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#1 2012-12-02 21:25:58

mmm....shiney!
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From: 昆士蘭
Registered: 2010-11-15
Posts: 15,893
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Richest Man in Babylon

I'll start, a really simple one, from "the Richest man in Babylon":

Save 1/10th of your wage before you pay anything else. This means, pre-tax income.


The woolgrower's target shall be the good thriving of his flock and its pastures, and so of himself and those whose livelihoods depend on his enterprise.
"The Woolgrower's Companion", 1906.

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#2 2012-12-02 21:39:27

ozcopper
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From: Australia
Registered: 2009-07-16
Posts: 13,963
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Re: Richest Man in Babylon

It's a great book with lots of gold talk smile

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#3 2012-12-02 22:32:43

Captain Kookaburra
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From: Melbourne
Registered: 2010-04-15
Posts: 4,675
Trades :   147 

Re: Richest Man in Babylon

I only read about 1/10th of it... wink


Metal or Nothing ...... Fiats belong in garages, not money paper clips.

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#4 2012-12-02 22:41:00

mmm....shiney!
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From: 昆士蘭
Registered: 2010-11-15
Posts: 15,893
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Re: Richest Man in Babylon

Captain Kookaburra wrote:

I only read about 1/10th of it... wink

Well, as long as you saved the best bits you're on a winner.


The woolgrower's target shall be the good thriving of his flock and its pastures, and so of himself and those whose livelihoods depend on his enterprise.
"The Woolgrower's Companion", 1906.

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#5 2012-12-03 00:03:02

Sargeant Argent
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From: Canada
Registered: 2011-05-12
Posts: 989
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Re: Richest Man in Babylon

An old addage my folks always told me this growing up.

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#6 2012-12-03 00:48:32

Ernster
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Registered: 2010-02-19
Posts: 1,810
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Re: Richest Man in Babylon

I love "real" books now!

I read Rich Dad Poor Dad last week.

and I started Mike Maloneys book and have read over half the book in 1 night!

Might have to give Richest man in Babylon another go. I find with some of the real old books the language just doesn't motivate me to keep reading.

Damn I'm turning into a nerd:(

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#7 2012-12-03 01:53:58

petey
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Registered: 2010-05-18
Posts: 1,149

Re: Richest Man in Babylon

For those with kids getting into the workforce, suggest what my dad did to me:

Save half of your income in one account (in hindsight, PM's?), and the rest is your spending money. When you come out of school, even a few hundred a week is a massive amount of money. Teach them to live with half of stuff all and they will always be resourceful.

I did this until I was around 23 (saved half of my wage). Never felt like I was poor or missing out and when it came time to buy some land it really helped out (no mortgage insurance).

Thanks for the book recommendation, I'll be checking it out.

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#8 2012-12-03 02:15:31

House
Moderator/ Legend
From: Stack City
Registered: 2012-04-30
Posts: 9,635
Trades :   232 

Re: Richest Man in Babylon

Ernster wrote:

I have to give Richest man in Babylon another go. I find with some of the real old books the language just doesn't motivate me to keep reading.

There's a recent edition that's been updated and revised for the 21st century, I found it much easier to read and comprehend than the old one with all it's fuddy duddy language. Try give that a go this time round


WBI- 41.16

"There's no point in paying a mortgage on an asset that is going to fall by 40 per cent or so in the next few years". Steve Keen, 2008.
Stacker FAQ'S. New threads welcome- http://forums.silverstackers.com/topic- … faq-s.html

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#9 2012-12-06 19:41:26

gcsun
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From: Australia
Registered: 2012-10-18
Posts: 300
Trades :   14 

Re: Richest Man in Babylon

@silver stacker.

Link to the modern day version???

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#10 2012-12-06 20:41:07

Auspm
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From: Sydney
Registered: 2012-10-29
Posts: 703
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Re: Richest Man in Babylon

r0dman wrote:

For those with kids getting into the workforce, suggest what my dad did to me:

Save half of your income in one account (in hindsight, PM's?), and the rest is your spending money. When you come out of school, even a few hundred a week is a massive amount of money. Teach them to live with half of stuff all and they will always be resourceful.

