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I do this the last week of every December
Published 6 months ago • 3 min read
Presented By: The Early Bird from MarketBeat
Official Affiliate Partner: The Early Bird from MarketBeat
Hello again, investor!
It's become my December tradition (three years running!) to reread one of my all-time favorite finance books: The Richest Man in Babylon, written in 1926 by publisher George S. Clason.
It's a fictional story set in ancient Babylon that teaches a timeless lesson about becoming wealthy or "curing a lean purse."
The storytelling is top-notch, uses fun "old-timey" language, and feels like reading from an ancient document.
So, I went to grab my copy of The Richest Man in Babylon but couldn't find it and spent almost 90 unsuccessful minutes looking for it. Does that ever happen to you, too?
Holy smokes, is that frustrating!
So, I just ordered my second copy from Amazon for $5 because I love to mark it up and highlight important ideas. But, if you're a cheapskate who won't spend $5 for a 90-page life-changing book, here are a few free options:
Listen to the audiobook version free on Libby or Hoopla with a library card
But, if you don't want to read the book, I will leave you with its lesson of "The Five Laws of Gold (money):
Save at least 10% of your income, period. The book says, "Gold cometh gladly" to those who set aside this much. I love how they phrase this: Money comes "gladly" when you make saving a habit.
Put your money to work. Think of investments that grow over time, like their example of "multiplying flocks in the field."
Only invest in what you understand, and get advice from people who know their stuff. The book calls these "men wise in its handling" - basically, don't take investment advice from someone who just discovered TSLY last week.
Don't throw money at businesses or schemes you don't understand. Money will "slip away" when you invest in things outside your expertise.
Beware of get-rich-quick schemes and "too good to be true" opportunities. The book warns explicitly against chasing "impossible earnings" or falling for the advice of tricksters who promise overnight riches.
It's a speedy read and helps act as a guardrail reminder for what we do - accumulate wealth to live the life we want.
Have you read The Richest Man in Babylon? Hit reply and let me know your favorite part of the book.
😁THANK YOU to everyone who responded to the last newsletter!!
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Each week you'll learn how to be a better dividend investor and follow the journey of a welder with a passion for passive income to $1,000,000 and beyond.
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