Remembering ‘The 7 Cures For A Lean Purse’ from The Richest Man in Babylon by George S. Clason
‘Tis the season to be jolly, buying gifts, going on holiday, drinking, eating and being merry. Let there be joy but try not to go into the New Year with broke beginnings. To avoid turning that jolly into gloom, here’s a reminder from The Richest Man in Babylon to keep your finances in check.
If you want to read the book review, it’s here.
‘The 7 Cures For A Lean Purse’
- Start thy purse to fattening.
- Control thy expenditure. LOUDER: CONTROL THY EXPENDITURE!
- Make thy gold multiply.
- Guard thy treasures from loss.
- Make of thy dwelling a profitable investment.
- Insure a future income.
- Increase the ability to learn.
Don’t wait for January and the ever fruitless Ney Year’s resolutions. How many years have you been doing that but failing to follow through? You still have some days in December, you still have NOW, so make use of it so that January is not the worst month of the year, where you’re counting the days to payday.
“Where the determination is, the way can be found.”
― George S. Clason, The Richest Man in Babylon
Title: The Richest Man in Babylon
Author: George S. Clason
The Richest Man in Babylon is a famous classic that gives exemplary financial advice. It uses parables that one can easily adopt and apply. In the book, Arkad is the richest man in Babylon who shares his journey to wealth.
He shares ‘the seven cures for a lean purse’, which are:
- ‘Start thy purse to fattening.’ This reminds us how there are many trades with which
we can use to earn money and how to use that source of wealth that one already
has. From what you earn you can start fattening your purse by saving one-tenth
of your earnings.
- ‘Control thy expenditures.’ Budgeting for the necessary expenses will help to put
away one-tenth of the money you make.
- ‘Make thy gold multiply.’ Making money work for you means that a stream of
wealth will continue to flow into your purse.
- ‘Guard thy treasures from loss.’ It’s wise to consult with people who have the knowledge
to help with protection from unsafe investments.
- ‘Make of thy dwelling a profitable investment.’ It highlights the important distinction between
renting and buying, and also how you can use your property to establish a business.
- ‘Insure a future income.’ It’s prudent to provide in advance for your needs as
you grow older and for the wellbeing of your family.
- ‘Increase the ability to earn.’ It is smart to develop your skills and sharpen your
investment knowledge to increase your earnings power.
Amongst other parables, the book also shares five laws of gold which Arkad
considers to be greater than the gold itself. These detail how gold works, whom
it favours and whom it slips away from.
This book is a wise investment when making your way toward building your
wealth or increasing it. After reading books like Rich Dad Poor Dad by Robert Kiyosaki and Tony
Robbins’s Money Master the Game: 7 Simple
Steps to Financial Freedom, I could already understand where most of their
advice comes from and how many wealthy people practise the same financial
habits that are in Clason’s book.
It will teach you a lot about how a great desire for wealth can be a good place to start, even when you don’t have much else to begin with. It will also emphasize why you should take advantage of opportunities available to everyone. You will learn how luck favours those who act and those who grab opportunities.
Richest Man in Babylon is short and featherweight
and despite some of its language being rather archaic, it’s still heavily loaded
with beneficial advice. Its size and ease also help when you want to go back to
its pages for a reminder, to find something that you previously missed or
simply to clarify something along your journey to wealth.