I know who has been successful in life with money, meaning net worth not income, has mastered thes..."

I agree with your reasoning that people that master these financial skills will probably deal with less stress and less financial problems than people who don’t. However I think the jury is out on whether we need more of this type of book or not. I have never seen any empirical evidence that shows this type of book makes any difference when it comes to people's financial well being. All the anecdotal evidence I have seen comes from the authors of the books themselves and seems geared at increasing sales of the book. If anybody can link a "well done" study that shows these books help people I will admit I am wrong.

William, point of note. I have read several books like this and even believed, temporarily, in the content therein. I personally invested some $20,000 in gurus, experts, and coaches who produced for me, get this (drum roll) absolutely NOTHING! Nada. Zero. Zilch. Only after following a path that was set to ME and NOT someone else's random notion of success or simply someone looking to make money off me, then I got my first client, another, and another, and another, and another. Just like all this social media hype making people believe you can simply get a Facebook or Twitter account and you're in like Flint. You're off to the bank! Nope. There's a uber-successful marketer who talked about these success books by the name of Dan Kennedy. I like him because he's one of the few who works in the no BS zone. He actually uses that term in the naming of many of his books. lol He said that he read all the success books and NOT A DOLLAR! He said that if you want to make money you have to find a nitch and then market to the people who specifically are willing and able to buy your products. No 'success' gurus needed. He's worth millions and many very successful people go to him, so I think he just may be right.

unfortunately all I can give you is anecdotal evidence as well. However with the caveat that the anecdotes I have are of real people who found success by applying good principles, rather than people just trying to sell a book. The best of the best of these authors know one thing: that principles, not techniques, are the real value. Take jeffrey above me as an example. He finally learned the principle of making his own way and marketing in a niche was success. Dan Kennedy is a fantastic example of one who teaches principles instead of techniques. Saving and living below your means are principles. Dan Kennedy teaches principles as well as others. Techniques only help once principles are internalized. So yeah, I wish I had the money or inclination to do research on this. I will say that thomas stanley gets pretty close to good research evidence in his books. If you cut through the opinions that are added in between, the research is actually quite fantastic.

Interesting conversations here. I'll have to indulge into it once I'm completely done reading the book. But so far I'm liking it. Personally I think that all these business writer's are making money off their books and all, I think those that nag about such books not being helpful are probably the people who speak a very different learning style language. All it takes to find are the authors that speak your language I guess. This is a very thought provoking review, but not everyone learns in simple matters such as spend less than you make. Most people (myself included) need to learn the more hard and detailed way because my generation has forgotten that money is your slave and not your master. It's a tool that needs to be used wisely. Not to mention my generation laugh's at people who pay things in cash at the grocery store. I personally like it that such books are around and getting reprinted because what may not be a way to learn something for one person from a certain book, another person will wake up one day, read that book, find a way to apply the principles of that book, and become successful. Sorry for the typos. Not easy to text these things out.

I gave this book a low review because I thought the stories were silly, but I think the advice is sound. I don't think it's fair to consider the book as ill-conceived simply because others are waging a successful campaign to make us ignore its teachings (others like credit card companies).

Some claimed that if it were this easy everyone would be rich. Not everyone reads the book and most people who read it don't follow it. My sister complains constantly about no money, and then takes out her new Galaxy S3 to take a call. She needs it, she says. Her old phone broke.

So like the original poster, I feel the ideas are sound, but gave the book a low review.

I agree with you on this, however, certain books appeal to certain people. This book, IMHO, is intended for a younger reader that needs a fabricated story to go along with the principles. Given that, this book makes sense by showing rather than telling how these principles actually work.

So I came across an article in the Schumpeter section of the Economist that does a fairly good job of defending my point of why this book and other books like it (self help, management guru, etc) tend not to work. I know its not directly applicable to "Richest Man in Babylon" but I think the general principle applies.

Summation statement in the article.
"Which points to the most irritating thing of all about management gurus: that their failures only serve to stoke demand for their services. If management could indeed be reduced to a few simple principles, then we would have no need for management thinkers"

http://www.economist.com/node/14698784

All of the self-help naysayers are the same. "if it was this simple everyone would do it!" Fact is, it is that simple, but it is less fun and more work so no one does it. Business is simple too by the way, but the risk turns people off so they don't take advantage. They let fear and taking the easy path hold them back. As to the quote here...while the point of the article, including the last point you quoted is on the surface logical. It is incorrect, plain and simple. It may, as the quote suggests, increase the overall demand for their services. But the company that fails to produce success will fail to be in business very long. Therefore, what does it serve. On the other hand if the company produces...(think of the 90% of fortune 100 companies here). They maintain working relationships with clients and stay in business. CEO's wouldn't keep franklincovey around if they didn't produce. Self-help guru's are only successful if people succeed from studying (and much more importantly applying) their principles. I don't really see how that logic doesn't scream out to you...maybe you should just try it. Immerse yourself in self-help. Read 1 book every 2-3 weeks. Start with 7 habits, go to how to win friends and influence people, think and grow rich...and then go from there, I can give you others if you want them. Your whole life will change, you will become wealthy, successful, and happier in just a few years time.

true, however the book gives more specific detail than the summary. for any person joining the business world I would recommend it and even to those who have been in the cooperate world for years because they always tend to forget such basic principals as those outlined by the book. forget the rest....

I think I got about 20 pp. in and decided if you have an I.Q. of about 95 you don't need to read this book.