I did this until I was around 23 (saved half of my wage). Never felt like I was poor or missing out and when it came time to buy some land it really helped out (no mortgage insurance).

Thanks for the book recommendation, I'll be checking it out.

Amazing that back 'in the day' you're told savings is the key to wealth creation.

What do you get told nowadays about saving?

...

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#11 2012-12-06 20:52:09

JulieW
Silver Stacker
From: Australia
Registered: 2010-10-14
Posts: 11,087

Re: Richest Man in Babylon

House wrote:
Ernster wrote:

I have to give Richest man in Babylon another go. I find with some of the real old books the language just doesn't motivate me to keep reading.

There's a recent edition that's been updated and revised for the 21st century, I found it much easier to read and comprehend than the old one with all it's fuddy duddy language. Try give that a go this time round

.

Methinks thou doth protesteth too much.
smile

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#12 2012-12-06 21:17:21

House
Moderator/ Legend
From: Stack City
Registered: 2012-04-30
Posts: 9,635
Trades :   232 

Re: Richest Man in Babylon

JulieW wrote:
House wrote:
Ernster wrote:

I have to give Richest man in Babylon another go. I find with some of the real old books the language just doesn't motivate me to keep reading.

There's a recent edition that's been updated and revised for the 21st century, I found it much easier to read and comprehend than the old one with all it's fuddy duddy language. Try give that a go this time round

.

Methinks thou doth protesteth too much.
smile

Now think of the poor people with lisps who had to say that!


WBI- 41.16

"There's no point in paying a mortgage on an asset that is going to fall by 40 per cent or so in the next few years". Steve Keen, 2008.
Stacker FAQ'S. New threads welcome- http://forums.silverstackers.com/topic- … faq-s.html

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#13 2012-12-07 01:39:04

mmm....shiney!
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From: 昆士蘭
Registered: 2010-11-15
Posts: 15,893
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Re: Richest Man in Babylon

Auspm wrote:
r0dman wrote:

For those with kids getting into the workforce, suggest what my dad did to me:

Save half of your income in one account (in hindsight, PM's?), and the rest is your spending money. When you come out of school, even a few hundred a week is a massive amount of money. Teach them to live with half of stuff all and they will always be resourceful.

I did this until I was around 23 (saved half of my wage). Never felt like I was poor or missing out and when it came time to buy some land it really helped out (no mortgage insurance).

Thanks for the book recommendation, I'll be checking it out.

Amazing that back 'in the day' you're told savings is the key to wealth creation.



...

Saving is the first of Arkad's cure for a lean purse.

"For every ten coins thou placest within thy purse take out for use but nine....

Surely it is a law of the Gods that unto him who keepeth and spendeth not a certain part of all his earnings, shall gold come more easily."

Arkad, from "The Richest man in Babylon".

The second of Arkad's cures are hinted at in the following quotes:

"Study thoughtfully thy accustomed habits of living. Herein may be most often found certain accepted expenses that may wisely be reduced or eliminated. Let thy motto be one hundred percent of appreciated value demanded for each coin spent.

"Therefore, engrave upon the clay each thing for which thou desireth to spend. Select those that are necessary and others that are possible through the expenditure of nine- tenths of thy income. Cross out the rest and consider them but a part of that great multitude of desires that must go unsatisfied and regret them not." (My emphasis, not meant to be a clue, just a piece of sage advice).

Any one out there, if you haven't read it have a guess what Arkad's second cure is, try not to cheat by googling, work it out yourself from the quote lol


The woolgrower's target shall be the good thriving of his flock and its pastures, and so of himself and those whose livelihoods depend on his enterprise.
"The Woolgrower's Companion", 1906.

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#14 2012-12-07 03:09:24

JulieW
Silver Stacker
From: Australia
Registered: 2010-10-14
Posts: 11,087

Re: Richest Man in Babylon

House wrote:
JulieW wrote:
House wrote:

There's a recent edition that's been updated and revised for the 21st century, I found it much easier to read and comprehend than the old one with all it's fuddy duddy language. Try give that a go this time round

.

Methinks thou doth protesteth too much.
smile

Now think of the poor people with lisps who had to say that!

It's an age old problem:

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#15 2012-12-07 06:35:01

goldpelican
Administrator
From: Aust/USA
Registered: 2009-06-29
Posts: 17,984
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Re: Richest Man in Babylon

Put this into practice this week.

