Philippine Culture

While I was cleaning my bookshelf today, I found a small book from among my other collections. The book’s title was “The Richest Man of Babylon” by George S. Clason. It pertains to a Babylonian parable, 6000 years before the birth of Christ, hailed as the greatest of all inspirational works on the subject of thrift, financial planning, and personal wealth.

The back cover further described it as acclaimed modern-day classic, which offers to readers the understanding of – and solution to – financial problems. It holds the secrets to acquiring money, keeping money, and making money to earn more money.

Out of 144 pages, I’ve finished reading 44 pages only, because I have to watch the first “State of the Nation Address” of US President Obama. But while watching President Obama’s speech on TV, I did not waste time writing this blog at the same time. (That’s because the TV was at my right side.) It’s hard thing to do really – watching TV and writing a blog at the same time.

Anyway, here are the seven secrets I’ve learned from the richest man of Babylon – “The Seven Cures for Lean or Empty Wallets:”

1. Always keep 1/10 or ten percent of your earnings.
“For every ten coins thou placest within thy purse, take out for use but nine. Thy purse will start to fatten at once and its increasing weight will feel good in thy hand and bring satisfaction to thy soul.”

2. Limit your expenses to necessary things you only need.
“Budget thy expenses that thou mayest have coins to pay for thy necessities, to pay for thy enjoyments and to gratify thy worthwhile desires without spending more than nine-tenths of thy earnings.”

3. Invest on a business that will earn even if you’re away from it.
“Put each coin to laboring that it may reproduce its kind even as the flocks of the field and help bring to thee income, a stream of wealth that shall flow constantly into thy purse.”

4. Select the right person whom you’re going to trust your money for business or investment.
“Guard thy treasure from loss by investing only where thy principal is safe, where it may be reclaimed if desirable, and where thou will not fail to collect a fair rental. Consult with wise men. Secure the advise of those experienced in the profitable handling of gold. Let their wisdom protect thy treasure unsafe investments.”

5. Own your own home.
“To a man’s heart it brings gladness to eat the figs from his own trees and the grapes of his own vines. To own his own domicile and to have it a place he is proud to care for, putteth confidence in his heart and greater effort behind all his endeavors. therefore, do I recommend that every man own the roof that sheltereth him or her.”

6. Save money for your old age, and your family.
“Provide in advance for the needs of thy growing age and the protection of thy family.”

7. Cultivate your own expertise, learn more knowledge to become more wiser.
“Cultivate thy own powers, to study and become more wiser, to become more skillful, to so act as to respect thyself.”

Please come back later for more moneymaking secrets from this amazing book.