“The Richest man in Babylon”… fully conveys accumulation and workings of money. The author’s goal to help the reader overcome stinginess, and leanness. To help change the reader’s perception on luck and opportunity and also plans to repay debt while maintaining your respect.
This book is intended for those who passionately desire wealth and are willing to patiently and with strict discipline work out the laws surrounding money.
As old as storytelling was, it is still a great tool for captivating the interest of readers and listeners. The author used Shakespearean English i.e. the old English used in the 1400’s which most of the modern youth might find a little bit difficult to easily interpret.
The story line is simple, straightforward and the laws that worked then is still applicable to be of great use to us today. When I started the book, I asked myself this: if making wealth is this simple, why then are most people poor, but reading further answered my question… it takes discipline, patience and eagerness to accumulate and let your wealth work for you.
For more clarification, I will divide the book into sections…
3 LAWS OF SUCCESSFULLY HANDLING WEALTH AND SEVEN CURE FOR A LEAN PURSE
BANSIR, the chariot builder of Babylon, was thoroughly discouraged, because he could not fulfill what he had dreamt of. He wishes to be a man of means, to own lands and castles, to have fine robes and coins in his purse which he was willing to work for all he desired. He narrated his dream to Kobbi his friend who was pleased with such dream and asked why he feels bad about it, Bansir responded… because I woke up and remembered how empty my purse was… below is their conversation
“It began with a dream, a senseless dream, in which I thought I was a man of means. From my belt hung a handsome purse, heavy with coins. There were shekels which I cast with careless freedom to the beggars; there were pieces of silver with which I did buy finery for my wife and whatever I did desire for myself; there were pieces of gold which made me feel assured of the future and unafraid to spend the silver. A glorious feeling of contentment was within me! You would not have known me for thy hardworking friend. Nor wouldst have known my wife, so free from wrinkles was her face and shining with happiness. She was again the smiling maiden of our early married days.”
“A pleasant dream, indeed,” commented Kobbi, “but why should such pleasant feelings as it aroused turn thee into a glum statue upon the wall?” “Why, indeed! Because when I awoke and remembered how empty my purse was, a feeling of rebellion swept over me.
They decided to meet with the richest man in Babylon by name Arkard who taught them
3 LAWS OF SUCCESSFULLY HANDLING WEALTH
Wealth is power, with wealth many things are possible, one may ornament the home with the richest of furnishings, one may feast on the delicacies of far lands, and one may buy the ornaments of the gold worker and the store polisher…
- Learn to live by what you earn
- Seek advice from competent and experienced people that are willing to give you
- Learn to make your gold work for you
SEVEN CURE FOR A LEAN PURSE
- start thy purse to fattening: have something doing and pay yourself 10% of your earnings
- Control your expenditure: do not confuse your necessary expenses with your desires. Budget your expenses so that you Do not spend more than you need
- Make thy Gold work for you: do not be tempted to spend your saving, invest wisely
- Guard thy treasures from loss: protect your treasures by studying the principle of your investment so as not to avoid investment that sounds too true to be good
- Make of thy dwelling a profitable investment: own your own home
- Insure a future income: provide in advance for your need and protection of your family. Life insurance
- Increase thy ability to earn: have strong and definite desire to increase your earnings by learning to improve more on your craft
LUCK OR OPPORTUNITY
Does good luck happens by chance or it is earned?
The success of opportunity makes it look like luck to many around you, but good luck awaits to come to that man who accepts opportunity.
Procrastinators loses opportunity in life. Once you understand what procrastination means, it makes it easier to conquer with determination. To attract good luck is simply… taking advantage of opportunities.
FIVE LAWS OF GOLD
- Gold comes gladly and in increasing quantity to anyone that will put aside 10 percent of his earnings in order to create a future for him and his family
- Gold labors diligently and contentedly for the person who finds it profitable employment, multiplying as the flock of the field.
- Gold clings to the protection of the person who is cautious to invest wisely under the advice of wise people
- Gold slips away from the person who invests in business or purposes that are unfamiliar to him or her
- Gold flees from the person who will force it to impossible earnings or who follows the alluring advice of tricksters and schemers or who trusts it to his own inexperience or romantic desires.
Understanding of these laws helps you know how to handle gold and let gold work as your dutiful slave.
Gold brings more responsibility and changed position with your fellow beings. It brings lose, it brings feels of power and ability to do well, likewise, it brings good and bad opportunities that is likely to cause havoc for you with families and friends especially when they demand to loan from you
So, in lending money to them, ask:
- What knowledge have you of the ways of trade or whatever they wish to go into?
- Do you know where you can buy at lowest cost?
- Do you know where to sell at a fair price?
The ambitiousness of youths cause them to take short cut to wealth, so to secure wealth quickly, youths often borrow unwisely.
“If you do desire to help your friend, do it in a way that you won’t put your friend’s burden upon yourself”. So in lending, it’s better to have little caution than to experience great regret.
PLANS OF GETTING OUT OF DEBT
Where the determination is, the way can be found
From your earnings
- Pay yourself 10 percent of what you earn
- 70 percent of your earnings, you will use to provide for your home, clothes to wear and food to eat.
- Engrave the name of every man that you are indebted to, with the amount you need to pay them back.
- Visit and convince them on your plans to pay back all you own them. Let they understand how you wish to pay back.
- Divide honorably among them 20 percent of your earnings
If you are diligent about your plans, in no distant time, you must have paid all that you own thereby making you a person of integrity and respect.
In this book you will encounter the answers to these questions and more
Do you think it is an inconsistency of fate that some have much gold and others have none? Is it of great magic that wealth is accumulated?
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