Thursday, December 13, 2007

The Richest Man In Babylon by George S. Clason

Babylon was once the richest city in the world, known for its lavish houses, palaces and huge city walls. It created fertile farmland where once there had been desert through the use of irrigation. But as George Clason notes, it was also the cradle of modern finance: money as the means of exchange, tradeable property titles, promissory notes and all forms of lending and borrowing were all highly developed. Its prosperity continued for centuries because its inhabitants were allowed to make money freely. Even slaves, if they could earn a bit on the side, could eventually buy their way to freedom. Millions of readers have become familiar with George S. Clason's famous "Babylonian parables" through the distribution of these success secrets of the ancients by banks, insurance companies, investment houses and employers. Acclaimed as the greatest of all inspirational works on the subject of thrift and financial planning, these fascinating and informative stories have become a modern classic in their field.

The Richest Man In Babylon, written in a parable form, holds the secrets to acquiring money, keeping money, and making money earn more money.

Arkad, one of the richest man in Babylon shares his experiences and wisdom with his fellow citizens on making money.

Here is what Arkad has to say when his friends ask him the way to become rich.

“A part of all you earn is yours to keep. Impress yourself with the idea. Fill yourself with the thought. Then take whatever portion seems wise. Let it be not less than one-tenth and lay it by. Arrange your other expenditures to do this if necessary. But lay by that portion first. Soon you will realize what a rich feeling it is to own a treasure upon which you alone have claim. As it grows it will stimulate you. A new joy of life will thrill you. Greater efforts will come to you to earn more.
Then learn to make your treasure work for you. Make it your slave. Make its children and its children’s children work for you.
Insure an income for thy future. Look thou at the aged and forget not that in the days to come thou also will be numbered among them. Therefore invest thy treasure with greatest caution that it be not lost. Usurious rates of return are deceitful sirens that sing but to lure the unwary upon the rocks of loss and remorse.
Provide also that thy family may not want should the Gods call thee to their realms. For such protection it is always possible to make provision with small payments at regular intervals. Therefore the provident man delays not in expectation of a large sum becoming available for such a wise purpose.
Counsel with wise men. Seek the advice of men whose daily work is handling money. A small return and a safe one is far more desirable than risk.
Enjoy life while you are here. Do not overstrain or try to save too much. If one-tenth of all you earn is as much as you can comfortably keep, be content to keep this portion. Live otherwise according to your income and let not yourself get niggardly and afraid to spend. Life is good and life is rich with things worthwhile and things to enjoy.”

Arkad offers Seven Cures for A Lean Purse

1. Start thy purse to fattening
For every ten coins thou placest within thy purse take out for use but nine. Thy purse will start to fatten at once and its increasing weight will feel good in thy hand and bring satisfaction to thy soul.

2. Control thy expenditures
Budget thy expenses that thou mayest have coins to pay for thy necessities, to pay for thy enjoyments and to gratify thy worthwhile desires without spending more than nine-tenths of thy earnings.

3. Make thy gold multiply
Put each coin to laboring that it may reproduce its kind even as the flocks of the field and help bring to thee income, a stream of wealth that shall flpw constantly into thy purse.

4. Guard thy treasures from loss
Invest only where thy principle is safe, where it may be reclaimed if desirable, and where thou will not fail to collect a fair rental. Consult with wise men. Secure the advice of those experienced in the profitable handling of gold. Let their wisdom protect thy treasure from unsafe investments.

5. Make of thy dwelling a profitable investment
Own thy own home.

6. Insure a future income
Provide in advance for the needs of thy growing age and the protection of thy family.

7. Increase thy ability to earn
The seventh and last cure is to cultivate thy own powers, to study and become wiser, to become more skillful, to so act as to respect thyself. Thereby shalt thou acquire confidence in thyself to achieve thy carefully considered desires.

The Five Laws Of Gold

  1. Gold cometh gladly and in increasing quantity to any man who will put by not less than one-tenth of his earnings to create an estate for his future and that of his family.
  2. Gold laboreth diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field.
  3. Gold clingeth to the protection of the cautious owner who invests it under the advice of men wise in its handling.
  4. Gold slippeth away from the man who invests it in business or purposes with which he is not familiar or which are not approved by those skilled in its keep.
  5. Gold flees the man who would force it to impossible earnings or who followeth the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires in investment.

In language as simple as that of the Bible, this book presents a sure path to prosperity and happiness. It offers an understanding of—and a solution to—your personal financial problems which will guide you successfully through a lifetime. The Richest Man in Babylon is a book you will want to read yourself, recommend to friends, and give to young people just starting out in life.

About the Author

George Samuel Clason was born in Louisiana, Missouri on November 7, 1874. He attended the University of Nebraska and served in the United States Army during the Spanish-American War. Beginning a long career in publishing, he founded the Clason Map Company of Denver, Colorado, and published the first road atlas of the United States and Canada. In 1926, he issued the first of a famous series of pamphlets on thrift and financial success, using parables set in ancient Babylon to make each of his points. These were distributed in large quantities by banks, insurance companies and employers and became familiar to millions, the most famous being "The Richest Man in Babylon." Today, these Babylonian parables have become a modern classic and are assembled in the book titled "The Richest Man in Babylon."

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