Author George S. Clason, born in 1874, was a successful business man. He founded the Clason Map Company out of Denver, Colorado which published the first road atlas of the United States and Canada. In 1926 he issued the first of many pamphlets on thrift and financial success, using parables based in ancient Babylon to make his points. Distributed by banks and insurance companies in large quantities they became familiar to millions of Americans, the most famous titled "The Richest Man In Babylon". He later published a book with the same name compiling the parables into a single source and creating a modern inspirational classic.
CURE #1: START THY PURSE TO FATTENING
On the road to accumulating wealth the first rule is this; "A part of all you earn is yours to keep".
You must learn to pay yourself first, for your hard work, by setting aside a portion of everything you earn in savings. This does not mean savings for the weekend or vacation, it means savings that will become your lifeblood for financial success and your inspiration to continue its growth. Once you start your purse to fattening it will fuel your desire to protect it and help it to grow. In the book, Arkad, the richest man in all of Babylon explains that this amount should be not less than 10% of what you earn. Deduct your pay immediately from your earnings and you'll find that you will learn to live on the other 90%. Adjust your lifestyle and make some sacrifices to live within your means. If you have outstanding debts include a portion of your remaining income to help pay them down. Approach the lenders rather than flee the debt, and explain to them your plan for repayment. Arkad also explains in the book the importance of following through and remaining steadfast in your decisions. He mentions that if he decides to throw a stone each day into the river as he passes, then he makes sure to follow through consistently. He does not skip a day and throw two the next, he makes a point of self discipline. By remaining consistent in your actions and following your plan you will gain self respect and the respect of others.
CURE #2: CONTROL THY EXPENDITURES
In ancient Babylon, Arkad addresses a question raised by his students. The question is this...
"How can a man keep one tenth of all he earns in his purse when all the coins he earns are not enough for his necessary expenses?"
Arkad replied by asking his students how many attending had a lean purse? When every one of them raised their hand he asked how that was possible if not all of them earned the same amount? Some earned much more than others, some had larger families to support; the point is that it's the nature of men for their expenditures to rise to meet their level of income unless they make a stand against it.
Learn to budget
Every person that desires financial success must learn to budget their income appropriately.
Arkad's advice is to make a list of your current expenditures, mark the ones that are absolute necessities and realize that the ones remaining are simply desires. You must understand that desires are boundless and no matter the amount of wealth you have, you will never be able to satisfy them all. The purpose of your budget is to aid your "purse in fattening" and provide desires insofar as they're attainable. By embracing your budget it will help you to protect your purse from leaks and "thy most cherished desires from thy casual wishes."
CURE #3: MAKE THY GOLD MULTIPLY
Arkad again speaks to his students, "Behold thy lean purse is fattening...Gold in a purse is gratifying to own and satesfieth a miserly soul but earns nothing... The earnings it will make shall build our fortunes."
Once you've disciplined yourself to save one-tenth of everything you earn and you've instituted a proper budget to protect that new savings from unnecessary expenses you will see your savings begin to grow. That savings, though satisfying to hold and accumulate, won't make you wealthy alone. Only the new streams of income derived from investing that savings wisely will put you on the road to building true wealth. As your capital increases over time, your investments will extend to provide you with many sources of income creating a steady stream of wealth.
CURE #4: GUARD THY TREASURES FROM LOSS
"Misfortune loves a shining mark. Gold in a man's purse must be guarded with firmness, else it be lost. Thus it is wise that we must first secure small amounts and learn to protect them before the Gods entrust us with larger." So spoke Arkad upon the fourth day to his class.
It is important to invest your hard earned money carefully as not to lose it. Don't be lured by your desire to gain riches rapidly. Analyze each investment and make sure that your principle is safe and can be withdraw as needed. Invest in things you understand and with those who are properly educated and have success in the field. Look to the advice of those experienced in the successful handling of money.
CURE #5: MAKE OF THY DWELLING A PROFITABLE INVESTMENT
"If a man setteth aside nine parts of his earnings upon which to live and enjoy life, and if any part of this nine parts he can turn into a profitable investment without detriment to his well-being, then so much faster will his treasures grow." So spoke Arkad to his class at their fifth lesson.
When you take a loan to purchase a home you can pay the lender with the same regularity that you would otherwise pay your landlord, but you will gain the equity back as you pay down the principle on the loan. For this reason it is a much better use of your income to pay a lender than a landlord. Once the loan on the property is fulfilled you'll also be able to use that income to enjoy more of the things you desire.
Owning your own home is also extremely satisfying to the soul. To sleep every night and wake every morning to your own space will contribute to your eagerness to continue along the road to wealth.
CURE #6: INSURE A FUTURE INCOME
"...it behooves a man to make preparation for a suitable income in the days to come, when he is no longer young, and to make preparations for his family should he be no longer with them to comfort and support them."
