Traders are life time students of markets. Markets forces us to constantly learn, read and adopt. Lot of us have been Inspired by books and articles which helped us to realize some of the mistakes and helped us to change the course of the game.
What inspired you?
which book made a difference to your trading life?
What did you learn from it?
One of my favorite books has been The Richest Man in Babylon (The Success Secrets of the Ancients - the Most Inspiring Book on Wealth Ever Written) by George S. Clason
Very early into my earning career I was impacted by following pearls of wisdom which are listed as rules of wealth in the book.
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Save 10% of your earnings
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Make sure your money (saved) earns something for you and is not idle
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Live below your means of earning
This book may not directly related to trading but it imparts wisdom of managing wealth and helps you make understand how one should approach building wealth. It is a small book and a fast read. Reads like a novel and written like a Novel.
Providing financial wisdom through parables, The Richest Man In Babylon was originally a set of pamphlets, written by the author and distributed by banks and insurance companies. These pamphlets were later bundled together, giving birth to a book.
The protagonist of the story is Arkad, who has managed to become Babylon’s richest man. All financial wisdom in the book is dispensed through his narration. The importance of savings is conveyed through a conversation between Arkad and two of his childhood friends, Bansir, a skilled chariot builder and Kobbi, a gifted musician.
Through a directive of the King of Babylon, Arkad goes on to teach people how to be rich and provides seven tips for the same. Conveying some important facets of financial health, the story moves on to state how one can get the benevolence of the Goddess of Luck.
The story then moves on to another narrator or protagonist, a man named Old Kalabab. He gives out wisdom on the Five Laws of Gold or the way to hold on to wealth and knowledge. He also tells the readers how money can slip away if one doesn’t pay attention.
The story dispels knowledge through a maze of characters and covers other aspects like paying of credit and importance of determination. It also emphasizes on the limitations that one should set while helping others and the importance of caution.
The Richest Man In Babylon was published as a mass-market paperback by Penguin USA in 2002.
Let me know your favorite book and may all community members benefit from your wisdom.
Thanks
Have a great weekend
Best
Suresh
