Book Recommendations

The Richest Man in Babylon by George S. Clason

Our review for the [... And Landlord Podcast] recommended book to learn about property investing, The Richest Man in Babylon by George S. Clason. "What works rarely changes... Financial Advice from 8,000 years ago, that is just as viable today."

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Book cover for the [... And Landlord Podcast] recommended book to learn about property investing, The Richest Man in Babylon by George S. Clason.

The Richest Man in Babylon by George S. Clason

Arkad’s financial advice includes the “Seven Cures for a Lean Purse” (being broke); and the “Five Laws of Gold” (how to protect and invest money). Critical components of Arkad’s advice is to always “pay yourself first”, “living within your means”, “investing in what you know”, the importance of “long-term savings”, and “home ownership”.

I LOVE this book for the lessens it teaches about “Gold”, which references can be taken to mean “Money” or “Wealth” as we’d consider it today. These lessens are available for quick view above, but don’t let this ease of access in any way allow you to cheat yourself out of the pleasure of actually reading this book. The brilliance is in the telling of each stories.

The 4th Cure: Guard thy treasures from loss…

The 4th Cure for a Lean Purse (Guard thy treasures from loss) still comes to mind each time I consider purchasing another distressed property for rehab into a rental. I think, “am I putting my treasure at risk?” – on this property.

After reading this book, I started paying myself first, by automatically diverting at least 10% of all income (business and personal) to alternate accounts, and running things on the remainder.

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