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Friday Tidbit

• Posted by Dejan Pekic BCom DipFP CFP GAICD, Senior Financial Planner

In 1926 George S Clason first published a famous series of pamphlets on thrift and financial success using parables from ancient Babylonian clay tablets.

These pamphlets were latter incorporated into his book, The Richest Man in Babylon and the following seven cures for a lean purse are from the book and as told by Arkad, The Richest Man in Babylon.

1. Start thy purse to fattening

“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. Control thy expenditures

“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. Make thy gold multiply

“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. Guard thy treasures from loss

“Guard thy treasure from loss by investing only where they principal is safe, where thou 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 thy treasure form unsafe investments.”

5. Make of thy dwelling a profitable investment

“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. 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 sheltered him and his.”

6. Insure a future income

“It behooves a man to make preparation for a suitable income in the days to come, when he is no longer young, and to make preparations for his family should he be no longer with them to comfort and support them. No man can afford not to insure a treasure for his old age and the protection of his family, no matter how prosperous his business and his investments may be.”

7. Increase they ability to earn

“To cultivate thy own powers, to study and become wiser, to become more skillful, to so act as to respect thyself. Thereby shall thou acquire confidence in thyself to achieve they carefully considered desires.”

Has anything really changed when it comes to accumulating wealth?

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