The Richest Man In Babylon with Study Guide: Deluxe Special Edition

by George S. Clason

Proper preparation is the key to our success. Our acts can be no wiser than our thoughts. Our thinking can be no wiser than our understanding.

Money is the medium by which earthly success is measured. Money makes possible the enjoyment of the best the earth affords. Money is plentiful for those who understand the simple laws which govern its acquisition. Money is governed today by the same laws which controlled it when prosperous men thronged the streets of Babylon, six thousand years ago.

The author mentioned that the rulers of Babylon were not interested in paying homage to their egotism. How many of your desires for wealth are led by your egotistic desires?

Do you believe your ego is getting in the way of acquiring wealth in your life? If so, how?

Babylon was defeated only after its protectors left the security of its surrounding walls. Once they opened their gates, the enemies entered and took possession without resistance. Again, paralleling this history to your journey to wealth, when have you found yourself overtaken by the enemy due to a careless lack of protection (enemies such as fear, greed, insecurity, lack consciousness, etc.)?

will tell you these things you wish to know because I am becoming an old man, and an old tongue loves to wag.

“The thoughts of youth,’ he continued, ‘are bright lights that shine forth like the meteors that oft make brilliant the sky, but the wisdom of age is like the fixed stars that shine so unchanged that the sailor may depend upon them to steer his course.

‘I found the road to wealth when I decided that a part of all I earned was mine to keep. And so will you.’

“Every gold piece you save is a slave to work for you. Every copper it earns is its child that also can earn for you. If you would become wealthy, then what you save must earn, and its children must earn, that all may help to give to you the abundance you crave.”

“A part of all you earn is yours to keep. It should be not less than a tenth no matter how little you earn. It can be as much more as you can afford. Pay yourself first.

“Wealth, like a tree, grows from a tiny seed. The first copper you save is the seed from which your tree of wealth shall grow. The sooner you plant that seed the sooner shall the tree grow. And the more faithfully you nourish and water that tree with consistent savings, the sooner may you bask in contentment beneath its shade.”

Advice is one thing that is freely given away, but watch that you take only what is worth having. He who takes advice about his savings from one who is inexperienced in such matters, shall pay with his savings for proving the falsity of their opinions.” Saying this, he went away.

well. You first learned to live upon less than you could earn. Next you learned to seek advice from those who were competent through their own experiences to give it. And, lastly, you have learned to make gold work for you.”

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Opportunity is a haughty goddess who wastes no time with those who are unprepared.”

Will power is but the unflinching purpose to carry a task you set for yourself to fulfillment.

What does it avail you to cast a pebble every day? Throw in a handful and be done with it.’ No, I would not say that nor do it. When I set a task for myself, I complete it.

Therefore, I am careful not to start difficult and impractical tasks, because I love leisure.”

work is handling money. Let them save you from such an error as I myself made in entrusting my money to the judgment of Azmur, the brick maker. A small return and a safe one is far more desirable than risk.

“Enjoy life while you are here. Do not overstrain or try to save too much. If one-tenth of all you earn is as much as you can comfortably keep, be content to keep this portion. Live otherwise according to your income and let not yourself get niggardly and afraid to spend. Life is good and life is rich with things worthwhile and things to enjoy.”

Arkad saw that time and study were the two things he needed to acquire wealth. He claims that all men have time in abundance. Do you struggle with feeling that you do not have enough time to focus on building wealth?

“He who takes advice about his savings from one who is inexperienced in such matters, shall pay with his savings for proving the falsity of their opinions.”

“You do eat the children of your savings. Then how do you expect them to work for you? And how can they have children that will also work for you? First get thee an army of golden slaves and then many a rich banquet may you enjoy without regret.” Re-write this advice in your own words.

In his later years Algamish congratulated Arkad for following his three valuable lessons on building wealth, which were: i. Live on less than you earn. ii. Seek advice from those who are competent through their own experiences. iii. Make your gold work for you.

“Would you call a fisherman lucky who for years so studied the habits of the fish that with each changing wind he could cast his nets about them? Opportunity is a haughty goddess who wastes no time with those who are unprepared.” He

with greatest caution that it be not lost. Usurious rates of return are deceitful sirens that sing but to lure the unwary upon the rocks of loss and remorse.”

“counsel with wise men. Seek the advice of men whose daily work is handling money … A small return and a safe one is far more desirable than risk.”

