Thanks for the Video clip! Apologies for chiming in, I would love your initial thoughts. Have you heard the talk about - Saankramer Earn Infinity System (Have a quick look on google cant remember the place now)? It is an awesome one off guide for unlocking the combination to success without the headache. Ive heard some extraordinary things about it and my work buddy got excellent results with it.
Excellent Video clip! Sorry for chiming in, I am interested in your opinion. Have you researched - Saankramer Earn Infinity System (just google it)? It is a great one of a kind product for unlocking the combination to success minus the headache. Ive heard some great things about it and my work buddy at very last got cool results with it.
Kudos for the Video clip! Apologies for chiming in, I am interested in your opinion. Have you heard about - Saankramer Earn Infinity System (Have a quick look on google cant remember the place now)? It is an awesome exclusive guide for unlocking the combination to success minus the hard work. Ive heard some amazing things about it and my buddy at last got amazing results with it.
Very interesting book. My approach is to live on 50% of my income. I remember I used to be a big spender. Got my first promotion at my current job at the age of 21 and I just blew the excess cash in unnecessary things.(regret it big time.) One year later got another promotion and increase in salary and my approach to money has changed completely. Putting 20% into my 401k(with a 4% match), 20% into my Roth IRA, 5% into savings/emergency fund & the last 5% into a taxable account where I hold ETFs. People like you have really inspired me to change the way I see money. Also, the fact that I'm studying accounting and finance made me look at money differently. Learning everyday and sharing with family and friends every little thing I know. Keep up the good work, sir!
yes sir! It was a little hard to adjust but Its doable. I just kept saving the money I got from raises and promotion and pretended I never got them in the first place. Then cut down on expenses and made a budget. Was surprised to see where my money was going when I wasn't tracking it.
"Richest Man In Babylon" is a classic not only because it is one of the earliest personal finance books but it had the novel idea to teach financial principles via a story ("The Wealthy Barber" is another good book that takes a similar approach). For someone like BTB who has an almost Mr. Mustache-level of frugality and teaches personal finance "Richest Man In Babylon" won't really do much but for someone new to personal finance it is a good primer.
You and Graham Stephan have been huge inspirations to my financial journey. After listening to the book on youtube, I was glad to see your review in the recommendation 🙏🏾
Subscribed. As soon as I clicked on this video for the first time and saw all the other financial tip related videos posted by you I knew there was much I could learn. I read Rich Dad Poor Dad recently and ever since my Mindset has completely done a 180 turn. Look to learn much from you
when I was broke as a button and fresh out of school working in Hong Kong, I could not afford Internet on my $1300 USD monthly income and had no time to go online during the weekdays working 10 hrs/day anyway. I actually used Pacific Coffee, McDonalds on the weekends and library. Collecting rent is not AS passive as ppl think the moment something breaks down... in the middle of the night... or while you're out of town.
Good job in both reading the book and sharing a link for those who do not have a library near by or a book store in the area so they can get it, you made it easy for them to access the book. I want to point out that while you do a tremendous job in you ability to save I would venture to say that the majority of your listeners do not have 3-6 months of living expenses put away as an emergency fund, most do not have a retirement plan that is in place that will fully fund their retirement. I would also guess that most could give you a handful of reasons why they are unable to save or invest. While the 10 percent is very low for where you are at right now it is a huge amount for most people. They need to first start saving as most will not first cut expenses. Like the book says most will not miss the 1-2 percent that is saved at first, then they can feel good about that baby step- something David Ramsey always talks about! Once they feel they are accomplishing something they can make adjustments to spending and saving. The point is to just get the ship turned around and pointing the correct direction! If it was easy for most people they would not turn to you for help in their financial concerns. I save and invest about 40 percent of my money now but it took me reading that book many times for the habit to stick- I uprooted my money tree a few times! Keep up the good work!
MrJamescord I did the same without reading the book. Saving, just like anything else, is a habit. Even saving one dollar is better than nothing. A daily habit of saving creates a more powerful future.
taoist40 - congrats on the good habit! But let me give you this one pointer if you will. I have heard many of the best self help coaches from the great Jim Rohn, Anthony Robbins, Brian Tracy, and others say: I spent the money and the time to go to that seminar even though I have gone to it before because if I get even 1 new thing I can use it might make me a fortune! This book is an absolute treasure, I have purchased at least 4 copies to give away. It belongs in your Success Library! It is a must read.
I don't know about that financial assessment of those who watch this channel. From what I can gleam, there is a much larger portion than usual who saves plenty. There are even a large portion that are retired or retired early. The general US population of course do need to learn to save and saving a little first could be the ticket to help them see what needs to be done to start saving.
Appreciate Video! Apologies for the intrusion, I would appreciate your opinion. Have you ever tried - Saankramer Earn Infinity System (should be on google have a look)? It is a smashing exclusive guide for unlocking the combination to success minus the headache. Ive heard some great things about it and my close friend Aubrey at very last got excellent results with it.
BeatTheBush I probably paid under $5 bucks for all the copies I own of it. How much did you pay for that kindle and what is it doing to your eyesight? What kind of medical bills will you have from that in 40 years? ;)
Don't just make them read it. Read it with them and hold discussions on the meaning. Work on budgeting, Planning, Investing, And self control with your children. Hold family nights where planning and advice are part of it (Make it fun though). Most importantly, Set the example.
ive read every book you recommended except for one. Please do more of these. The books you've recommended have completely changed my perspective on wealth and health.
