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#26 2012-12-07 19:00:57

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

Re: Richest Man in Babylon

give use the rest please. tongue

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#27 2012-12-07 19:03:03

renovator
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From: QLD
Registered: 2011-01-20
Posts: 7,530
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Re: Richest Man in Babylon

mmm....shiney! wrote:
renovator wrote:
Auspm wrote:

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).

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 .


i used to be disgusted now im just amused

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#28 2012-12-07 19:40:41

mmm....shiney!
Silver Stacker
From: 昆士蘭
Registered: 2010-11-15
Posts: 15,941
Trades :   102 
Website

Re: Richest Man in Babylon

renovator wrote:

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 .

Another clue from reno smile

Fykus wrote:

give use the rest please. tongue

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.  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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#29 2012-12-07 20:16:30

goldpelican
Administrator
From: Aust/USA
Registered: 2009-06-29
Posts: 17,984
Trades :   153 
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Re: Richest Man in Babylon

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


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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#30 2012-12-07 20:27:26

JulieW
Silver Stacker
From: Australia
Registered: 2010-10-14
Posts: 11,099

Re: Richest Man in Babylon

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

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.

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#31 2012-12-07 20:39:46

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

Re: Richest Man in Babylon

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 ??

mmm....shiney! wrote:
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

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#32 2012-12-08 02:28:39

renovator
Member
From: QLD
Registered: 2011-01-20
Posts: 7,530
Trades :   

Re: Richest Man in Babylon

mmm....shiney! wrote:
renovator wrote:

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 .

Another clue from reno smile

Fykus wrote:

give use the rest please. tongue

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.  wink

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


i used to be disgusted now im just amused

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#33 2012-12-08 02:31:02

renovator
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From: QLD
Registered: 2011-01-20
Posts: 7,530
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Re: Richest Man in Babylon

goldpelican wrote:

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

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


i used to be disgusted now im just amused

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#34 2012-12-08 03:17:27

mmm....shiney!
Silver Stacker
From: 昆士蘭
Registered: 2010-11-15
Posts: 15,941
Trades :   102 
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Re: Richest Man in Babylon

long88 wrote:

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 ??

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

"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.

Last edited by mmm....shiney! (2012-12-08 03:18:43)


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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#35 2012-12-08 03:23:13

mmm....shiney!
Silver Stacker
From: 昆士蘭
Registered: 2010-11-15
Posts: 15,941
Trades :   102 
Website

Re: Richest Man in Babylon

goldpelican wrote:

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

Are you out to wreck my fun?  tongue


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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#36 2012-12-09 09:48:04

Argentum
Member
From: Australia
Registered: 2010-11-06
Posts: 1,942
Trades :   74 

Re: Richest Man in Babylon

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

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#37 2012-12-09 11:50:53

GiLa
Member
From: Australia
Registered: 2012-12-06
Posts: 55
Trades :   

Re: Richest Man in Babylon

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?

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#38 2012-12-10 09:05:48

AngloSaxon
Member
From: Sydney
Registered: 2012-10-26
Posts: 1,980
Trades :   

Re: Richest Man in Babylon

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.


Age Res Proprias Tuas

Now reading: Coming Apart - The State of America by Charles Murray.

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#39 2012-12-12 07:24:21

mmm....shiney!
Silver Stacker
From: 昆士蘭
Registered: 2010-11-15
Posts: 15,941
Trades :   102 
Website

Re: Richest Man in Babylon

No takers on:

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.

????? 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 big_smile This is what reno was hinting at:

"Study carefully, before parting with thy treasure, each assurance that it may be safely reclaimed. Be not misled by thine own romantic desires to make wealth rapidly...

"My own first investment was a tragedy to me at the time. The guarded savings of a year did I entrust to a brickmaker, named Azmur, who was travelling over the far seas and in Tyre agreed to buy for me the rare jewels of the Phoenicians. These we would sell upon his return and divide the profits. The Phoenicians were scoundrels and sold him bits of glass. My treasure was lost. Today, my training would show to me at once the folly of entrusting a brickmaker to buy jewels."

Last edited by mmm....shiney! (2012-12-12 07:31:36)


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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#40 2012-12-12 08:04:30

DanDee
Silver Stacker
From: NSW
Registered: 2011-11-21
Posts: 1,415
Trades :   48 

Re: Richest Man in Babylon

renovator wrote:

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 .

