Nuggets of wisdom from the book 'The Richest Man In Babylon'14 Feb 2022
I finished reading this popular book The Richest Man In Babylon by George S. Clason and can testimony the amount of wisdom in the book around financial success.
Following are bunch of nuggets of wisdom from the book.
“Our acts can be no wiser than our thoughts. Our thinking can be no wiser than our understanding.”
“No one lends his entire fortune, not even to his best friend.”
” A fat purse quickly empties if there be no golden stream to refill it.”
“I wish an income that will keep flowing into my purse whether I sit on the wall or travel to far lands.”
“The reason why we have never found any measure of wealth? We never sought it.”
“Wealth is power. With wealth many things are possible”
“And when youth comes to age for advice he receives the wisdom of years”
“Opportunity is a haughty goddess who wastes no time with those who are unprepared”
“A part of all I earn is mine to keep”
“Then learn to make your treasure work for you. Make it your slave. Make its children and its children’s children work for you.”
“Invest thy treasure with great caution that it be not lost.”
“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”
“Counsel with wise men.”
“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.”
“Life is good and life is rich with things worthwhile and things to enjoy”
“Just as the weeds grow in a field wherever the farmer leaves space for their roots, even so freely desires grown in men whenever there is a possibility for them to be gratified”
“No man’s family can fully enjoy life unless they do have a plot of ground wherein children can play in the clean earth and where the wife may raise not only blossoms but good rich herbs to feed her family.”
“To a man’s heart it brings gladness to eat the figs from his own trees and the grapes of his own vines.”
“Preceding accomplishments must be desire. The desire must be strong and definite.”
“More interest in my work, more concentration upon my task , more persistence in my effort and, behold few men could carve more tablets in a day than I.”
7 Curses for a lean purse
- Start thy purse to fattening. Keep at least one-tenth of your earnings for yourself.
- Control thy expenditures. Have a budget. Budget thy expenses.
- Make thy gold multiply.
- Guard thy treasures from loss. The first sound principle of investment is security for thy principal. Consult with wise men.
- Own thy own home.
- Provide in advance for the needs of thy growing age and the protection of thy family. Insure a future income (retirement and in case of fatalities).
- Increase they ability to earn.
Such things as following, a man must do if he respects himself:
- He must pay his debts with all the promptness within his power, not purchasing that for which he is unable to pay.
- He must take care of his family that they may think and speak well of him.
- He must make a will of record that, in case Gods call him, proper and honorable division of his property be accomplished.
- He must have compassion and upon those who are smitten by misfortune and aid them within reasonable limits. He must do deeds of thoughtfulness to those dear to him.
- He must cultivate himself, study and become wiser to become more skilful and respect him more.
“Opportunity stands for no man. Today it is here. Soon it is gone. Therefore, delay not!”
“Procrastinator is the one who accepts not the opportunity when she comes. He waits. He says I have much business right now. Bye and bye I talk to you. Opportunity, she will not wait for such slow fellow. She thinks if a man desires to be lucky he will step quick. Any man not step quick when opportunity comes, he big procrastinator.
“The spirit of procrastination is within all men. We desire riches; yet, how often when opportunity doth appear before us, that spirit of procrastination from within doth urge various delays in out acceptance”
“Recognize and conquer procrastination”
“No man can arrive at a full measure of success until he hath completely crushed the spirit of procrastination”
“To attract good luck to oneself, it is necessary to take advantage of opportunities”
“Men of action please the goddess of opportunity the best”
Five laws of Gold
- 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.
- Gold laboreth diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even.
- Gold clingeth to the protection of the cautious owner who invests it under the advise of men wise in its handling.
- Gold slippeth away from the man who invests it in businesses or purposes with which he is not familiar.
- 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 investments.
“There is no chain of disasters that will not come to an end”
“Wealth that comes quickly goeth the same way”
“Wealth the stayeth to give enjoyment and satisfaction to its owner comes gradually, because it is a child born of knowledge and persistent purpose”
“What indiscretions hast thou done that thou shouldst seek the lender of gold? Hast been unlucky at the gaming table? Or hath some plump dame entangled thee?”
“Gold bringeth unto its possessor responsibility and a changed position with his fellow men. It bringeth fear lest he lose it or it be tricked away from him. It bringeth a feeling of power and ability to do good. Likewise, it bringeth opportunities whereby his very good intentions may bring him into difficulties”
“To borrowing and lending, there is more than the passing of gold from the hands of one to the hands of another”
“If you desire to help thy friend, do so in a way that will not bring thy friend’s burdens upon thyself.”.
Where the gold can be lent:
- The safest loans, my token box tells me, are to those whose possessions are of more value than the one they desire. They own lands, or jewels, or camels, or other thing which could be sold to repay the loan. Some of the tokens given to me are jewels of more value than the loan. Others are promises that if the loan be not repaid as agreed they will deliver to me certain property settlement. On loans like those I am assured that my gold will be returned with the rental thereon.
- In another class are those who have the capacity to earn. They are such as you, who labor or server and are paid. They have income and if they are honest and suffer no misfortune, I know that they also can repay the gold I loan them and the rental to which I am entitled.
- Others are those who have neither the property nor assured earning capacity. Life is hard and there will always be some who cannot adjust themselves to it. Alas for the loans I make them, even though they be no larger than a pence, my token box may censure me in the years to come unless they be guaranteed by good friends of the borrowers who know him honourable.
“If they borrow for purposes that bring money back to them, I find it so [borrowers repaying their loans]. But if they borrow because of their indiscretions, I warn thee to be cautious if thou wouldst ever have thy gold back in hand again.”
“Your purpose is wise and your ambitions are honorable. I shall be glad to lend you the fifety pieces of gold if you can give me security that they will be returned… I treasure much each piece of gold. Were the robbers to take it from you as you journeyed, or take the rugs from you as you returned then you would have no means of repaying me and my gold would be gone.”
“Gold, you see, Rodan, is the merchandise of the lender of money. It is easy to lend. If it is lent unwisely then it is difficult to get back. The wise lender wishes not the risk of the undertaking but the guarantee of safe repayment.”
“Better a little caution than a great regret”
“We cannot afford to be without adequate protection”
“Ill fortune pursues every man who thinks more of borrowing than repaying”
“Thy debts are thy enemies. They ran thee out of Babylon. You left them alone and they grew too strong for thee.”
“Where the determination is, the way can be found”
Plan for debt free life
- First, one-tenths of all I earn shall be set aside as my own to keep.
- Second, seven-tenths of all I earn shall be used to provide a home, clothes to wear, and food to eat with a bit extra to spend, that our lives be not lacking in pleasure and enjoyment.
- Third, two-tenths of all I have earned shall be divided honorably and fairly among those who have trusted me and to whom I am indebted.
and the one which is my most favorite is in the last chapter, about ‘Work’:
“Some men hate it. They make it their enemy. Better to treat it like a friend, make thyself like it. Don’t mind because it is hard. If thou thinkest about what a good house thou build, then who cares if the beams are heavy and it is far from the well to carry the water for the plaster. Promise me, boy, if thou get a master, work for him as hard as thou canst. If he does not appreciate all thou do, never mind. Remember, work well-done, does good to the man who does it. It makes him a better man.”
A recommended read.