Unfortunately, like many mentally lazy individuals, you have failed to recognize the importance of sharing valuable information through the medium of storytelling. Lists, like you share, do not demonstrate, nor encourage, the value of what the story relates but, rather, are just lists- boring and unused.

It would help some, Scott, if you would reference the post you are reacting to. I don't think I mentioned any lists, and as your post followed mine, I have no way of knowing, unless you say so, which post you are commenting on.

On being a personal finance book , alot of rules have changed on playing money game ,fundementally it's not very good idea to learn about this subject on reading it , i think robert kiyosaki's rich dad poor dad has better basics and ideas to know .
but i liked the way it is introduced as stories to know about babylon more .

What a patronising review -- not of the book, but of your fellow Americans and their apparent irredeemable stupidity.

I would argue that it's not that Americans (or anyone else) are incapable of reading this book and then acting responsibly, which seems to be your position, but that people don't read this book, or others like it, in the first place.

You are right that the principles are simple, and could be summarised on a single page, but that's a rather forlorn view of education -- that it's all a matter of listing things as baldly as possible. Why do we bother to have schools and teachers? Why not just issue children with lists of facts they need to know?

We learn more effectively when principles are wrapped in stories. It's hardly a new technique. You know what a parable is. I'm not religious, but do you think the Bible would have had the same influence without its narrative style?

That said, I don't habitually read this sort of book either, because I don't like self-appointed gurus. This one, however, which I had not heard of before yesterday, I found well worth the read. I suppose it's partly the historical interest -- according to Wikipedia these stories were originally published as pamphlets and distributed in the early 20th century by banks and insurance companies (you know, those diabolical institutions hell-bent on destroying the average Joe).

There is actually nothing at all wrong with credit cards and mortgages etc -- the key is to have them work for you and not the other way around. In other words, behave responsibly. Pay off your card (you need only one) in full every month. Borrow money to buy a house if you can afford the repayments and if it is in your long-term financial interests. This book doesn't forbid you from doing these things. It hammers home the importance of using financial common sense because if you do (here's the kicker) you actually end up with more financial security and more worthwhile possessions than if you behave foolishly.

Despite all that, I enjoyed your review. I wish I could "Like but disagree" but I can't, so I'll have to give you a standard "Like" but with the above strong reservations.

I liked this book, and would recommend it.

Andych, exactly ...

Pls how do i read this book i rili want tu read it

Very good book. Sadly some people are trapped by their own fears and don't see the value of this book. If the 70% is not enough probably find a job that can cover instead of crying. But i guess the formula works. And the expenses is up to the people and how people can have self control. No dumb.

I got the same thing.

This review is an example of the voices you'll here of "you can't do that" that you must ignore.

Thumbs down William

You're a dumbass

No offense, but, are you saying we are all hopeless? It sounds like you said the book was of no value because nobody can escape consumerism. I'm confused? What is your solution? Thanks in advance

You're literally saying that this book is of no point because "the system" is designed to take away money from us. Having said that, you're pretty much saying that that there is no point to educating yourself and behaving responsibly because we may waste it all? Honestly your way of thinking is a clear example of what we shouldn't think.

Could u suggest us some good books

Very fatalistic approach.

loved the rules of gold.

The first reason is that humans are born without knowledge. We all have to learn from the beginning, by counting 1, 2, 3, so on so forth. The second reason is good at dumping knowledge that they've gained, so they have to re-learn again. This book is not a miracle, but it is a reminder!

And what did you do with the first year's savings. What if you pessimism is what blocks you from progress. I would understand if you only want other things in life, but to say his story is self serving and simple is what I call biting the back of your hand, a divers disease. Start with Mike Dooley's "If you think you can do something then it is done." and look for something else besides critic to vent your derelict opinion on life changing literature. I seek a more positive review good luck with your personal improvement quest. I think I am leaving you behind.

A wise book reviewed by a fool.

And that is why you will never achieve anything in life is if you don’t take advice from proven individuals who have pretty definitive proof that it works.

This is a really intense review and I'm loving it.

The book is information. What you do with the information is up to you! Some people have yet to internalize this knowledge. Many will ignore this information and continue down their present path of blaming others or institutions for their own failures of self control.

“…the hounds of consumerism…”

Great book for wealth creation and management

Hilarious review!! I love this book, but this review is gold!

The reviewer, William, must have an excessive amount of salt in his diet.

I don't agree with you at all

Such a negative view on a book that could be so helpful if only you just learn to apply to your life! It’s not the consumer culture that’s to blame for, we all have to make choices that could lead us to a better and happier life.
Save up a portion of your earnings, spend only what your budget allows and invest the money you’ve saved overtime. Spread positive thinking, not negativity.

Hahahahaha hahaha HAHAHAHAHAH

I had a book similar to this genre called "think and grow rich" after reading it half-way I was reticent to go on. It had everything which in a sense is helfull and every advice would lead to prosperity if not the antithesis. However it was all i knew beforehand and could realise from my own personal experience without the need of being elucidated to me. There is a real scarcity of books which demonstrate clever, sophisticated, ingenious ways to and aggrandize your assets. Think it this way most economists don't simply become rich.

I wonder if you, William, understood the book? The book had a lot of fine wisdom, but it was relayed in story. And if you have never been on the pathway of poverty, slavery, and debt and then on to success and riches, many of the nuggets told could very well be missed.

It is a must read Book! I was almost starting afresh to read it when I was done. Awesome read with good applicable lessons!

Thank You Mate for this Review. Mostly agree with You. How people can put ***** on it ??