The First Lesson in Becoming Wealthy

The First of Seven Skills Needed to Become Rich

In the third chapter of George Clason’s book, The Richest Man In Babylon, he describes the skills that are necessary to build a firm foundation to becoming the wealthiest person possible. The first of the seven lessons Clason describes is to  “pay yourselves first.” 1 

The Road to Wealth

When Bansir and Kobbi sought the advice of their wealthy friend Arkad, he tells them the advice a rich man gave him years ago. The rich man told Arkad “I found the road to wealth,” he said, “When I decided that a part of all I earned was mine to keep.” 2

Arkad’s Powerful Message in Becoming Wealthy

The message he gave Arkad is simple but powerful in becoming wealthy.   To accumulate money, we have to save a portion of what we earn by paying ourselves first before spending money on anything else.

Learn to Live on What You Earn

To begin with, we have to learn how to live on our existing income and become the best employee and business owner possible.  We should pay ourselves first with our money by saving 10% of all that we earn and much more as we can afford to do so.

The First 10% Is Yours

For every dollar that we earn, 10 cents should be set aside for the person you see in the mirror every morning. Knowing this first rule and living by it is one of the important principles that distinguishes the rich from the poor. The financially stable people know this rule and live by it and the poor do not.

Learn to Live on the 90%

And then we must learn how to live on the 90% that remains.  If you are an excellent employee or have a successful business, your “purse” will grow over time.

In lesson 2, Clason’s topic is, “control thy expenditures” or in other words, live below your means.  

 

Larry Marvin
LifeCrafter – Money $ense

2.  What You Can Learn From The Richest Man In Babylon, http://www.biblemoneymatters.com/save-and-pay-yourself-first-a-part-of-all-i-ear (accessed June 21, 2016).

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The Man Who Desired Gold

In chapter one, Clason tells the reader that to bring your dreams and desires to fulfillment, you must be successful with money.  That the laws of money are like the laws of gravity: assured and unchanging; and that money is plentiful for those who understand the simple laws of making money.  1

Worked Hard and Nothing to Show For It

Bansir the chariot builder and Kobbi a musician were typical workers who came to the realization that they had worked all of their lives but had nothing to show for it. The two had become the best at their craft but yet had no money and were poor.  How many of us can identify with these men today? Recalling their days as young men, Bansir and Kobbi touched on their experiences with money.

All Talk and Wishful Thinking

They both had hoped that one day, prosperity would be bestowed upon them.  They had earned so much gold over the years but were coming to the realization that such a blessing was not imminent, often planning and scheming that their families didn’t go hungry.  They worked hard to provide for their families but did all that they had done to this point was merely talk and wishful thinking.

To Find Wealth You Must Seek It

Bansir and Kobbi have the same problem; they do not know how to alter their stations in life when they make a fixed income and must care for their families from that amount.  It’s simple to say, but many people never achieve a serious measure of wealth because they never seek it. They never truly seek it, focus on it, and commit to it.

Seek Advice From Knowledgeable Experts

But Bansir is wise enough to seek the advice of a friend who has achieved the exact thing to which they both aspire. They remembered a friend, Arkad, who they had schooled with who was ‘blessed with prosperity’, and the city claimed to be ‘The Richest Man In Babylon’. They decided to consult Arkad.

Arkad willingly tells them the secret of his success although he tells the men that his advice alone is not enough to make them wealthy. They will all have to learn how to apply the advice if they are to have enough to live the type of life each one desires.

All People Have Dreams

The lessons that Arkad provided for his friends are lessons of wealth building habits that no doubt every rich person has followed to accumulate their wealth.  Even today with Facebook, Google, Twitter, SnapChat and many other means  of technology, human nature has not changed.  Whether living in the age of the camel or computer,  people have dreams for the future and want to change their status in life.

The Rules for Success Are Ageless

The rules for successful living are the same today and they were for Bansir and Kobbi.  So the lessons in Clason’s book have helped many people become financially stable and wealthy. Lessons that will help most anyone to build a firm financial foundation on the way to becoming the wealthiest person that each can become but only if they are willing to initiate the effort and discipline it will take to be successful.  

You Must Understand the Laws of Making Money

Money is plentiful for those who understand the simple laws of making money.  It is not good enough to “desire gold”, you must take the action necessary to achieve the success you desire.

### Larry Marvin
LifeCrafter – Money $ense

 

 

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The Richest Man in Babylon Introduction

Richest man in Babylon

What do you do when there’s more month than money? When there are more bills to be paid, but the checking account is at (or below) zero?  When you don’t feel like the richest man? When there are more groceries to be bought? Or the time when your budget was looking good, but then the car needed a new water pump, and things all started to fall apart? 1

Financial Principles Are Universal

Like the law of gravity, financial principles are universal and unchanging.  As you travel down the road of life, your ambition and desires seem to be thwarted by the shortage of money, the method by which earthly success is measured.

Most People Have Financial Struggles

You are not all alone in this struggle.   It is not much fun being financially uncomfortable and having to worry about making ends meet day after day; week after week; and month after month.  The fact is that if you want to bring your dreams and desires to fulfillment, you must know how to be successful with money.

George S. Clason wrote the book “The Richest Man in Babylon” which dispenses financial advice through a collection of parables set in ancient Babylon. Through their experiences in business and managing household finance, the characters in the parables learn simple lessons in financial wisdom. Originally a series of separate informational pamphlets distributed by banks and insurance companies, the pamphlets were bound together and published in book form by Clason in 1926.

Clason Uses Stories to Teach Financial Principles

There are many things we can learn on our own and should strive to make ourselves well-rounded.  Clason takes a creative, yet simple story-telling approach teaching the reader the basics and the foundation of how to conservatively build wealth over time and become financially successful.

Ancient Babylon Is the Setting

The story takes place in Babylon some 6,000 years ago where the significance of financial wealth, gold, in this case, was very important. Today, we live in a society that only seems to put more and more importance on money. I hope that you are driven and motivated by your own definitions of success, but our culture as a whole still has a long way to go to eat healthier, enhance our current work skills, or learn to make more money, we must take the initiative to invest in ourselves.   When we become smarter and wiser our ability to earn more also increases.

Using Clason’s Richest Man Lessons Can End Financial Worries

Perhaps our country wouldn’t be where it is today if we had all heeded the lessons of fundamental personal finance and investment that George Clason laid out for us almost 100 years ago.  If used today, these timeless principles can help guide you away from the rut you are in and enable you to start to take control of your finances and create better long-term financial habits to put an end to your money worries.

Do not wait.  Go to part one of the series entitled “The Man Who Desired Gold.”

### Larry Marvin
LifeCrafter – Money $ense

  1.  ©2016 Larry Marvin, Image Credit:https://static.pexels.com/photos/32296/pexels-photo.jpg