07
Jul
09

The Richest Man in Babylon – Part Two

Here are my continued thoughts through the book, “The Richest Man in Babylon“.

Seven Cures For a Lean Purse (and no, I don’t carry a purse):

  1. Start your purse to fattening – For each ten coins I put in, I only spend nine. “Deride not what I say because of its simplicity. Truth is always simple”
  2. Control your expenditures – Budget your expenses so that you may have money to pay for necessities, to pay for enjoyment, and to gratify worthwhile desires without spending more than nine-tenths of your earnings. “What each of us calls our ‘necessary expenses’ will always grow to equal our income unless we protest to the contrary.”
  3. Make your money multiply – Put each coin to work so it may reproduce its kind and help bring you income, a stream of wealth that will flow constantly into your purse. “The gold we may retain from our earnings is but the start. The earnings it will make shall build our fortunes.”
  4. Guard your treasures from loss – Guard your treasure from loss by investing only where your principle is safe, where it may be reclaimed if desirable, and where you 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 your treasure from unsafe investments.
  5. Make of your dwelling a profitable investment – Own your own home.
  6. Insure a future income – Provide in advance for the needs of your growing age and the protection of your family. It behooves a man to make preparation for a suitable income in the days to come; to make preparations for his family should he be no longer with them to comfort and support them.
  7. Increase your ability to earn – Cultivate your own power, study and become wiser, become more skillful, act as to respect yourself. Thereby you will acquire the confidence in yourself to achieve your carefully considered desires. Your desires must be strong and definite. General desires are but weak longings. The man who seeks to learn more of his craft shall be richly rewarded.
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