“The coins thou takest from thy purse bring the first [immediate gratification]. The coins thou leavest within it will bring the latter [substantial belongings].

what each of us calls our ‘necessary expenses’ will always grow to equal our incomes unless we protest to the contrary.

“Confuse not the necessary expenses with thy desires. Each of you, together with your good families, have more desires than your earnings can gratify.

“All men are burdened with more desires than they can gratify. Because of my wealth thinkest thou I may gratify every desire?

Go through your expenses (credit card bills, receipts, etc.) and make a list of those items that you consider necessary expenses. Make another list of those items that you consider your desires.

“one hundred percent of appreciated value for each coin spent”,

“The purpose of a budget is to help thy purse to fatten.… Like a bright light in a dark cave thy budget shows up the leaks from thy purse and enables thee to stop them and control thy expenditures for definite and gratifying purposes.”

Arkad asserts that “Gold increaseth rapidly when making reasonable earnings.” Have you studied how compound interest accumulates? If not, take some time to investigate compound interest enough to be able to explain it to someone else.

Envision yourself in the following scenario: It’s the week before Christmas. You have so much more money than you need. You love to give and you

have all the means to do so. See yourself walking into a department store and handing out money to struggling shoppers. See their reactions as you give it to them. Feel their joy as they receive your gift.

Study carefully, before parting with thy treasure, each assurance that it may be safely reclaimed. Be not misled by thine own romantic desires to make wealth rapidly.

“Before thou loan it to any man assure thyself of his ability to repay and his reputation for doing so, that thou mayest not unwittingly be making him a present of thy hard-earned treasure. “Before thou entrust it as an investment in any field acquaint thyself with the dangers which may beset it.

“This, then, is the fourth cure for a lean purse and of great importance if it prevent thy purse from being emptied once it has become well filled. 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 advice of those experienced in the profitable handling of gold. Let their wisdom protect thy treasure from unsafe investments.”

Arkad encourages you to “study carefully, before parting with thy treasure.” Do you spend much time studying investment options? If not, commit to studying them for at least one hour each week. Keep a journal of what your research has taught you.

Arkad suggests that “Before thou loan … to any man, assure thyself of his ability to repay and his reputation for doing so, that thou mayest not unwittingly be making him a present of thy hard-earned treasure.” If you are considering using an agent of some kind to invest for you, how much research have you done on the organization or individual? Ask to see their track record for the past 5, 10, 15 and 25 years.

Arkad also suggests you “acquaint thyself with the dangers which may beset it.” With each investment you are planning to make, research what the worst-case scenario could be. Write about your findings for each.

Arkad states, “such advice is freely given for the asking and may readily possess a value equal in gold to the sum thou considerest investing.” Not all investment offers are free of charge; in fact, you often have to pay a percentage for a good one. Ideally, you should be clear on the value of their expertise before committing. How much are you willing to spend on a good investor? What return on your money would you expect from them?

Provide in advance for the needs of thy growing age and the protection of thy family.”

“Desires must be simple and definite. They defeat their own purpose should they be too many, too confusing, or beyond a man’s training to accomplish.”

“Always do the affairs of man change and improve because keen-minded men seek greater skill that they may better serve those upon whose patronage they depend. Therefore, I urge all men to be in the front rank of progress and not to stand still, lest they be left behind.

“He must pay his debts with all the promptness within his power, not purchasing that for which he is unable to pay. “He must take care of his family that they may think and speak well of him.

He must make a will of record that, in case the Gods call him, proper and honorable division of his property be accomplished. “He must have compassion upon those who are injured and smitten by misfortune and aid them within reasonable limits. He must do deeds of thoughtfulness to those dear to him. “Thus the seventh and last remedy for a lean purse is to cultivate thy own powers, to study and become wiser, to become more skillful, to so

as to respect thyself. Thereby shalt thou acquire confidence in thy self to achieve thy ca...

Arkad also asserts, “Desires must be simple and definite. They defeat their own purpose should they be too many, too confusing, or beyond a man’s training to accomplish.” Do you have many desires that you wish to have fulfilled? If you haven’t already done so, write a list of your desires. Do you believe there are too many? If so, choose your greatest desire and focus on manifesting it in your life. Once you have done so, you can then focus on others. If you believe that you cannot have too many desires filled, then continue focusing on all of your desires. Take time each day to feel your desires being fulfilled.