In today’s post I will take a somewhat hardline stance, perhaps even a slightly contraversial view, about all the books on personal finance out there today. They are all RUBBISH when compared to George S. Clason’s – RICHEST MAN IN BABYLON written back in 1926!!, especially given the fact that many of the idea’s written in this book have been plagiarised and twisted by current “financial guru’s” to make it seem as if most of their idea’s are original or profound in some way. And I’ll state write now, my own wealth creation strategies, which I dedicated a section on this blog to, is primarily based on the principals found in this book but with a few modern updates naturally.
The book itself can be viewed as a collection of stories or fables which provide the reader with a set of money principals which in my view stand the test of time and will do so long after we are all dust. Lets take a look at the most common principals most personal finance guru’s espouse today and how they basically just ripped the idea’s from this book.
1. Setting aside a part of your income to build up your savings and wealth. This is a very reasonable and highly recommended step towards achieving financial prosperity. Take for example David Bach’s “pay-yourself-first” principal, indeed a fantastic and very sound idea, but it seems it’s already been put forward many years before with one of the books very first and main laws of money, “… a part of all you earn is yours to keep” or as explained further in the book under SEVEN CURES FOR A LEAN PURSE,
“… For every ten coins thou placest in thy purse take out for use but nine. Thy purse will start to fatten at once and it’s increasing weight will feel good in they hand and bring satisfaction to the soul.”
Roughly translated, keep at least 10% of all you earn aside as savings, MAGIC, I’d say David Bach’s made plenty of 10% savings from all the books he’s sold espousing this 1 principal alone.
I will continue this review in the following days …