This is a book report on the following books…
– The Wealthy Barber by David Chilton
– Richest Man in Babylon by George Samuel Clason
… Both of these books have similarities in terms of what they teach.. we need to compile and write a book report in the following format…
1) The first section on the report should contain a summary of the main argument or idea contained in the books. The length should be between 3-4 pages.
2) The next section should include information about the author(s) and how their background or experience (or possible biases) influence the book’s thesis. This section should be 1 page, at most.
3) The next section should discuss the relationship between the main idea or thesis of the books and material we discussed in class. How does it relate to personal finance? Do you see any contradiction between the material in the book and the topics we covered in class? Is there overlap? This section should be 2-3 pages.
– In class we discussed that savings is NOT a designated percentage of income.. savings depends on your point in life and not on a dead-set percentage… BUT savings IS still vital to ensure a wealthy life (savings depends on your human financial life-cycle, not on a set percentage – Human financial life cycle is how the graph that represents your financial capital vs. human capital as you grow older)
– In class we discussed that we all need to control our debts and credits and live within our means depending on our age and position on the human financial life-cycle
– In class we discussed different situations under which renting makes more sense over purchasing a house.. but the book states that you must make a profitable investment out of your home
– In class we also discussed risk management, and how to lower overall risk in life when spending money on investments
– In class we discussed heavily on retirement/pensions and how important retirement is… to start early to ensure a wealthier lifestyle in the future
4) Finally, you should critique the book and offer your opinion on the main arguments or ideas in the book. Do you agree with the authors? Would you have done things differently if you were the author? Is there anything missing in the book? Is there a flaw or some other concern? This is also the opportunity for the group to be subjective and get personal. Did you enjoy the book? Would you recommend this book to anyone? Did you learn something from the book? This section is 2-3 pages.
5) Any additional references or citations or sources should be listed at the very end of the report, in a separate section. Use footnotes to cite and/or link.
– In depth main topics we discussed in class are attached in the additional files…