Richest Man in Babylon

Discussion in 'Wealth Creation & Management' started by mmm....shiney!, Dec 3, 2012.

  1. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    2!!! Control your expenditure :D 6 ounces of gold from the Perth Mint (still to be confirmed) to you honey stacker.

     
  2. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Arkad's cures so far:

    1. Save 1/10 of your gross income
    2. Control your expenditure
     
  3. long88

    long88 Member

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    3. buy pm

     
  4. Fykus

    Fykus Member Silver Stacker

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    how many sagely advices are there
     
  5. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    7

    The story is set at a time in history when the currency in use was gold, silver and copper - there was no need to by PM's as a hedge, you were paid in them. ;)
     
  6. Fykus

    Fykus Member Silver Stacker

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    give use the rest please. :p
     
  7. renovator

    renovator Well-Known Member

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    No . I have never read a finance & money book in my life apart from my high school text book on commerce. I preferred to get my advice from people i knew who were doing good in real life then i knew it was good .I was always asking questions about their businesses & observing their attitudes to money .
     
  8. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Another clue from reno :)

    You'll be sorely disappointed to get them all at once - and they are just common sense really. You could always cheat if you want to. ;)
     
  9. goldpelican

    goldpelican Administrator Staff Member

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    Just buy the book - it's a one evening read.
     
  10. JulieW

    JulieW Well-Known Member Silver Stacker

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    becauseth Caesar will stealeth at least another 5 and thou shall render unto Caesar because he carrieth a great big stick with a pointy end and a blunt end.
     
  11. long88

    long88 Member

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    hi,

    when i was a little kid, the advice is save fiat and put it in the bank.

    did that for about 10 year plus.. and not knowing what to do with it.

    now finally found an answer for it..

    so number 3 would be:

    3. use your saving as a deposit for cash flow positif investment, be it property, shares, business ventures. and snow balled the income further.. that would be a sensible move... even in those old age (sound like capitalist isnt it)

    anyone ??

     
  12. renovator

    renovator Well-Known Member

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    Geez im dropping clues & im clueless about the book :lol:

    Ok heres another one ... Dont take financial advice from someone who has a worse chariot than you . ...... lol i have NFI
     
  13. renovator

    renovator Well-Known Member

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    Noooooo !!! Make shiney spill the beans & type until hes got a cramp
     
  14. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Well well well, long88. You have been listening to Master Arkad, the richest man in all of Babylon. :)

    "Behold thy lean purse is fattening. Thou hast disciplined thyself to leave therein one-tenth of all thou earneth. Thou hast controlled thy expenditures to protect thy growing treasure. Next, we will consider means to put thy treasure to labor and to increase. Gold in a purse is gratifying to own and satisfieth a miserly soul but earns nothing. The gold we may retain from our earnings is but the start. The earnings it will make shall build our fortunes."

    This is the third and most difficult of Arkad's cures for a lean purse - "This, then, is the third cure for a lean purse: to put each coin to laboring that it may reproduce its kind even as the flocks of the field and help to bring to thee income, a stream of wealth that shall flow constantly into thy purse."

    Arkad talks about money lending. But how do we go about money lending now? Is our financial system far too regulated for us to participate in money lending? Arkad doesn't discuss debt, but other characters in "The Richest man in Babylon" view debt as a useful tool in building wealth. Can debt replace money lending for us in our day and age? Can debt enable us to build our fortune, and if you don't want to participate in debt, what other alternatives are there?

    One thing is for certain, you cannot build wealth by savings alone.
     
  15. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Are you out to wreck my fun? :p
     
  16. Argentum

    Argentum Active Member

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    great book, borrowed it from thucy about 3 years back and forgot to give it back
     
  17. GiLa

    GiLa New Member

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    This book was one of the first books I've read when I was a teenager, it has served me well.
    Rich Dad, Poor Dad is good too.
    The Art of War will teach you stratagems
    And who moved my cheese?
     
  18. AngloSaxon

    AngloSaxon Active Member

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    This is a part of my small and growing collection of wealthy mind books. Hope they succeed as Arkad intended and grow my real wealth too.
     
  19. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    No takers on:
    ????? Anyone?

    Oh well. We'll move on, so far we've got:

    1. Save 1/10 of your gross income
    2. Control your expenditure
    3. Put your savings to work

    No 4, clue time, again, no cheating :D This is what reno was hinting at:

     
  20. DanDee

    DanDee Active Member Silver Stacker

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    yes, and just as importantly, I tended to look closely at all my dero mates, and associated other losers, and NOT do what they were doing. I find it's easier to not do something than it is to do something. :lol:
     

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