In an Over-Communicated, Intrusive World, Simple is Better
Ed

Clason’s “The Richest Man in Babylon” Part 2 – The 7 Cures for a Lean Wallet and The 5 Laws of Money

Copyright © 2007 Ed Bagley

Part 1 of this 2 Part series ends the synopsis of George Clason’s book “The Richest Man in Babylon,” but Clason raises an important question: Why should
so few men be able to acquire so much gold?

The answer is because they know how.

One may not condemn a man for succeeding because he knows how. Neither may one with justice take away from a man what he has fairly earned, to give to men of less ability.

And so it was that the good king of Babylon sought out the richest man in Babylon to teach to others in his kingdom the secrets of his success.

This is a synopsis of what the richest man taught to the people
of Babylon:

The Seven Cures for a Lean Wallet

1) Start your wallet to fattening. Save one-tenth of all you earn. Remember that a part
of all I earn is mine to keep. Do this faithfully. Do not let the simplicity of this escape you.

When I ceased to pay out more than nine-tenths of my earnings,
I got along just as well.
I was not shorter than before, and, money came to me more easily than before.

2) Control your expenses. How is it that all do not earn the same yet all have lean wallets? Here is the truth: That which each of us calls our “necessary expenses” will always grow to equal our incomes unless we protest to
the contrary.

Confuse not necessary expenses with desires. We all have more desires than our earnings can gratify. Examine which of the accepted expenses of living can be reduced or eliminated. Let your motto be 100% of appreciated value demanded for every dollar spent.

Budget your expenses so that your actual necessities are met without spending more than nine-tenths of your earnings.

3) Make your money multiply. Protect your growing treasure by putting it to labor and increasing. Money in your wallet earns nothing. Money that we earn from our money is but a start; it is the earnings generating earnings that builds fortunes.

When the richest man in Babylon loaned money to the shield maker to buy bronze, he said this: “Each time I loaned money to the shield maker, I loaned back also the rental he had paid me. Therefore not only did my capital increase, but its earnings likewise increased.”

4) Guard your money from loss. Everyone has an idea of how to make quick money; few, however, have the evidence of making money to justify their idea, scheme or offer of quick riches. The first sound principle of investment is security for your principal.

Before you loan your money to any man assure yourself of his ability to repay your loan, and of his reputation to do so. Make no one a present of your hard-earned treasure.

Consult the wisdom of those experienced in handling money for profit. Such advice is often freely given for
the asking, and may possess more value than the amount you
are about to invest.

5) Make your home a profitable investment. When you can set aside only nine-tenths of what you earn to live, and can use a part of that nine-tenths to improve the investment in your housing, do it; owning your own home is also an investment that grows with your wealth.

Your family deserves a home they can enjoy and call their own. It builds a sense of stability and well-being.

6) Ensure a future income. Build income-producing assets that do not require you to work forever. We will all grow old and die.

You should prepare a suitable income for the days to come when you are no longer younger and cannot work as hard, and to make preparations for your family should you no longer be with them to comfort and support them. Provide in advance for the needs of your growing age, and the protection of your family.

7) Increase your
ability to earn.
Desire precedes accomplishment, and the desire must be strong and definite. When you have backed your desire for saving $1,000 with the strength and purpose to secure it, you can then save $2,000.

Desires must be simple and definite. Desires defeat their own purpose when they are too many, too confusing, or too difficult to accomplish. Cultivate your own powers to study and become wiser, more skillful, and more productive.

Here is more sage advice from Clason’s masterpiece on financial matters:

The 5 Laws of Money

If you had to choose, would you choose tons of money or wisdom? Most men would take the money, ignore the wisdom, and waste the money. Here is the wisdom:

1) Money comes gladly and in increasing quantities to any man who will put aside not less than one-tenth of his earnings to create an estate for his future and the future of his family.

2) Money labors diligently and contently for the wise owner who finds for it profitable employment, multiplying unto itself in infinity if kept working diligently. Money multiplies itself in surprising fashion.

3) Money clings to
the protection of the cautious owner who invests it with the advice of men wise
in its handling.

4) Money slips away from the man who invests it in businesses or purposes that he is not familiar with, or which are not approved by those skilled in its keep. The inexperienced handler of money who trusts his own judgment, and puts his money in investments which he is not familiar, always pays with his money for his experience.