Thanks! I will try to do more. The thing is, not many must read comes along. I do read but not every one is worth sharing. How about a fiction one for fun?
Great review! Thank you. I enjoy this book and I also think it is meant for people who were not saving at all. The story telling is also a great way to get them to think about finance without pulling hair and teeth lol Finally, I've found that some people living pay check to pay check may not consider moving back in with their parents or family when they have that option just because of fear of what others would say instead of evaluating the savings they could make by reducing spending, getting on their feet and mostly creating new habits for themselves.
Exactly. The initial push to savings might require moving back in which may allow you to save enough to buy a house. There is a lot of social stigma with this but if your parents are okay with it then by all means.
The Richest Man in Babylon is one of my favorite books. I read it over 10 years ago and have purchased copies for friends and family. It is a fictional piece of work compiled from small stories in the form of pamphlets that were written by the author who was a banker and financial advistor back in the 1940's. He would give the pamphlets to his clients.
I read this book this year. I do a keen balance of saving (i.e. paying myself first 20%) and also paying bills in full and then leveraging well any other debt (e.g. some credit card debt on a 0% deal that I will pay off very soon before it incurs any fee). I saved all this year instead of just paying off that 0% credit card that also had 0% transfer fee so that I could earn interest on the money I saved. I made regular payments on the credit card and now the balance is manageable to the point that I can pay it in full and not deplete the savings. I have time to do all this maybe because I don’t have kids.
Hello Beat the Bush! Been off my game for a while since I missed a few of your uploads. I think my older sister has mentioned this book. I know she began following this method about 3 years ago. I'm interested so I've downloaded the PDF version onto my Google Drive. Thanks for sharing it with us. 👍
I do upload too much maybe lol. Do not fear! Start anew and just watch the latest? Don't forget to read it! You know how to start? Read the first page today! And that's it, only required to read the first page.
I don't believe that it actually does come from clay tablets. George S Clason liked to use parables and the book is pretty much a compilation of parables he wrote as financial advice. He never published any other books.
This is one of my favorite books! Glad to see that you've read it. Btw I did an animated summary of this book so if you have the time check it out and tell me what you think😊
You're awesome bush, I'll definitely check that book out. My biggest problem is that I'm always trying to expand and grow but suck at being patient. Therefore I have a bad habbit of getting things I need but don't need right now which leads to a growth centric approach but lacking in the "now". Do you have any advice? Thank you!
Patience is trained. What do you mean getting things you need? The tools you need or buying things you need? It might be due to lack of time? You need to put one or two items on a list and focus on doing those that day even if you work on it for just 1 minute. Just 1 minute will do, the rest will follow.
Don't immediately discount this book. For me personally, it had a huge affect on my thoughts about investing. My dad gave it to me when I was in middle school. Eventually I did the math and realized 10% isn't enough, and by the time I was making serious money, I was saving well over 50%. But this book gave me a philosophical foundation which I later built on. So yes, the 10% part is small, but it is extremely good at explaining the basics concepts of money. You can mess with the numbers later.
Thorough book review - good work. Try replacing "10%" with "as much as you can" and the concept moves a little closer to your approach. Thanks for checking it out.
Thanks for reading the book. It says a lot of great things about you. Credit card = loans to me from the book. It does account for debts. It does work for you. You prioritize saving, which is the point. Basic are variables like you are saying, and I agree. Overall, the concept is agreed on and the finer details are just different. You are not wrong. :-)
=D Credit cards are more extreme than loans in the book I think. It is more like in between a regular loan and a loan shark due to high interest rates.
Oh ok, this whole "pay yourself first" thing makes more sense now. Actually now I think it's a very good advice for a lot of people because a lot of people I know think they received this and that amount of salary so they can buy that much stuff that month. It's a very short term thinking... hopefully not the people subscribed to this channel.
Certainly more for people who lives paycheck to paycheck but then it's not such good advice as a blanket statement for everyone. Doesn't work for me, doesn't work for many watching this channel who already saves habitually.
If BeatTheBush says internet (included along-side food and shelter) is bare minimum necessity then I guess it is, time to update Maslow's hierarchy of needs.
@@BeatTheBush I agree with you man. I been binging all your videos and my girlfriend basically told me if I really wanna save money then go live in a cave. Anyways I been wanting a honeybadger T-shirt but went to your online store and couldn't find it. Where can I get one?
@@KevinNguyenSESE I guess I should make a video addressing girlfriends and finance. The honey badger t-shirt is on the bonfire website here: bit.ly/2FBAeLA
I have a separate bank account that I put 10% of whatever I make no matter how small in there. That is the account I use for high end purchases and international travel. I am diversified on my pans for retirement owning real estate for rentals and a Roth IRA. Since I have to much in savings I am accelerating my rental business. Need that passive income like you so I can leave my day job. Right now I am only working part of the year so means I have to quit my job once a year. I just look like any average working Joe driving my 18 yr old Chrysler Minivan. So no worries about people thinking I have money.
yes I only use less than 20 % of my income to live on. Just the 10% account for frivolous things although should just call it a travel account since that is really I all I use it for. 2018 I will back that one down to 5% since to much in there losing value. Actually have 3 different bank accounts for different reasons.
