Monday Morning Coffee | July 27, 2009
RISE TO THE OCCASION!
In 1926, George Clason introduced a series of pamphlets on thrift and financial success which were widely distributed by banks and insurance companies. He used fables, set in ancient Babylon, to make his points. The most famous of them, "The Richest Man in Babylon," is familiar to millions.
In the story was a very rich man named Arkad. Arkad was generous with all and spent liberally, yet he grew wealthier with each passing year. A group of friends from his youth approached him, asking how he had amassed such wealth while they lived a lifestyle of mere subsistence. His answer was, "If you have not acquired more than a bare existence in the years since we were youths, it is because you have either failed to learn the laws that govern the building of wealth, or else you do not observe them." The pamphlet then goes on to explain the "Seven Cures For a Lean Purse."
So, who are you most like - Arkad . . . or his friends? If you know and practice Arkad's teachings, your primary obligation now is to teach your children, and their children. If you have not been so fortunate as to learn the "laws" and practice them, take heart. It is not too late.
In simple terms, "spend less than you earn" is the critical element that produces wealth. It also requires self-discipline, learned behavior, persistence, wisdom, knowledge, integrity, and more. But, hey, why rewrite the book here when you can just order the paperback online? It's an easy read packed with simple to follow steps to financial independence. If you're tired of the stress, worry, and frustration of never having enough, try giving this book a read!