5) Money flees the man who would force it to impossible earnings, or who follows the alluring advice of tricksters and schemers, or who
trusts it to his own inexperience and romantic desires in investment.

Here is the hard lesson of the 5 Laws of Money: You cannot measure the value of wisdom in bags of money. Without wisdom, those who have it quickly lose money, but with wisdom, money can be secured by those who have it not.

This ends the condensation.

Sports Quotes By Famous Coaches

Copyright © 2007 Ed Bagley

College football’s annual bowl season is full of surprises and spectacular moments. Famous coaches have had some memorable remarks about American’s most popular sport, and here are some of them by legendary Green Bay Packer coach Vince Lombardi, who many consider to be the best of the best.

Lombardi’s head coaching record in the National Football League was second to none. In 9 years with the Green Bay Packers, Lombardi’s regular season won-loss percentage was 73% (96-34-6), his postseason was 90% (9-1) and his total was 75% (105-35-6).

He took a 1-10-1 team in 1958 to an NFL title in 3 years, and went on to win 5 NFL titles in 9 years (1961, 1962, 1965, 1966 and 1967) and three titles consecutively. He led the Packers to the first two Super Bowl titles in 1966 and 1967.

Lombardi’s discipline was legendary. A lifelong Catholic, he spent 4 years in Cathedral Preparatory Seminary to become a Catholic priest before becoming a standout football player at St. Francis Preparatory High School.

An undersized guard at 5 foot 8 and 185 pounds, he was offered and accepted a football scholarship to Fordham University in the Bronx to play for “Sleepy” Jim Crowley, one of the Four Horsemen of Notre Dame in the 1920s. He would become part of the “Seven Blocks of Granite” that held Fordham’s opponents scoreless several times during a 25-game winning streak.

After coaching at Fordham, Lombardi became the offensive line coach for West Point under another legendary head coach, Colonel Red Blaik. Lombardi then became the offensive coordinator for the New York Giants, working with defensive coordinator Tom Landry and head coach Jim Lee Howell, before becoming Green Bay’s head coach in 1959.

Lombardi was 59 years old when he died of cancer in 1970. Grown men and Hall of Fame football players openly wept at his funeral.

Here are some of Vince Lombardi’s best known quotes:

“If it doesn’t matter who wins or loses, then why do they keep score?”

“I firmly believe than any man’s finest hour, the greatest fulfillment of all that he holds dear, is that moment when he has worked his heart out in a good cause and lies exhausted on the field of battle—victorious.”

“There is no room for second place. There is only one place in my game and that is first place. I have finished second twice in my time at Green Bay and I never want to finish second again.”

“Winning isn’t everything, it’s the only thing.”

“Confidence is contagious. So is lack of confidence.”

“The harder you work, the harder it is to surrender.”

“Show me a good loser, and I’ll show you a loser.”

“Once you learn to quit, it becomes a habit.”

“If you can accept losing, you can’t win.”

“Perfection is not attainable, but if we chase perfection we can catch excellence.”

“Practice does not make perfect. Only perfect practice makes perfect.”

“Success demands singleness of purpose.”

“It’s not whether you get knocked down, it’s whether you get up.”

“It’s easy to have faith in yourself and have discipline when you’re a winner, when you’re number one. What you got to have is faith and discipline when you’re not a winner.”

“The measure of who we are is what we do with what we have.”

“We didn’t lose the game; we just ran out of time.”

Copyright 2012 by Ed Bagley

Great coaches win games when it counts. Some coaches also make great interviews for the media writers by never shying away in victory or defeat, and giving great quotes. Even fewer have great personalities to go with their victories, and quotes that are insightful, memorable and sometimes so funny we cannot help but smile.

And then there are the select few, legends in their own time that will never be forgotten, such as Knute Rockne and Vince Lombardi. Add Lou Holtz to the same list, not in the same class as Rockne and Lombardi, but because of his quick wit and quality comments. Successful coaches did not become so by being stupid, arcane and bovine. Holtz is sharp as a tack.

Rockne (the Notre Dame Fighting Irish), Lombardi (the Green Bay Packers), and Holtz (the only coach to lead 6 college programs to bowl-game appearances) are all football coaches.

Enter basketball’s John Wooden, who ranks in the same class as Rockne and Lombardi.

Known as the “Wizard of Westwood”, Wooden won 665 games in 27 seasons at UCLA and 10 NCAA titles during this last 12 years, including 7 straight from 1967 to 1973. He also had an 88-game winning streak and two undefeated, back-to-back national championship teams.