Yes, read it years ago. Useful. My approach has been to Save 10%/Spend 10%. So, yeah, what do your do with the other 80%? I save 10% of everything I earn in a tax deferred (inviolate!) retirement account and spend 10% of every windfall (and save the rest). No debt. But, like you, I have a zero based budget and save and invest whatever is left. That money, however, might be for long term savings, emergencies, big ticket items (house, car, education) or also for retirement. The 10% of every windfall is earmarked for pleasure.
I use a hybrid soloution to paying myself first. I save 30% of my income as a base amount, then I try to reduce my spending from there. This way I can guruantee I always save at least 30%, and I work with what's left.
Just read it; good book. I like how it was written. It was refreshing compared to ther books on personal finance. I liked the different stories. The book mentioned saving at least ten percent, meaning you could save much more and still follow the book. A lot of people talk about the minimum ten percent savings. I think that was why i didnt side with the idea in the book originally. I see that it could stiil work for me.
Paying yourself first works for anyone who applies it. If you were already saving 50% of your income, then it was already working for you. The concept is that if you truly keep 10% of all you make, you will get a fat purse. But even in the book it states to save more than ten percent if you can. Most people do not have your discipline of paying themselves first. And that principal is a key pillar to financial success.
If you save more than 10% you are beyond what it teaches. You no longer need to save first. It's really doing the same thing. If you end up with 50% saved... .did you spend as little as you can to only spend 50% or did you save 50% and then spend the remainder?
BeatTheBush, that simply means you have mastered steps 1 & 2. Then, there are still 5 more steps on the journey of fattening thy purse. You may be already doing several or all the other 5 steps. That does not make them useless, it just means you have accomplish them. That is awesome. One needs to keep in mind that these are life long habits if you wish to be the richest man in Babylon. All 7 cures to a lean purse still stand true.
LOL the rules in this book don't really come from 5000-year-old Babylonian clay tablets. You know that right? "The content is from a series of pamphlets distributed by U.S. banks and insurance companies in 1920-24; the pamphlets were bound together and published as a book in 1926." The lessons in the book are awesome though. A recommended read! If you don't like the old English in the book, you can read "The Richest Man in Babylon for Today" by Fred Siegel.
between my childhood education which were Roman Catholic Nuns AND our Rabbi. i was taught to save a minimum of 1/7 th of your income. This 1/7% saved for seven years because every seven years farmers had to let the land go fallow. that year of no crop income, this 7/7 parts was there.
What are some great books to read similar to Babylon? I've read rich dad poor dad and got a lot from it. Also can you do a video on stocks!? I wish I knew how it worked and how to invest in them . THANK YOU!!
Babylon is awfully unique. How about millionaire next door? Yes, I have a whole playlist on investing. It covers more about theory than mechanics which to me is 100x more important: ua-cam.com/play/PLAffnc1joZvapKhltdbgRrJm1D-CYlesK.html
I've read the book & loved it. It taught me a lot & I have profited by it. If I save 10 percent of my income (no matter what that is), in 10 years I will have 1 years salary & that's even if I don't put it into an investment that pays interest. But you have shown me that now that I am saving 10 percent of my income, I can actually save even more. Thanks BTB!
Saving 1 year of living expenses in 10 years is pretty slow actually. Think in terms of saving 50% or more. Each year you save one year of expenses. Now that's more like it! Save 90%, each year you work, you get 9 years or retirement!
Whatever interest you the most. You will be successfully in whatever you pursue as long as you sincerely care about it. Regardless of what you choose, definitely continue educating yourself in personal finance to lead to a better life.
It's about what you like doing. I personally decided to do engineering because I knew personal finance would be easier to learn from other sources. Also, engineering is pretty awesome! Its what I love to do. Shadow a few people and have a job in mind gong into college and you can't go wrong.
They both pay pretty well depending on how well you do. When in doubt get more information. You can get good advice from people in the field already and ask what their day to day life is like at the job.
Thanks for your discussion on neural networks and bitcoin. Can you please check out common stocks and uncommon profits or Poor Charlie's Almanack, the Almanack is $60 but it is a worthwhile investment in yourself BTB.
Lol. Food Water Internet. I have an offgrid location and yep thats all you need. Food is not as important as internet imo too. Heat is pretty important however...
Thanks for the review. Great Book! Credit cards are for losers. Car payments are for losers. Live on less than you make and grow wealthy. Also see Dave Ramsey: The Total Money Makeover.
It's a good book. I would criticize on your internet being a necessities for yourself because it's a source of passive income. Although i can get allot accomplished for free at my libraries. Also investing in physical gold is a smart decision in my opinion! #fanofyourchannel
If you’re saving 50% you’re exceeding the instructions so I can see why it wouldn’t apply to you. if you can’t save ten percent obviously you need to make some spending and earning adjustments.
I'm curious as to why (apart from the obvious fact that you're using the Internet as a place to earn income) you say the Internet is a bare necessity for everyone.
BeatTheBush One could argue it's not a necessity of life in the same way as food and shelter... you won't die without it. Of course it makes modern life in Western nations easier in a lot of ways but say if you had to chose between having a monthly ISP bill or a monthly health care premium... I think most would chose the healthcare.
Strictly speaking no but without it, you will become outdated and disconnected from many people. You would not be able to reply to this comment or watch my next video.
I have sufficient disposable income that it's not an issue for me anyway. But if it were, I'd go get my internet at the public library for free, and pay some other necessity instead. Of course I'll watch your next video too. I may or may not agree with it though 😜
No I would wish to save 50 percent but unfortunately 50 is allocated to fixed expense as I was told. 30 percent left is for non guilt spending and 10/10/10 left are divided into long term, short term, and investment/retirement savings.