It's important to put some of your income into long term investments so that as you grow older you will have consistent income to live on aside from social security as the government in already so overextended they will likely not be able to honor those agreements. Life insurance is an important investment option so that your family will have the means to carry if you should pass away. The lesson here is that you need to provide today for the uncertainties of tomorrow.
CURE #7: INCREASE THY ABILITY TO EARN
"For a man to wish to be rich is of little purpose. For a man to desire five pieces of gold is a tangible desire which he can press to fulfillment. After he has backed his desire for give pieces of gold with strength of purpose to secure it, next he can find similar ways to obtain ten pieces and then twenty pieces and later a thousand pieces and, behold, he has become wealthy."
One of the most important things to focus your energy on is the improvement of yourself. In doing this you will ultimately increase your abilities to earn. Master your trade by learning from the best. Enrich yourself and your level of confidence will follow.
"...to cultivate thy own powers, to study and become wiser, to become more skillful, to so act as to respect thyself."
These are Arkad's seven cures for a lean purse. Follow them with diligence and you will become wealthy and will be able to enjoy a life a financial freedom.
- The Richest Man In Babylon
Visit our website for free educational media and tools you need to get on the road to financial freedom.... www.greenlightllc.org
CURE #3: MAKE THY GOLD MULTIPLY
Arkad again speaks to his students, "Behold thy lean purse is fattening...Gold in a purse is gratifying to own and satesfieth a miserly soul but earns nothing... The earnings it will make shall build our fortunes."
Once you've disciplined yourself to save one-tenth of everything you earn and you've instituted a proper budget to protect that new savings from unnecessary expenses you will see your savings begin to grow. That savings, though satisfying to hold and accumulate, won't make you wealthy alone. Only the new streams of income derived from investing that savings wisely will put you on the road to building true wealth. As your capital increases over time, your investments will extend to provide you with many sources of income creating a steady stream of wealth.
CURE #4: GUARD THY TREASURES FROM LOSS
"Misfortune loves a shining mark. Gold in a man's purse must be guarded with firmness, else it be lost. Thus it is wise that we must first secure small amounts and learn to protect them before the Gods entrust us with larger." So spoke Arkad upon the fourth day to his class.
It is important to invest your hard earned money carefully as not to lose it. Don't be lured by your desire to gain riches rapidly. Analyze each investment and make sure that your principle is safe and can be withdraw as needed. Invest in things you understand and with those who are properly educated and have success in the field. Look to the advice of those experienced in the successful handling of money.
CURE #5: MAKE OF THY DWELLING A PROFITABLE INVESTMENT
"If a man setteth aside nine parts of his earnings upon which to live and enjoy life, and if any part of this nine parts he can turn into a profitable investment without detriment to his well-being, then so much faster will his treasures grow." So spoke Arkad to his class at their fifth lesson.
When you take a loan to purchase a home you can pay the lender with the same regularity that you would otherwise pay your landlord, but you will gain the equity back as you pay down the principle on the loan. For this reason it is a much better use of your income to pay a lender than a landlord. Once the loan on the property is fulfilled you'll also be able to use that income to enjoy more of the things you desire.
Owning your own home is also extremely satisfying to the soul. To sleep every night and wake every morning to your own space will contribute to your eagerness to continue along the road to wealth.
CURE #6: INSURE A FUTURE INCOME
"...it behooves a man to make preparation for a suitable income in the days to come, when he is no longer young, and to make preparations for his family should he be no longer with them to comfort and support them."
It's important to put some of your income into long term investments so that as you grow older you will have consistent income to live on aside from social security as the government in already so overextended they will likely not be able to honor those agreements. Life insurance is an important investment option so that your family will have the means to carry if you should pass away. The lesson here is that you need to provide today for the uncertainties of tomorrow.
CURE #7: INCREASE THY ABILITY TO EARN
"For a man to wish to be rich is of little purpose. For a man to desire five pieces of gold is a tangible desire which he can press to fulfillment. After he has backed his desire for give pieces of gold with strength of purpose to secure it, next he can find similar ways to obtain ten pieces and then twenty pieces and later a thousand pieces and, behold, he has become wealthy."
One of the most important things to focus your energy on is the improvement of yourself. In doing this you will ultimately increase your abilities to earn. Master your trade by learning from the best. Enrich yourself and your level of confidence will follow.
"...to cultivate thy own powers, to study and become wiser, to become more skillful, to so act as to respect thyself."
These are Arkad's seven cures for a lean purse. Follow them with diligence and you will become wealthy and will be able to enjoy a life a financial freedom.
- The Richest Man In Babylon
Visit our website for free educational media and tools you need to get on the road to financial freedom.... www.greenlightllc.org
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