How Well Have You Managed Your Finances? | My Review of The Richest Man in Babylon Book

Happy Saturday Hivers!

This is my first time posting my blog here and I feel intimidated since people here are good at making book reviews, but anyways, since I like to share my book review here, I tried to make a decent one.

Although it is embarrassing to admit, before pandemic, I was financially illiterate. My parents never taught me financial literacy as they were not knowledgeable in this area themselves. I was unlucky to not have someone to guide me on proper financial management.

In the past, if someone needed financial assistance, I would easily offer help. I would also accept invitations to dine at fancy restaurants.

The pandemic changed everything, making life increasingly difficult. It taught me the importance of saving and investing.

Feeling depressed and desperate, I turned to the internet for guidance on managing my finances until I discovered The Richest Man in Babylon Book. I knew it was too late, but I wanted to prepare myself in case I found a new job. I didn't care about the salary as long as I have a job.

Many of you may have read the famous book by George S. Clason, "The Richest Man in Babylon." I read it multiple times, eager to absorb the lessons it taught. The book taught me to pay myself first before spending on other things, live below my means and save at least 10% of my income. Like Arkad, I changed my spending habits and live below my means in order to accumulate wealth. Although my salary was not as high as before but I was able to save money by cutting unnecessary expenses and tracking my daily expenses to stay within budget. During payday, I immediately purchase some small amount of crypto tokens, although it will take a lot of time before I'm gonna hit my goals but it's okay though as the book also taught me to be patient and persistent in pursuing my financial goals.

The book also taught me to invest in profitable ventures and diversify my investments. I was unsure of where to invest until I learned about cryptocurrencies through a close friend @psychkrhoz. I started appreciating the beauty of cryptocurrency, particularly Hive, and saw it as a potential investment.

When I was jobless, Hive supported me, but every time I make withdrawals my mind kept debating because there was a part of me that I don't want to touch it but since I don't have enough money that time to support my basic needs so I left no choice but to make withdrawals. Now that I have a job, I have added to my Hive investment, though it is still a small amount for now. I also have some other crypto tokens as a way to diversify my investments. I don't want to risk losing everything if my Hive account is hacked. I only started investing last year, so my investment are still small.

After I graduated college, I thought having a single job was enough, but during the pandemic, I realized how foolish I was to be content with just a single job. Before, I didn't care about having a sideline, but now I have learned my lesson. This book also taught me to have other sources of income by acquiring new skills and knowledge. I was grateful to have studied cryptocurrencies during the lockdown, as it allowed me to earn money through blogging and, sometimes, trading if the market was favorable. I can now proudly say that I am no longer dependent on a single income.

Lastly, the book taught me not to underestimate the power of compounding interest. It is helpful because it allows for exponential growth of savings and investments over time.

If I considered myself unlucky before for not having someone who could guide me financially, it is different now because I have a friend who continually guides me in financial literacy. In addition, I also have this book, which is with me on this journey.

I will continue to re-read this book because it has helped me greatly in managing my finances. If you're looking for a book to help you improve your financial literacy I would recommend this book.

Thank you for reading and see you on my next blog. Cheers!

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Watch with glittering eyes the whole world around you because the greatest secrets are always hidden in the most unlikely places.

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