Ibrahim Abdullahi's Blog

Ibrahim Abdullahi's Blog

The Richest Man in Babylon at a Glance

The Richest Man in Babylon at a Glance

Personal financial knowledge is as important to each one of us as the air we breathe, without the knowledge, one will suffer from a lean purse.

The Richest Man in Babylon contains stories of the some richest men in the old city of Babylon and their secrets with money. The secrets, though from the ancient time, are timeless, as the author put it:

Like the law of gravity, they are universal and unchanging...

So I'll like to write down here as a reminder for myself and a guide to everyone the secrets of the toff Babylonians.

The Richest Man in Babylon

Arkad, a very rich man teaches his fellow countrymen about the seven cures for a lean purse, the cures are:

  1. Start thy purse to fattening.
  2. Control thy expenditures.
  3. Make thy gold multiply.
  4. Guard thy treasures from loss.
  5. Make of thy dwelling a profitable investment.
  6. Insure a future income.
  7. Increase thy ability to learn.

A part of all you earn is yours to keep

Meet the Goddess of Good Luck

Arkad known as the richest man in Babylon meets other Babylonians in the Temple of Learning to discuss about good luck. From their discussion, they agreed that the goddess of good luck does rarely visit the gaming/betting table, for the goddess of good luck is a goddess of love and dignity whose pleasure it is to aid those who are in need and to reward those who are deserving. Those who are deserving are the man who toils the soil, indulge in honest trading or any other occupation.

They also discussed things that make an opportunity to make profitable income escapes, among which are procrastination and indecision

Men of action are favoured by the goddess of good luck

The Five Laws of Gold

Kalabab, an old man tell his audience the story of Nomasir, the son of Arkad who at a young age was sent out to the world with some money and five tablets carved with the laws of gold. The laws read as:

  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 businesses or purposes with which he is not familiar or which are not approved by those who are 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.

The Gold Lender of Babylon

Rodan received an unexpected gift from the king for his service, troubled, he rushes to Mathon, the gold lender of Babylon to seek advice. Mathon advises thus:

If you desire to help thy friend, do so in a way that will not bring thy friend's burdens upon thyself. That means if he lends his money to someone that cannot pay back, he's bringing the burden upon himself.

Mathon also added that when lending money, he ensures safety by: Collecting a sort of token, from his debtor as a means of surety for his money

Better a little caution than a great regret

The Walls of Babylon

The Assyrians attack the walls of Babylon for three weeks and five days in the absence of the king of Babylon, but the city stood firm against the attacks till the armies and the king returned and chased the attackers away. The chapter aims to show us about the importance of protection against tragedies that may strike us anytime without warning by way of savings and investment.

We cannot afford to be without adequate protection

The Camel Trader of Babylon

Dabasir was a slave with a hefty debt to his name. He tells of his story on how he escaped from slavery, paid off his debts and become a successful camel trader. Dabasir simple path is:

  1. One-tenth of all he earns, he keeps for himself(he saves).
  2. Seven-tenth of all he earns, he provides for his family.
  3. Two-tenth of all he earns, he divides it among his creditors.

Where the determination is, the way can be found

Regardless of your kind of test in books, The Richest Man in Babylon by George S. Clason is an interesting book that you will enjoy. If you haven't read it, you should grab yourself a copy.

 
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