10% of pre-tax pay straight into unallocated silver. 20% onto the credit card that's got the remains of a holiday balance on it.


My posts on Silver Stackers are either personal opinion or acting in the capacity of site administrator. Opinions offered do not constitute professional or financial advice.

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#16 2012-12-07 06:50:05

renovator
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From: QLD
Registered: 2011-01-20
Posts: 7,529
Trades :   

Re: Richest Man in Babylon

Auspm wrote:
r0dman wrote:

For those with kids getting into the workforce, suggest what my dad did to me:

Save half of your income in one account (in hindsight, PM's?), and the rest is your spending money. When you come out of school, even a few hundred a week is a massive amount of money. Teach them to live with half of stuff all and they will always be resourceful.

I did this until I was around 23 (saved half of my wage). Never felt like I was poor or missing out and when it came time to buy some land it really helped out (no mortgage insurance).

Thanks for the book recommendation, I'll be checking it out.

Amazing that back 'in the day' you're told savings is the key to wealth creation.

What do you get told nowadays about saving?

...

the same thing  ..If you listen to the right people


i used to be disgusted now im just amused

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#17 2012-12-07 08:18:07

honey stacker
Silver Stacker
From: Australia
Registered: 2011-03-31
Posts: 406
Trades :   

Re: Richest Man in Babylon

mmm....shiney! wrote:
Auspm wrote:
r0dman wrote:

For those with kids getting into the workforce, suggest what my dad did to me:

Save half of your income in one account (in hindsight, PM's?), and the rest is your spending money. When you come out of school, even a few hundred a week is a massive amount of money. Teach them to live with half of stuff all and they will always be resourceful.

I did this until I was around 23 (saved half of my wage). Never felt like I was poor or missing out and when it came time to buy some land it really helped out (no mortgage insurance).

Thanks for the book recommendation, I'll be checking it out.

Amazing that back 'in the day' you're told savings is the key to wealth creation.



...

Saving is the first of Arkad's cure for a lean purse.

"For every ten coins thou placest within thy purse take out for use but nine....

Surely it is a law of the Gods that unto him who keepeth and spendeth not a certain part of all his earnings, shall gold come more easily."

Arkad, from "The Richest man in Babylon".

The second of Arkad's cures are hinted at in the following quotes:

"Study thoughtfully thy accustomed habits of living. Herein may be most often found certain accepted expenses that may wisely be reduced or eliminated. Let thy motto be one hundred percent of appreciated value demanded for each coin spent.

"Therefore, engrave upon the clay each thing for which thou desireth to spend. Select those that are necessary and others that are possible through the expenditure of nine- tenths of thy income. Cross out the rest and consider them but a part of that great multitude of desires that must go unsatisfied and regret them not." (My emphasis, not meant to be a clue, just a piece of sage advice).

Any one out there, if you haven't read it have a guess what Arkad's second cure is, try not to cheat by googling, work it out yourself from the quote lol


Is it budgeting?

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#18 2012-12-07 08:19:07

mmm....shiney!
Silver Stacker
From: 昆士蘭
Registered: 2010-11-15
Posts: 15,893
Trades :   102 
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Re: Richest Man in Babylon

renovator wrote:
Auspm wrote:
r0dman wrote:

For those with kids getting into the workforce, suggest what my dad did to me:

Save half of your income in one account (in hindsight, PM's?), and the rest is your spending money. When you come out of school, even a few hundred a week is a massive amount of money. Teach them to live with half of stuff all and they will always be resourceful.

I did this until I was around 23 (saved half of my wage). Never felt like I was poor or missing out and when it came time to buy some land it really helped out (no mortgage insurance).

Thanks for the book recommendation, I'll be checking it out.

Amazing that back 'in the day' you're told savings is the key to wealth creation.

What do you get told nowadays about saving?

...

the same thing  ..If you listen to the right people

Ooh, a clue into one of Arkad's other cures. Have you read the book reno?

Anyway, back onto to Cure #2:

"Study thoughtfully thy accustomed habits of living. Herein may be most often found certain accepted expenses that may wisely be reduced or eliminated. Let thy motto be one hundred percent of appreciated value demanded for each coin spent.