I recently found your channel, like 2 days ago? and have been soaking up as much knowledge as I possibly can because I have no one to teach me these sort of things and public school system wasted my time. As a first generation, it's a bit struggle to balance things out especially when you start from poverty. your video has so far give me good insights but I'm seeing which one I can used to get things going for now.
Beat thy Bush was a man from faraway lands who taught the Babylonians tips on chariot repair, then his show morphed into a show on how to save money and fatten their purse, It was a poppet show really with a dragon, a bat, a steak and some peas.
IMMENSELY wrong historically. The Sumerians were perhaps in existence 6000 years ago, but all their tablets come from 2000 BC or so. The oldest work of wisdom is from about 2500 BC called 'The Instructions of Shurappak'. (See en.wikipedia.org/wiki/Instructions_of_Shuruppak.) Babylonia didn't emerge until around 1600 BC. All the sayings in 'The Richest Man in Babylon' are FICTION.
![The Richest Man in Babylon: Book Summary [2024] | Book Simplified](/img/n.gif)
Nice that you listen to your subscribers enough to have read the book. I appreciate that in you!
=D Thanks!
Good call
Thanks for the Video clip! Apologies for chiming in, I would love your initial thoughts. Have you heard the talk about - Saankramer Earn Infinity System (Have a quick look on google cant remember the place now)? It is an awesome one off guide for unlocking the combination to success without the headache. Ive heard some extraordinary things about it and my work buddy got excellent results with it.
Excellent Video clip! Sorry for chiming in, I am interested in your opinion. Have you researched - Saankramer Earn Infinity System (just google it)? It is a great one of a kind product for unlocking the combination to success minus the headache. Ive heard some great things about it and my work buddy at very last got cool results with it.
Kudos for the Video clip! Apologies for chiming in, I am interested in your opinion. Have you heard about - Saankramer Earn Infinity System (Have a quick look on google cant remember the place now)? It is an awesome exclusive guide for unlocking the combination to success minus the hard work. Ive heard some amazing things about it and my buddy at last got amazing results with it.
Very interesting book. My approach is to live on 50% of my income. I remember I used to be a big spender. Got my first promotion at my current job at the age of 21 and I just blew the excess cash in unnecessary things.(regret it big time.) One year later got another promotion and increase in salary and my approach to money has changed completely. Putting 20% into my 401k(with a 4% match), 20% into my Roth IRA, 5% into savings/emergency fund & the last 5% into a taxable account where I hold ETFs.
People like you have really inspired me to change the way I see money. Also, the fact that I'm studying accounting and finance made me look at money differently. Learning everyday and sharing with family and friends every little thing I know. Keep up the good work, sir!
Live on 50%? You are like what I did. Nice! Putting money to work for you even if its a little at first will be very important in the long run.
yes sir! It was a little hard to adjust but Its doable. I just kept saving the money I got from raises and promotion and pretended I never got them in the first place. Then cut down on expenses and made a budget. Was surprised to see where my money was going when I wasn't tracking it.
"Richest Man In Babylon" is a classic not only because it is one of the earliest personal finance books but it had the novel idea to teach financial principles via a story ("The Wealthy Barber" is another good book that takes a similar approach).
For someone like BTB who has an almost Mr. Mustache-level of frugality and teaches personal finance "Richest Man In Babylon" won't really do much but for someone new to personal finance it is a good primer.
The content is 5000 years old as the source is the clay bars.
You and Graham Stephan have been huge inspirations to my financial journey. After listening to the book on youtube, I was glad to see your review in the recommendation 🙏🏾
Subscribed. As soon as I clicked on this video for the first time and saw all the other financial tip related videos posted by you I knew there was much I could learn. I read Rich Dad Poor Dad recently and ever since my Mindset has completely done a 180 turn. Look to learn much from you
That's a great one to read but be careful of his conflict of interest when pedaling MLMs.
You should def do more book reviews! Or top favs list.
Will do. But then you know, books takes so long to read, lol.
when I was broke as a button and fresh out of school working in Hong Kong, I could not afford Internet on my $1300 USD monthly income and had no time to go online during the weekdays working 10 hrs/day anyway. I actually used Pacific Coffee, McDonalds on the weekends and library.
Collecting rent is not AS passive as ppl think the moment something breaks down... in the middle of the night... or while you're out of town.
Yeah. All of a sudden, you have an ISSUE at hand while you are on vacation. Horrible!
Good job in both reading the book and sharing a link for those who do not have a library near by or a book store in the area so they can get it, you made it easy for them to access the book.
I want to point out that while you do a tremendous job in you ability to save I would venture to say that the majority of your listeners do not have 3-6 months of living expenses put away as an emergency fund, most do not have a retirement plan that is in place that will fully fund their retirement. I would also guess that most could give you a handful of reasons why they are unable to save or invest. While the 10 percent is very low for where you are at right now it is a huge amount for most people. They need to first start saving as most will not first cut expenses. Like the book says most will not miss the 1-2 percent that is saved at first, then they can feel good about that baby step- something David Ramsey always talks about! Once they feel they are accomplishing something they can make adjustments to spending and saving. The point is to just get the ship turned around and pointing the correct direction! If it was easy for most people they would not turn to you for help in their financial concerns. I save and invest about 40 percent of my money now but it took me reading that book many times for the habit to stick- I uprooted my money tree a few times! Keep up the good work!