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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#41 2012-12-12 08:06:25

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

Re: Richest Man in Babylon

i'll have a stab:

4: listen to the people who have achieved the result (or chariot as what reno hinting at), and follow their sincere advice/follow what they do.

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#42 2012-12-12 08:11:27

renovator
Member
From: QLD
Registered: 2011-01-20
Posts: 7,530
Trades :   

Re: Richest Man in Babylon

DanDee wrote:
renovator wrote:

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 .

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

lol yeah . I'l say... looking at them made me not want to be like them more than i actually wanted the money


i used to be disgusted now im just amused

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#43 2012-12-13 06:28:48

Contrarian
Member
From: Australia
Registered: 2010-12-16
Posts: 717
Trades :   18 

Re: Richest Man in Babylon

DanDee wrote:
renovator wrote:

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 .

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

It's very interesting to talk to people who have been sucessfull and then have come unstuck and lost it. Gives you a good idea of what not to do, what situations to avoid etc.

C

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#44 2012-12-13 06:33:25

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

Re: Richest Man in Babylon

first common problem:

1. Divorce..

Contrarian wrote:
DanDee wrote:
renovator wrote:

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 .

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

It's very interesting to talk to people who have been sucessfull and then have come unstuck and lost it. Gives you a good idea of what not to do, what situations to avoid etc.

C

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#45 2012-12-13 06:38:09

renovator
Member
From: QLD
Registered: 2011-01-20
Posts: 7,530
Trades :   

Re: Richest Man in Babylon

long88 wrote:

first common problem:

1. Divorce..

Contrarian wrote:
DanDee wrote:

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

It's very interesting to talk to people who have been sucessfull and then have come unstuck and lost it. Gives you a good idea of what not to do, what situations to avoid etc.

C

I called it my reverse super  lol


i used to be disgusted now im just amused

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#46 2012-12-13 07:31:36

GiLa
Member
From: Australia
Registered: 2012-12-06
Posts: 55
Trades :   

Re: Richest Man in Babylon

Contrarian wrote:
DanDee wrote:
renovator wrote:

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 .

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

It's very interesting to talk to people who have been sucessfull and then have come unstuck and lost it. Gives you a good idea of what not to do, what situations to avoid etc.

C

the successful ones who havent fallen would not have the experience of preventing failure.
Ive been fortunate to fail many times, all for different reasons but all having to deal with people.

Im going to have to find my book soon

I only remember bits and parts of the book
as an employee learn to save 10% (someone say super) and live off the rest
once you got enough savings then go into venture capital, I do remember him doing a trade whereby the merchant trade was virtually risk free with the potential of doubling.
which should be around the middle of the book
something about knowing your investments as advice is given freely.

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#47 2012-12-13 07:46:01

GiLa
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From: Australia
Registered: 2012-12-06
Posts: 55
Trades :   

Re: Richest Man in Babylon

thats right after re-reading that 4th clue again he did do a similar investment again just that the second time was not with a brick maker who knew nothing about jewels, but with a merchant who did it as a living a he then doubled his investments.
think that was the reason why I dont trust financial planners or stock brokers.

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#48 2012-12-13 08:00:56

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

Re: Richest Man in Babylon

you dont even try to put any money into super.. as it is all going to stock market..
my guess is as good as any financial planner in the office sitting in front of computer.
if i were to gamble with my money, i would be the one who place the bet.. not some dude..



GiLa wrote:

thats right after re-reading that 4th clue again he did do a similar investment again just that the second time was not with a brick maker who knew nothing about jewels, but with a merchant who did it as a living a he then doubled his investments.
think that was the reason why I dont trust financial planners or stock brokers.

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#49 2012-12-13 09:32:17

GiLa
Member
From: Australia
Registered: 2012-12-06
Posts: 55
Trades :   

Re: Richest Man in Babylon

however unlike the financial planner there is no commissions for your gambling

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#50 2012-12-16 07:15:39

nonrecourse
Member
From: Melbourne Australia
Registered: 2011-07-11
Posts: 1,628
Trades :   

Re: Richest Man in Babylon

mmm....shiney! wrote:
long88 wrote:

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 ??

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.

Its called vendor finance. It is neither illegal or difficult

Kind Regards
non recourse

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