Lessons from The Richest Man in Babylon Pt. 5

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May 25, 2018
Lessons from The Richest Man in Babylon Pt. 5

Image Copyright Ted Grussing Photography – Used with permission

Today we will complete our discussion on the laws of money from the parables of The Richest Man in Babylon.

In previous weeks we learned the first 5:

  • Pay yourself first, ahead of everything and anyone else.
  • Let your money grow through savings and investments.
  • Guard your money wisely. Steer clear of scams and guard your money from those not trained to invest properly.
  • Make of your dwelling an investment.
  • Insure a future income for yourself.

The next law of money Arkad taught his class is: Increase your ability to earn money.

This can be achieved in multiple ways, including:

  • Furthering your education
  • Being a hard worker who makes a difference and so is in line for promotions
  • Respect yourself
  • Gain confidence in handling your money—be its master not its slave

The final law we will discuss is: If you desire to help a friend, do it in a way that will not bring your friend’s burdens upon yourself.

How many of us have loaned money to a friend or relative and never been paid back? Worse yet, some of us have ended up paying the remainder of a debt that was not ours.

Arkad teaches there are three classes of borrowers:

  1. Those who promise more financial security than they will borrow. These borrowers will give the lender something of more value than what was borrowed so the lender can sell it to regain his/her money in case of default. And so are safe to lend to.
  2. Those who borrow on their capacity to earn and ability to repay the loan and have a solid source of income. And so are also safe to lend to.
  3. Those who have neither property nor assured income earning capacity and will probably never pay a loan back.

If you are interested in George Clason’s book, you can purchase a paperback version on Amazon.

Have a wonderful weekend!

Source(s):

Clason, George S. 1874-1957. The Richest Man in Babylon: The Original Version