MrJamescord I did the same without reading the book. Saving, just like anything else, is a habit. Even saving one dollar is better than nothing. A daily habit of saving creates a more powerful future.
taoist40 - congrats on the good habit! But let me give you this one pointer if you will. I have heard many of the best self help coaches from the great Jim Rohn, Anthony Robbins, Brian Tracy, and others say: I spent the money and the time to go to that seminar even though I have gone to it before because if I get even 1 new thing I can use it might make me a fortune! This book is an absolute treasure, I have purchased at least 4 copies to give away. It belongs in your Success Library! It is a must read.
I don't know about that financial assessment of those who watch this channel. From what I can gleam, there is a much larger portion than usual who saves plenty. There are even a large portion that are retired or retired early.
The general US population of course do need to learn to save and saving a little first could be the ticket to help them see what needs to be done to start saving.
MrJamesrecord here is a thumbs-up for citing Dave Ramsey's baby steps.. Congrats on reaching the 40% saving mark, you are most likely among
Appreciate Video! Apologies for the intrusion, I would appreciate your opinion. Have you ever tried - Saankramer Earn Infinity System (should be on google have a look)? It is a smashing exclusive guide for unlocking the combination to success minus the headache. Ive heard some great things about it and my close friend Aubrey at very last got excellent results with it.
Nice! I personally heard it off youtube,it's a great time to be alive.
The richest man in Babylon is the best money book ever. If you ever see a copy at a garage sale or goodwill, pick it up. Make your children read it!
Or just get it for free on ebook. =D
BeatTheBush I probably paid under $5 bucks for all the copies I own of it. How much did you pay for that kindle and what is it doing to your eyesight? What kind of medical bills will you have from that in 40 years? ;)
Don't just make them read it. Read it with them and hold discussions on the meaning. Work on budgeting, Planning, Investing, And self control with your children. Hold family nights where planning and advice are part of it (Make it fun though). Most importantly, Set the example.
ive read every book you recommended except for one. Please do more of these. The books you've recommended have completely changed my perspective on wealth and health.
Thanks! I will try to do more. The thing is, not many must read comes along. I do read but not every one is worth sharing. How about a fiction one for fun?
@@BeatTheBush fiction would be cool or even movie/documentary reviews could be cool too
I love how thorough you are in each video, and you speak from your experience which trumps theory any day.
=D Thanks much. =D
Loved this book. Also The Automatic Millionaire and The Millionaire Next Door 👍
Good profile to just give you an idea what the behaviors are to generate such a life.
I like this guy, nice little back ground, to the point and informative lol
Thank you!
One of my favourite books of all time. It has helped me stay on track these past 5 years.
Interesting. Nice that it had a positive effect on your finances.
Yeh bro, best book
Great review! Thank you. I enjoy this book and I also think it is meant for people who were not saving at all. The story telling is also a great way to get them to think about finance without pulling hair and teeth lol Finally, I've found that some people living pay check to pay check may not consider moving back in with their parents or family when they have that option just because of fear of what others would say instead of evaluating the savings they could make by reducing spending, getting on their feet and mostly creating new habits for themselves.
Exactly. The initial push to savings might require moving back in which may allow you to save enough to buy a house. There is a lot of social stigma with this but if your parents are okay with it then by all means.
The Richest Man in Babylon is one of my favorite books. I read it over 10 years ago and have purchased copies for friends and family. It is a fictional piece of work compiled from small stories in the form of pamphlets that were written by the author who was a banker and financial advistor back in the 1940's. He would give the pamphlets to his clients.
I totally forgot that this was fictional! Indeed it is!
I read this book this year. I do a keen balance of saving (i.e. paying myself first 20%) and also paying bills in full and then leveraging well any other debt (e.g. some credit card debt on a 0% deal that I will pay off very soon before it incurs any fee). I saved all this year instead of just paying off that 0% credit card that also had 0% transfer fee so that I could earn interest on the money I saved. I made regular payments on the credit card and now the balance is manageable to the point that I can pay it in full and not deplete the savings. I have time to do all this maybe because I don’t have kids.
Beat the bush, do you collect books or do you give them away afterward,?
Hello Beat the Bush! Been off my game for a while since I missed a few of your uploads.
I think my older sister has mentioned this book. I know she began following this method about 3 years ago. I'm interested so I've downloaded the PDF version onto my Google Drive. Thanks for sharing it with us. 👍
I do upload too much maybe lol. Do not fear! Start anew and just watch the latest? Don't forget to read it! You know how to start? Read the first page today! And that's it, only required to read the first page.
Great Review. Awesome that you read comments and see that you can continue to learn and progress. Love that book btw.
I read them all as time allows. Sometimes it gets too much though.
I don't believe that it actually does come from clay tablets. George S Clason liked to use parables and the book is pretty much a compilation of parables he wrote as financial advice. He never published any other books.
I gave a copy to my niece. One of the best personal finance books out there.
This was the first book to get me interested in June 2012! The parables are simple, yet timeless.
=D A pretty fast read at 70 pages. So not too hard to go through.
Nice video. I want to read this one, it sounds good. Next library trip. This and a suzie orman book.
No need for the library, that's why I put the link in the video description, you can read it now.
Love this book! I listened to it! What is your fav non-fiction book?
