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Thread: Books :)
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Old 10-02-2006, 09:37 AM   #18 (permalink)
Nigel Ward
Team InvestEd
 
Posts: 1,105
Join Date: Jun 2005
Richest Man in Babylon

Quote:
Originally Posted by Medine
Okay -

Now, how about your latest book, Nigel. Can you give us a 30 second review?

Cheers, Medine
Sure! I'm re-reading Richest Man in Babylon. Okay admittedly it's a short book so maybe I'm cheating but here goes ... start the clock

The 7 cures for a lean bank balance:

1) Save 10% of your income [Comment - at least!]

2) Control your expenses! [Comment - At first I thought this was basically the same thing as principle 1 but now I think there's a subtle difference]

3) Make your money multiply! Cash doesn't make you wealthy, it is earnings on your money - passive income which makes you rich

4) Guard your principal against loss! I.e. the first rule of investment is don't lose your money. Before you invest money in any venture, acquaint yourself with the dangers. Get advice.

5) Own your own home! [Comment - the tax system in Bablyon/US was different to ours.]

6) Get and maintain appropriate insurance. [Comment - most neglected area of investment I think]

7) Increase your ability to earn

Also 2 of the five "Laws of Gold" are worth recalling:

a) Gold slips away from the person who invests it in businesses he is not familiar with.
b) Gold flees the person who forces it into impossible earnings or follows the advice of tricksters

Stop the clock! phew.

Who's next to take up the 30 second book review challenge?

N.
__________________
Nigel


This is a general comment only and does not constitute advice. Before making legal or financial decisions you should seek advice from a professional adviser, who can take into account your specific circumstances and investment goals.
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