"Therefore, engrave upon the clay each thing for which thou desireth to spend. Select those that are necessary and others that are possible through the expenditure of nine- tenths of thy income. Cross out the rest and consider them but a part of that great multitude of desires that must go unsatisfied and regret them not." (My emphasis, not meant to be a clue, just a piece of sage advice).

Does anyone want to play the guessing game and have a stab at what Arkad's second cure is? No googling now, use the quote to guide you. Six free ounces of gold from the Perth Mint to whoever guesses correctly (I haven't confirmed this with the Perth Mint yet).


The woolgrower's target shall be the good thriving of his flock and its pastures, and so of himself and those whose livelihoods depend on his enterprise.
"The Woolgrower's Companion", 1906.

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#19 2012-12-07 08:35:31

mmm....shiney!
Silver Stacker
From: 昆士蘭
Registered: 2010-11-15
Posts: 15,893
Trades :   102 
Website

Re: Richest Man in Babylon

honey stacker wrote:

Is it budgeting?

Nearly wink

What is on of the aims of budgeting?


The woolgrower's target shall be the good thriving of his flock and its pastures, and so of himself and those whose livelihoods depend on his enterprise.
"The Woolgrower's Companion", 1906.

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#20 2012-12-07 08:38:54

honey stacker
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From: Australia
Registered: 2011-03-31
Posts: 406
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Re: Richest Man in Babylon

1.Seeing where the money is going so you can redirect it to a different place?
2.Spending less on the silly stuff?
3..................................................?

Its 3 isn't it!

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#21 2012-12-07 08:49:08

mmm....shiney!
Silver Stacker
From: 昆士蘭
Registered: 2010-11-15
Posts: 15,893
Trades :   102 
Website

Re: Richest Man in Babylon

honey stacker wrote:

1.Seeing where the money is going so you can redirect it to a different place?
2.Spending less on the silly stuff?
3..................................................?

Its 3 isn't it!


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

"Now I will tell thee of an unusual truth about men and sons of men. It is this; That 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. Therefore are thy earnings spent to gratify these desires insofar as they will go. Still thou retainest many ungratified desires.

"All men are burdened with more desires than they can gratify...

"Therefore, engrave upon the clay each thing for which thou desireth to spend. Select those that are necessary and others that are possible through the expenditure of nine-tenths of thy income. Cross out the rest and consider them but a part of that great multitude of desires that must go unsatisfied and regret them not."

Last edited by mmm....shiney! (2012-12-07 08:49:53)


The woolgrower's target shall be the good thriving of his flock and its pastures, and so of himself and those whose livelihoods depend on his enterprise.
"The Woolgrower's Companion", 1906.

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#22 2012-12-07 08:53:00

mmm....shiney!
Silver Stacker
From: 昆士蘭
Registered: 2010-11-15
Posts: 15,893
Trades :   102 
Website

Re: Richest Man in Babylon

Arkad's cures so far:

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


The woolgrower's target shall be the good thriving of his flock and its pastures, and so of himself and those whose livelihoods depend on his enterprise.
"The Woolgrower's Companion", 1906.

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#23 2012-12-07 09:17:31

long88
Member
From: Melbourne
Registered: 2012-06-19
Posts: 763
Trades :   13 

Re: Richest Man in Babylon

3. buy pm

mmm....shiney! wrote:

Arkad's cures so far:

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

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#24 2012-12-07 16:18:45

Fykus
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From: Port Macquarie, NSW
Registered: 2011-08-13
Posts: 548
Trades :   13 

Re: Richest Man in Babylon

how many sagely advices are there

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#25 2012-12-07 18:35:27

mmm....shiney!
Silver Stacker
From: 昆士蘭
Registered: 2010-11-15
Posts: 15,893
Trades :   102 
Website

Re: Richest Man in Babylon

Fykus wrote:

how many sagely advices are there

7

long88 wrote:

3. buy pm

mmm....shiney! wrote:

Arkad's cures so far:

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

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.  wink


The woolgrower's target shall be the good thriving of his flock and its pastures, and so of himself and those whose livelihoods depend on his enterprise.
"The Woolgrower's Companion", 1906.

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