This is one of my favorite books! Glad to see that you've read it. Btw I did an animated summary of this book so if you have the time check it out and tell me what you think😊
Bablyon... it is fictional but it was entertaining.
It’s our biblical responsibility to grow what the Lord has given us. 🤑
You're awesome bush, I'll definitely check that book out. My biggest problem is that I'm always trying to expand and grow but suck at being patient. Therefore I have a bad habbit of getting things I need but don't need right now which leads to a growth centric approach but lacking in the "now". Do you have any advice? Thank you!
Patience is trained. What do you mean getting things you need? The tools you need or buying things you need? It might be due to lack of time? You need to put one or two items on a list and focus on doing those that day even if you work on it for just 1 minute. Just 1 minute will do, the rest will follow.
Thank you for all that you do, BTB!
You're welcome! =D
Thank u for the link that u gave ...
You're welcome.
👍Good info & tips. Thanks for the book link. 😁
You're welcome!
Don't immediately discount this book. For me personally, it had a huge affect on my thoughts about investing. My dad gave it to me when I was in middle school. Eventually I did the math and realized 10% isn't enough, and by the time I was making serious money, I was saving well over 50%. But this book gave me a philosophical foundation which I later built on.
So yes, the 10% part is small, but it is extremely good at explaining the basics concepts of money. You can mess with the numbers later.
Thanks for the review, please do more!
Will do!
Thorough book review - good work. Try replacing "10%" with "as much as you can" and the concept moves a little closer to your approach. Thanks for checking it out.
Yeah, that will do it. But you see how I do it the other way around. Reduce expenses and save all the rest.
Thanks for reading the book. It says a lot of great things about you.
Credit card = loans to me from the book. It does account for debts.
It does work for you. You prioritize saving, which is the point.
Basic are variables like you are saying, and I agree.
Overall, the concept is agreed on and the finer details are just different. You are not wrong. :-)
=D Credit cards are more extreme than loans in the book I think. It is more like in between a regular loan and a loan shark due to high interest rates.
Oh ok, this whole "pay yourself first" thing makes more sense now. Actually now I think it's a very good advice for a lot of people because a lot of people I know think they received this and that amount of salary so they can buy that much stuff that month. It's a very short term thinking... hopefully not the people subscribed to this channel.
Certainly more for people who lives paycheck to paycheck but then it's not such good advice as a blanket statement for everyone. Doesn't work for me, doesn't work for many watching this channel who already saves habitually.
If they are saving habitually, they are probably already paying themselves first. I know *I* am.
Break From The Herd but are you using the money you payed yourself to work for you 🤔
I read the book in 2015 and loved it.
It's a good one. =D
If BeatTheBush says internet (included along-side food and shelter) is bare minimum necessity then I guess it is, time to update Maslow's hierarchy of needs.
Unless you want to be a caveman, it seems like a basic need to be connected to friends and family now.
@@BeatTheBush I agree with you man. I been binging all your videos and my girlfriend basically told me if I really wanna save money then go live in a cave. Anyways I been wanting a honeybadger T-shirt but went to your online store and couldn't find it. Where can I get one?
@@KevinNguyenSESE I guess I should make a video addressing girlfriends and finance. The honey badger t-shirt is on the bonfire website here: bit.ly/2FBAeLA
Great videos, you're a joy to watch
Thanks!
Thanks for the pdf link... 😁
Wow! Thanks for reading this! Awesome!
=D
I have a separate bank account that I put 10% of whatever I make no matter how small in there. That is the account I use for high end purchases and international travel. I am diversified on my pans for retirement owning real estate for rentals and a Roth IRA. Since I have to much in savings I am accelerating my rental business. Need that passive income like you so I can leave my day job. Right now I am only working part of the year so means I have to quit my job once a year. I just look like any average working Joe driving my 18 yr old Chrysler Minivan. So no worries about people thinking I have money.
Ha ha, you put 10% to buy things rather than save and make more cash? I guess you save more than 10% after that.
yes I only use less than 20 % of my income to live on. Just the 10% account for frivolous things although should just call it a travel account since that is really I all I use it for. 2018 I will back that one down to 5% since to much in there losing value. Actually have 3 different bank accounts for different reasons.
I read this book 3 years back.
It's one of it's kind
It's a pretty good quick read. Entertaining indeed.
Yes, read it years ago. Useful. My approach has been to Save 10%/Spend 10%. So, yeah, what do your do with the other 80%? I save 10% of everything I earn in a tax deferred (inviolate!) retirement account and spend 10% of every windfall (and save the rest). No debt. But, like you, I have a zero based budget and save and invest whatever is left. That money, however, might be for long term savings, emergencies, big ticket items (house, car, education) or also for retirement. The 10% of every windfall is earmarked for pleasure.
That's a great way to put it. It's important to take some money out and spend it. That 10% mark is a good amount.
I use a hybrid soloution to paying myself first. I save 30% of my income as a base amount, then I try to reduce my spending from there. This way I can guruantee I always save at least 30%, and I work with what's left.
Dylan 873 It’s all about habit. I save anywhere from 20%-30% with a goal of 50%.
I guess you can do that too. I find that to be an extra step that's not needed.
Great video bro! Thanks for your advice! 🎸🎶🤘🏻
You're welcome! =D
Damn!! your going to hit 100k by next week congrats. By summer of 2018 500k-1mil+
One week? I don't know about that. I think in 2 weeks? That 500k-1mil mark sounds pretty far off though. Maybe 2-3 years lol.
