Today’s episode is on money, moo-lah, ca-ching.

We’ll look at how to manage money through the Richest Man in Babylon, one of the most famous and favorite books among the banking and finance elite. Although the book was published in 1926, its lessons hold true almost a century later. 

The reason I made this episode is because I feel like there is a lack of information on money. The educational system does a really bad job when it comes to financial literacy. There are all types of classes on Economics, Finance, Accounting, Business Management, Marketing and so on. 

Endless money-related classes and not a single class taught us how to actually manage our finances. 

What do I do when I get my salary? How much of it should I save? How do I invest it to make more? How do I accumulate wealth? All questions that the educational system refuses to answer. Could be that this is done on purpose so people do not think for themselves and remain poor? It’s possible.

Financial literacy skills are indispensable.

We live on an economic planet. And we are reminded of that fact every single second of every single day. Every time you go to the supermarket, gas station, shoe store, hospital (God forbid), school, restaurant, you are reminded of that fact. Money matters. In fact, it is super important. But despite all this, as Grant Cardone says, people don’t know how to make it, how to save it or how to multiply it. 

To this day, it baffles me how many friends, do not know how to manage their money. 

They spend recklessly on stuff they don’t need to impress people who don’t matter. 

They get their salary and within a few weeks they are back to being broke and penniless yet again, just like they were the previous month...and the month before that.. and the month before that. 

And they have to resort to borrowing money not because they are unemployed and living off savings (or ran out of them. I’ve been there before), but because they are recklessly spending money. They max out their credit cards and borrow money yet again to pay off their debt, creating a vicious cycle, where every cent earned is spent on repaying last month’s debt.

What can you learn from the richest man in Babylon?

8,000 years ago, Babylon was one of the richest civilizations on the planet and with this book you’ll learn the basics of saving, managing and multiplying money through a collection of parables, set in ancient Mesopotamian kingdom of Babylon through the Orientalist worldview of an American guy. 

Orientalism:

According to Edward Said, who coined the term in his book of the same name “Orientalism”, it is the idea that Western identity, culture and society is superior to Eastern identity, culture and society. It also highlights the notion that the West (referred to as the Occident) forms its own identity in stark contrast to the East (referred to as the Orient). The Occident is basically everything that the Orient is not, which is not white, Christian or superior. It involves exotifying the Orient and at the same time labeling it as backwards, uncivilized and dangerous. Orientalism provided a convenient rationalization of European colonization conquests based on a self-serving idea in which the East is inferior and therefore in need of Western intervention or rescue.

Example sentence: The Richest Man in Babylon is one of the most Orientalist books ever written. But it is a great book to start off your financial liter...

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