Day Two of The Richest Man in Babylon…
Well I find this book very interesting and an important read. So until you read it yourself here are some more gems.
So we are back at The Richest Man in Babylon by George Clason with some new thoughts. Reading a how-to-book like this makes it painfully clear how easy it is to fall into a trap that gets you no where – when it comes to your financial competency that is. For me this book provides the push to do better when it comes to financial literacy – it is never too late.
So, here we go…
Today we look at chapter 3: “Seven Cures for a Lean Purse”. Sounds promising right? According to chapter 3, if you want to achieve financial stability their are seven cures that you need to become comfortable with taking.
Truth is always simple! Well this is not exactly the crux of the cures but something for us all to keep in mind in any situation. Well let’s get into them.
- “Hold back a part of your portion and make do” – this one is easier said than done -at least for me. However, is it impossible to do? I do not believe it is. This one will take some practice if you take some pleasure in shopping. Also, we have to learn how to BUGET. This can be a nightmare for those who have no patience and who are undisciplined when it comes to spending what they earn.
- “Control they expenditure” – Better yet stop spending like there is no tomorrow or like that pay check is a sturdy bridge to next month. Do you know that some (I have definitely done this) spend because it brings them pleasure – they spend for the sake of spending, buying things that will end up at the bottom of a pile, sometimes with the price tags never removed. This has got to stop. When there are so many thing that tempt us to but them we have to be disciplined and keep our goals -make sure you have some – in mind.
- “Putting your treasure to labour” – What a novel thought, can you picture it? Your money working for you! What an interesting thought. Maybe it’s me but I think that is a very interesting way to think about investments. I have been taught from an early age the importance of saving. I think I have had a bank account from the age of 8! Sadly this has not led to a stash of a nest egg, more like an empty vault! A gem that I want to deposit here for your consideration is this: a man’s wealth is not in the coins he carries in his purse, it is the income he buildeth… So relying on a pay check each mother will not get the job done, neither will counting the coins in your pocket.
- Now for cure four there were many truths here so I will just be highlighting some profound words. This section begins with a very profound truth: misfortune loves a shining mark, so don’t be an easy target: Study carefully before parting with thy treasure each assurance that it may be safely reclaimed. Before thou loan it to any man assure thyself of his ability to repay – I wish I learned this cure earlier in life, ouch – and his reputation for doing so that thou mayest not unwittingly be making him a present of thy hard-earned treasure. Many learn to late and are still sucking their sorrows where this is concerned.
- Now the next sure to a lean purse is to own your own… I recommend that every man own the roof that sheltereth him and his. Now has been a struggle for many and we see more and more homeless persons, unfortunately in the streets. However we have to make the push when we can to make this happen for, “when the house be built thou canst pay the moneylender with the same regularity as though didst pay the landlord – no one can quick you out of your home once you pay for it, no matter the state it is in.
- Here we are people the crooks of all else when it comes to building wealth, invest invest invest! On this matter Clason notes, “No man can afford not to insure a treasure for his old age…no matter how prosperous his business and his investments may be”. So not just invest like crazy actually, but ensuring that investments can take you into your golden years and help not only you but loved ones.
- The last cure is one that can work in any areas of your life, always work on yourself. “cultivate thy own powers – do not rely on others to save you are make a way for you is my understanding here – to study and become wiser, to become more skillful, to so act as to respect thyself”. The last part for me speaks to the need to improve on the skills you have so that when people see you they will respect you for the reputation you create of yourself over time. It speaks to me, of the need not to be content with what you have now or complain about it but make the necessary changes that will get you what you deserve. What we think we deserve can be relative but your skills, talents and potentials have value. Through constant revision and work we can realize the fruits of that value in our lives.