He'll finally get a real youtube button, not the fake one he made ;)
Great summary, thanks!
=D
Richest Man in Babylon is an excellent book, I read it several years ago and own a copy on my kindle.
I got interested into this book from Nick Cannon books that he recommends. Glad you read it.
=D
Thanks very good advice. 👍
=D
This is the life changing book
Just read it; good book. I like how it was written. It was refreshing compared to ther books on personal finance. I liked the different stories. The book mentioned saving at least ten percent, meaning you could save much more and still follow the book. A lot of people talk about the minimum ten percent savings. I think that was why i didnt side with the idea in the book originally. I see that it could stiil work for me.
I have to remind myself that this is a fictional piece that was not written in Babylon recovered from clay tablets, lol.
My favorite book since college!
Gives a great mentality on getting the biggest non-savers to start saving.
Great video. Thanks
You're welcome!
Thanks for that link 🔗 👌
You're welcome!
Paying yourself first works for anyone who applies it. If you were already saving 50% of your income, then it was already working for you. The concept is that if you truly keep 10% of all you make, you will get a fat purse. But even in the book it states to save more than ten percent if you can. Most people do not have your discipline of paying themselves first. And that principal is a key pillar to financial success.
If you save more than 10% you are beyond what it teaches. You no longer need to save first. It's really doing the same thing. If you end up with 50% saved... .did you spend as little as you can to only spend 50% or did you save 50% and then spend the remainder?
BeatTheBush, that simply means you have mastered steps 1 & 2. Then, there are still 5 more steps on the journey of fattening thy purse. You may be already doing several or all the other 5 steps. That does not make them useless, it just means you have accomplish them. That is awesome. One needs to keep in mind that these are life long habits if you wish to be the richest man in Babylon. All 7 cures to a lean purse still stand true.
LOL the rules in this book don't really come from 5000-year-old Babylonian clay tablets. You know that right? "The content is from a series of pamphlets distributed by U.S. banks and insurance companies in 1920-24; the pamphlets were bound together and published as a book in 1926." The lessons in the book are awesome though. A recommended read! If you don't like the old English in the book, you can read "The Richest Man in Babylon for Today" by Fred Siegel.
between my childhood education which were Roman Catholic Nuns AND our Rabbi. i was taught to save a minimum of 1/7 th of your income. This 1/7% saved for seven years because every seven years farmers had to let the land go fallow. that year of no crop income, this 7/7 parts was there.
So the cycle is 8 years then? Hmmm... hopefully they would save more. 10% is only the beginning. Try 70% or 90% of income saved.
Thank you for Breaking the Book Down
=D
What are some great books to read similar to Babylon? I've read rich dad poor dad and got a lot from it. Also can you do a video on stocks!? I wish I knew how it worked and how to invest in them . THANK YOU!!
Babylon is awfully unique. How about millionaire next door? Yes, I have a whole playlist on investing. It covers more about theory than mechanics which to me is 100x more important: ua-cam.com/play/PLAffnc1joZvapKhltdbgRrJm1D-CYlesK.html
I've read the book & loved it. It taught me a lot & I have profited by it. If I save 10 percent of my income (no matter what that is), in 10 years I will have 1 years salary & that's even if I don't put it into an investment that pays interest. But you have shown me that now that I am saving 10 percent of my income, I can actually save even more. Thanks BTB!
Saving 1 year of living expenses in 10 years is pretty slow actually. Think in terms of saving 50% or more. Each year you save one year of expenses. Now that's more like it! Save 90%, each year you work, you get 9 years or retirement!
Essentials are food shelter internet. I like how internet scores higher than water :)
Thank you the book recommendation
=D
Can one really teach executive functioning and gratification delay ?
I can be learned? It seems to work for those that follow within the stories.
Yeah, if you actually make a habit of applying it
I love this book, and you will love Siddhartha by Herman Hesse. RMIB was a fantastic book!
Hey im in high school right now.....and im confused that should i do engineering or get a bachelors degree in finance.......
Sanket Ghorpade both
Whatever interest you the most. You will be successfully in whatever you pursue as long as you sincerely care about it. Regardless of what you choose, definitely continue educating yourself in personal finance to lead to a better life.
It's about what you like doing. I personally decided to do engineering because I knew personal finance would be easier to learn from other sources.
Also, engineering is pretty awesome! Its what I love to do.
Shadow a few people and have a job in mind gong into college and you can't go wrong.
If you like both, choose the one that pays the best. Higher paid means it is more useful to society.
They both pay pretty well depending on how well you do. When in doubt get more information. You can get good advice from people in the field already and ask what their day to day life is like at the job.
Thanks for your discussion on neural networks and bitcoin. Can you please check out common stocks and uncommon profits or Poor Charlie's Almanack, the Almanack is $60 but it is a worthwhile investment in yourself BTB.
Great reference as what it appears. I will indeed try to check them out in my spare time.
Love that book 📚
=D
Lol. Food Water Internet. I have an offgrid location and yep thats all you need. Food is not as important as internet imo too. Heat is pretty important however...
Shelter? Internet can get you food, lol. But then you also need a source of income.
BeatTheBush thats why i moved back to Seattle
One of the main points amd whole point of the book is save as much you can!
While living life at a reasonable quality of life?
Food. Shelter. Internet.
Hah! This is hilariously true.
You are commenting with an internet connection right? Plus, internet can make you money if you use it right.
