More Lessons from the Richest Man in Babylon – Part 3

Previously I introduced Seven Cures for a Lean Purse, a series of truths for building and keeping wealth contained in The Richest Man in Babylon,  a series of parables written by George Samuel Clason beginning in 1926.  This is the third of three articles, the first of which introduced the first three cures for a lean purse –  for each ten coins put in thy purse, spend but nine; control thy expenditures; and make thy gold multiply.   The second article address the next two cures – guard thy treasure from loss and make thy dwelling a profitable investment.  This article presents the final two cures.   As previously indicated the cures have relevance to both individuals and business owners.

The Sixth Cure – insure a future income.   It has been said that the only certainty in life is death and taxes.  The sixth cure suggests two courses of action.  First recognizing that an individuals income earning power is limited, our teacher Arkad suggests that steps be taken to prepare for the “retirement” years.  A variety of alternatives are available to develop streams of income for the future golden years. A person may invest in real estate, stocks, bonds or other instruments.  Regardless of the vehicle, the objective of the investment is to provide a stream of income for future retirement.  The second action the needs to be taken is to provide protection for the person’s family in the event of premature death.  Unlike Arkad’s day, we, in the West, have the availability of Life Insurance to provide security for our families.  The difficulty is sorting out what is the most cost effective insurance product from the wide range of products in the market, many of which are not a good deal for the purchaser.

The Seventh Cure – Increase thy ability to earn.   It is not enough to simply desire to have greater wealth, one must have a passionate desire to increase their income which is backed up by the strength of purpose to accomplish it.  This is about growth.  Once skills are developed to increase their earning power by a small amount, the foundation has been laid for the continuous improvement in the ability to earn ever increasing amounts.  In learning to achieve the initial small desire, he or she has learned the skills to secure an ever increasing one.  Arkad would suggest that this to the process by which wealth is accumulated, first in small sums, then in larger ones as a man learns and becomes more proficient.  One thing within every persons reach is to become increasingly skill in their profession of choice.  To use Arkad’s words, “the man who seeks to learn more of craft shall be richly rewarded.

This article has explored the final two of seven principles –  insure a future income and , increase the ability to earn.  The accumulation of wealth is not a secret kept from the majority of mankind.  Collectively, the seven principles provide cures for a lean purse.  It simply requires the disciplined adherence to these principles.

 

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