7 Cures for Being Broke: A Summary on “The Richest Man in Babylon”

Everyone wants to be rich, and it’s possible for us all if we put in the work to make it a reality.  So far on my journey to financial freedom, I have finished three books that teach the laws which govern money, including “The Richest Man in Babylon” by George Clason.  The laws that govern money today have been the same since the beginning of time. If you are motivated and disciplined enough to abide by these laws, money will flow to you effortlessly and you will manifest wealth without a doubt.  From this book I learned how to form good money habits that will make me rich, so of course I had to share it with you!

George Clason opens his book with background information and historical facts about Babylon.  The city existed over 8,000 years ago and was inhabited by wise, honorable men of many trades and limitless riches.  There were immense walls that surrounded the city at a staggering 160 ft high and between 9 and 11 miles long. The fall of Babylon came about when Cyrus defeated the King (Nabonidus) and his army, conquering the land.  Under his rule, the power and prestige of the city declined until it was eventually abandoned. Hundreds of thousands of clay tablets were uncovered from the collapsed city, and the wisdom of Babylon was preserved.

Sidenote:  The characters in this book speak old English, and say things like “Thou shalt doeth”.  So it’s not as quick of a read but it’s worth the time to interpret and understand it’s concepts.

The main character in the book is Arkad, the richest man in Babylon.  One of the stories in the book is about the King of Babylon asking Arkad to teach the other men of the city how to become rich.  So Arkad taught “7 Cures for a Lean Purse” aka empty pockets. Everybody needs to know these principles:

  1. Start Thy Purse to FatteningArkad suggests using your established income to build a nest egg.  He tells the men of Babylon to save one tenth of their earnings and keep it safe and untouched. His suggested money mantra is “A part of all I earn is mine to keep”.
  2. “Control Thy Expenditures” Arkad teaches the men to budget their necessary expenses and use the budget as the first assistant in “fattening thy purse”.
  3. “Make Thy Gold Multiply” In other words, create a streaming income by making investments with your money.  Those investments will generate compound interest, and your money will grow without adding anymore to it!
  4. “Guard Thy Treasures from Loss” Arkad learned from experience that if you first secure small amounts of money and learn how to protect it, the universe will treat you to larger amounts of it.  He gives a warning about risky investments and suggests investing where the principle is safe and may be reclaimed. Arkad encourages the men of Babylon to consult with wise men and let their wisdom serve as protection from unsafe investments.
  5. “Make of Thy Dwelling a Profitable Investment” Invest in homeownership.
  6. “Ensure a Future Income” Arkad explains that investing in real estate can secure an ongoing income without working.  There were no life insurance policies back then, but he expresses the idea of paying monthly intervals to secure a lump sum of money for the family in the event of death.  Retirement savings plans also secure future income.
  7. “Increase Thy Ability to Earn” This can be summed up with one line from the text, “That man who seeks to learn more of his craft, shall be richly rewarded” (Clason, p.88).  Arkad recommends that you cultivate your powers, and study to become wiser.

I have been implementing the 7 cures for a lean purse in my daily course of action to ultimately get rich.  This book introduces universal truths that there is abundance (of money) for all. The book also teaches you to pay off debts with promptness, have a will, and have compassion so that you can attract bigger opportunities to build wealth.  During Babylonian times, families could be sold into slavery to repay debts. The book teaches that you should repay debts as an act of respecting yourself.

I highly recommend this book to everyone!  If you love history you will learn a lot about the fallen city of Babylon.  But what’s even better is you learn how to secure the bag, the legit way!

Are you ready to achieve financial freedom?

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