Yeah, I agree with the statement.
I agree with your agreement.
Great book
Hey dude the book says pay yourself at least 10% first. It doesn't say pay yoirself 10% as you are implying.
Would you be willing to review "12 Rules for LIfe" by Jordan Peterson?
Sure... however... I need to read it first. =D
Oh, awesome! I hope you do :)
4:19 lol “food shelter and internet” what about water
=D
He assumed a basic IQ and survival instincts
Great advice...I have a you tube channel any suggestions how I can build my channel? Do you plan out content?
Make quality content that is useful. I don't really plan things out but I do keep a huge log of ideas.
Is it me or is your second book link broken? I have to wait for a very long time and still don't see anything.
Just checked, works for me still.
BeatTheBush I came back later and could download the book. I think archive.org had some connection problems.
How old are you and at what point will you start living without spending the bare minimum?
No Name Maybe if he gets married he will find out how to spend more money.
I am not spending bare minimum these days. I always have spent a bit more than the base sometimes buying toys 1000s of dollars.
Thanks for the review. Great Book! Credit cards are for losers. Car payments are for losers. Live on less than you make and grow wealthy. Also see Dave Ramsey: The Total Money Makeover.
Lol... that makeover should have a disclaimer for which types of people its for.
I bought a german copy of the book :-) Read it last year, it didn't helpt me tho. I already had a big savings rate, but still a nice book to read.
Doesn't help for those that are saving already. Same for me but I did enoy it.
you the man!
Handsome too!!
=D
You forgot a necessity, insurance. It should come before internet...
There are more than a few differing opinions on what is considered 'necessity'.
When it comes to credit card, I only use it to buy gas. Why? Because there's only a gas pump... Nothing else
It's a good book. I would criticize on your internet being a necessities for yourself because it's a source of passive income. Although i can get allot accomplished for free at my libraries. Also investing in physical gold is a smart decision in my opinion! #fanofyourchannel
You supported having internet but you said you are criticizing it?
Why everyone just talks about the first few chapters of the book.
If you’re saving 50% you’re exceeding the instructions so I can see why it wouldn’t apply to you. if you can’t save ten percent obviously you need to make some spending and earning adjustments.
I think you should have read the book more closely: you misunderstood the point. The book goes more deeply than your critique.
Beat the bush!
=D
I'm curious as to why (apart from the obvious fact that you're using the Internet as a place to earn income) you say the Internet is a bare necessity for everyone.
Everybody needs the internet, otherwise how will you watch these videos!?!?
BeatTheBush One could argue it's not a necessity of life in the same way as food and shelter... you won't die without it. Of course it makes modern life in Western nations easier in a lot of ways but say if you had to chose between having a monthly ISP bill or a monthly health care premium... I think most would chose the healthcare.
Strictly speaking no but without it, you will become outdated and disconnected from many people. You would not be able to reply to this comment or watch my next video.
I have sufficient disposable income that it's not an issue for me anyway. But if it were, I'd go get my internet at the public library for free, and pay some other necessity instead.
Of course I'll watch your next video too. I may or may not agree with it though 😜
Concept of what??? Spell it please
Concept of paying yourself first.
50/30/10/10?
Save 50%? Yes.. that is very very good.
No I would wish to save 50 percent but unfortunately 50 is allocated to fixed expense as I was told. 30 percent left is for non guilt spending and 10/10/10 left are divided into long term, short term, and investment/retirement savings.
I recently found your channel, like 2 days ago? and have been soaking up as much knowledge as I possibly can because I have no one to teach me these sort of things and public school system wasted my time. As a first generation, it's a bit struggle to balance things out especially when you start from poverty. your video has so far give me good insights but I'm seeing which one I can used to get things going for now.
10% savings seems more true when you have to support a family by yourself.
It depends on how much you spend compared to how much you earn. If you always inflate to only save 10%, then sure.
Doing my best to be a minimalist and provide for the family. Your videos are an inspiration.
Internet is not a bare minimum. Lol.... shelter, food, electricity and gas (to get to work) are.
Eidi ya it used to be food shelter and clothing lol ...all changed with digital currency
Internet is a bare minimum, without it, you cannot comment on this video.
BeatTheBush most public libraries have Internet you can access for free.
Food, shelter(utilities), transportation, internet, and STARBUCKS 👍
The eighth cure: Watch Beat thy bush.
Lol... if you meant that as watching this channel then sure. =D
Beat thy Bush was a man from faraway lands who taught the Babylonians tips on chariot repair, then his show morphed into a show on how to save money and fatten their purse, It was a poppet show really with a dragon, a bat, a steak and some peas.
Thank you, Sebby. Is Sebby your first name? If you don't disclose that, I'm sorry for asking. :)
My first name is not Sebby. =D
IMMENSELY wrong historically. The Sumerians were perhaps in existence 6000 years ago, but all their tablets come from 2000 BC or so. The oldest work of wisdom is from about 2500 BC called 'The Instructions of Shurappak'. (See en.wikipedia.org/wiki/Instructions_of_Shuruppak.) Babylonia didn't emerge until around 1600 BC. All the sayings in 'The Richest Man in Babylon' are FICTION.
Arkad, you need to wear a fake long wisdom beard whilst quoting the laws of wealth
ROFL! I like that. Too bad i don't have one handy. I could fake one I guess.
For me now, only one meal a day......
Food, shelter, internet...
Very important for the 21st century.
and health?