Anthony Scaramucci, founder of global investment firm SkyBridge Capital, recommended on Wednesday the century-old book “The Richest Man in Babylon” to young people and parents for its lessons on saving and investments.
Why Scaramucci Suggests Reading It
Scaramucci took to X to share his thoughts on the 1926 classic written by George Clason, which transformed his perspective on money.
Scaramucci said that the book explains the core lesson of compounding, i.e, a certain return every year over a period of time will double the investment.
“The concepts in this book really helped me get started in investing,” the Bitcoin (CRYPTO: BTC) bull said.
Scaramucci’s Actionable Advice
Scaramucci said that practical application is simpler.
“Instead of buying 10 of whatever you love — Starbucks, video games, clothes — buy 8. Take the difference and put it in the stock market,” he advised.
Scaramucci elaborated that owning a stock is like owning “a piece of a company,” where people work for you and help an individual and their family grow wealth while they sleep.
The former Goldman Sachs investment banker has repeatedly credited a big part of his success to the book
Before launching SkyBridge Capital in 2005, Scaramucci co-founded Oscar Capital Management, an investment firm that was later sold to Neuberger Berman in 2001.
He has himself authored several books, including "Solana Rising: Investing in the Fast Lane of Crypto" and "The Little Book of Bitcoin."
According to Celebrity Net Worth, he currently has a net worth of $150 million.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo courtesy: Al Teich /Shutterstock.com
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