Wooden’s UCLA record during his 10 National Championship years was 291-10 (not a misprint); it rounds to a 97% winning percentage and includes no less than 4 perfect 30-0 seasons.

Here are some of John Wooden’s most famous quotes:

“If you don’t have time to do it right, when will you have time to do it over?”

“Never mistake activity for achievement.”

“If you’re not making mistakes, then you’re not doing anything. I’m positive that a doer makes mistakes.”

“Adversity is the state in which man most easily becomes acquainted with himself, being especially free of admirers then.”

“Failure is not fatal, but failure to change might be.”

“I’d rather have a lot of talent and a little experience than a lot of experience and a little talent.”

“Do not let what you cannot do interfere with what you can do.”

“Talent is God-given. Be humble. Fame is man-given. Be grateful. Conceit is self-given. Be careful.”

“Ability is a poor man’s wealth.”

“Winning takes talent, to repeat takes character.”

“Be more concerned with your character than your reputation, because your character is what you really are, while your reputation is merely what others think you are.”

“Things turn out best for the people who make the best of the way things turn out.”

“You can’t let praise or criticism get to you. It’s a weakness to get caught up in either one.”

“It’s not so important who starts the game but who finishes it.”

“It’s the little details that are vital. Little things make big things happen.”

“It’s what you learn after you know it all that counts.”

“Consider the rights of others before your own feelings, and the feelings of others before your own rights.”

“What you are as a person is far more important than what you are as a basketball player.”

“There are many things that are essential to arriving at true peace of mind, and one of the most important is faith, which cannot be acquired without prayer.”

“You can’t live a perfect day without doing something for someone who will never be able to repay you.” (My personal favorite.)

Sid Miller Wants to Know: What are you voting for?

 

That moment when someone says, “I can’t believe you would vote for Trump”

I simply reply “I’m not voting for Trump.”

I’m voting for the First Amendment and Freedom of Speech.

I’m voting for the Second Amendment and my right to defend my life and my family.

I’m voting for the next Supreme Court Justice(s) to protect the Constitution and the Bill of Rights.

I’m voting for the continued growth of my retirement investments and the stock market.

I’m voting for an end to America’s involvement in foreign conflicts.

I’m voting for the Electoral College & the Republic we live in.

I’m voting for the Police to be respected once again and to ensure Law & Order.

I’m voting for the continued appointment of Federal Judges who respect the Constitution and the Bill of Rights.

I’m voting for our jobs to remain in America and not be outsourced all over again to China, Mexico and other foreign countries.

I’m voting for secure borders and legal immigration.

I’m voting for the Military & the Veterans who fought for this Country to give the American people their freedoms.

I’m voting for the unborn babies that have a right to live.

I’m voting for continued peace progress in the Middle East.

I’m voting to fight against human/child trafficking.

I’m voting for Freedom of Religion.

I’m voting for the American Flag that is disrespected by the “mob.”

I’m voting for the right to speak my opinion & not be censored.

I’m not just voting for one person, I’m voting for the future of my Country.

I’m voting for my children and my grandchildren to ensure their freedoms and their future.

What are you voting for?

About the Source: Sid Miller is the Commissioner of Agriculture in the Great State of Texas.

(Ed’s Note: The current 2020 Presidential Election has been reduced to a choice between our “constitutional republic” form of government and creeping into a “socialist” form of government in America. We should not allow any political party in America to bring advancing socialism—example: The Green New Deal—under the guise of improving our constitutional republic. Every form of socialism as a government in history has failed to advance the welfare of the citizens therein. Smart people know that socialism does not secure our rights as citizens but rather reduces our personal rights to the point where we have none and ultimately end up as a dictatorship.)

Financial Thoughts
on Investing
by Warren Buffett

(Ed’s Note: The following condensation is from The Tao of Warren Buffett, written by Mary Buffett and David Clark and available for sale at Amazon and bookstores nationwide. I am always impressed by what Warren Buffett has to say and am doing this condensation to help promote their book.)

On Investing: Never be afraid to ask too much when selling offer too little when buying.
(Ed’s Note: How much you get from a sale or how much you have to pay when making a purchase determines whether you make or lose money and how rich you ultimately become.)

(Ed’s Note: For more of Warren Buffett’s advice go to the menu bar above and click on Financial Thoughts.)