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.

Copyright © 2007 Ed Bagley

As a former record-setting championship runner, it is normal and natural for me to proclaim “Chariots of Fire” as simply the greatest running movie ever made. What is strange is famed movie critic Roger Ebert’s reaction to this film classic.

“I have no interest in running and am not a partisan in the British class system,” says Ebert. “Then why should I have been so deeply moved by ‘Chariots of Fire’, a British film that has running and class as its subjects? Like many great films, Chariots of Fire takes its nominal subjects as occasions for much larger statements about human nature.”

Ebert is drawn to Chariots of Fire like a bee to honey. He cannot resist the powerful presentation of this true story about two men of principles and integrity that use running as a magnet to attract followers to their cause.

One is Harold Abrahams (Ben Cross), a British man to the core and a Jew whose father is an immigrant and financier from Lithuania. The other is Eric Liddell (Ian Charleson), a Scot who is the son of missionaries in China. Both have the God-given gift of speed and seek to bring home medals from the 1924 Paris Olympics.

Abrahams feels the sting of discrimination because of his Jewish heritage and runs for the glory of Britain and the acceptance that he believes will make him whole; there is no question he is worthy. Aubrey Montague (Nicholas Farrell) is his close friend and confidant.

“You, Aubrey, are my most complete man,” says Abrahams. “You’re brave, compassionate, kind: a content man. That is your secret, contentment. I am 24 and I’ve never known it. I’m forever in pursuit and I don’t even know what I am chasing.”

Abrahams is driven by his quest for a gold medal in the 100-meter dash. He will let nothing come between him and his goal, even the love of his life Sybil Gordon (Alice Krige). He enters Cambridge University and quickly becomes a campus standout by becoming the first person to successfully run around the Trinity Great Court from the first toll until the clock strikes 12. His competition is Lord Andrew Lindsay (Nigel Havers) who pushes him to glory.

Abrahams tells his friend Aubrey Montague that he has never been beaten in competition. When he faces Eric Liddell for the first time he loses, and his immaturity surfaces when he declares to Sybil Gordon that “If I can’t win, I won’t run!” Sybil replies, “If you don’t run, you can’t win.”

Fortunately, the famous trainer Sam Mussabini (Ian Holm) is at the race and tells Abrahams he is over striding and points out that over striding is the kiss of death for a sprinter. He reluctantly agrees to coach Abrahams so he can beat Liddell in the 100 meters.

Sam Mussabini tells Abrahams that Liddell is a fast gut runner who digs deep, but reminds him that a short sprint is run on nerves, and then adds that it’s tailor-made for neurotics.

Eric Liddell is more than fast, he is one of the fastest runners anywhere, a fact that is about to be demonstrated to the world in the Olympic games. Liddell is self-assured and confident and unlike, Abrahams, runs for the greater glory of God.

When his missionary sister Jennie Liddell (Cheryl Campbell) fears his focus will be lost on running, Eric replies that “I believe God made me for a purpose, but he also made me fast. And when I run I feel his pleasure.”

In the Olympic games, both Abrahams and Liddell will clash with two very fast Americans, Charles Paddock—the world record holder in the 100 meters—and Jackson Scholz—a 200-meter sprinter.

When Eric Liddell learns that the preliminaries for the 100-meter dash will be run on Sunday, he refuses to compete. When confronted by the British Olympic Committee and Lord Cadogan reprimands him for his impertinence, Liddell replies that “The impertinence lies, sir, with those who seek to influence a man to deny his beliefs!”

At the 11th hour and 59th minute, Lord Andrew Lindsey intervenes with a solution: Since he has already won a bronze medal in the 200-meter race, let Liddell replace him in the 400-meter dash.

Liddell is then seen at church delivering a guest sermon and quotes the Bible prophetically from Isaiah, Chapter 40, Verse 31: “But they that wait upon the Lord shall renew their strength; they shall mount up with wings like eagles; they shall run, and not be weary; and they shall walk, and not faint” (King James Version).

Chariots of Fire has an unknown cast with spectacular photography and music as well as many running scenes.

Roger Ebert keys in on the musical score, calling it “one of the most remarkable sound tracks of any film” with music by the Greek composer Vangelis. “His compositions . . . are as evocative, and as suited to the material, as the different but also perfectly matched scores (as) ‘Zorba the Greek’.”

Vangelis’ use of an electronic score may have been ill-suited to a period piece like Chariots of Fire, but it worked beyond anyone’s expectations, creating a new style in film scoring. He played all of the instruments, including synthesizers, acoustic piano, battery and percussion.

Against this nostalgic backdrop the movie opens with Lord Andrew Lindsey delivering the eulogy for Harold Abrahams funeral:

“Let us praise famous men and our fathers that begat us. All these men were honored in their generations and were a glory in their days. We are here today to give thanks for the life of Harold Abrahams. To honor the legend. Now there are just two of us—young Aubrey Montague and myself—who can close our eyes and remember those few young men with hope in our hearts and wings on our heels.”

From this incredible opening follows the flashback and the narration that recounts the challenges and glory of Great Britain’s athletes at the 1924 Olympic Games. The next scene is the athletes running along the beach to what has become known as the Chariots of Fire theme that would later be released as a single in 1982 and top the charts in the United States.

In the end, Harold Abrahams would win the 100-meter dash, and would also win a silver medal as the opening leg (runner) on the 4×100 relay team. Eric Liddell—the Flying Scotsman—would win the 400-meter dash in an Olympic record 47.6 seconds, and also picked up a bronze medal in the 200-meter dash, won by Jackson Scholz with Charles Paddock second.

Among many poignant moments in Chariots of Fire is Eric Liddell at the starting line of the 400-meter dash and Jackson Scholz, who was not competing in the race, hands him a written note of text from the Bible. The quotation was from 1st Samuel, 2nd Chapter. Verse 30, “Those who honor me I will honor.” Liddell ran the 400 meters with the note in his hand and set an Olympic record.

Abrahams would marry his sweetheart and become the elder statesman of track and field in Britain. Liddell would return to China as a missionary with his physician brother Rob and ultimately be imprisoned during the Chinese-Japanese War in 1942.

Winston Churchill arranged for a prisoner exchange to get Liddell out of the camp (his family had left China before the hostilities started) but Liddell—ever faithful to the end in serving others—gave up his place to a pregnant mother. He died of a brain tumor in 1945, 5 months before the camp was liberated. Even today, 64 years later, he is honored as Scotland’s greatest athlete.

If you have a shred of integrity, principles, ethics, morals, honor, sensitivity or patriotism, you will love Chariots of Fire and be moved by its message.

If you do not, I cannot do anything for you but let you know that Chariots of Fire is more than the greatest running movie ever made, it is also one of the greatest films ever made.

Chariots of Fire, released in 1981, was a British film written by Colin Welland and directed by Hugh Hudson. It would draw moviegoers everywhere by winning 4 Oscars at the Academy Awards for Best Picture (Producer David Puttman), Best Original Screenplay (Colin Welland), Best Original Music Score (Vangelis) and Best Costume Design (Milena Canonero).

Chariots of Fire was also nominated for Oscars for Best Supporting Actor (Ian Holm as Sam Mussabini), Best Director (Hugh Hudson) and Best Film Editing (Terry Rawlings). It also had 12 other wins and 15 more nominations, including Best Foreign Film at the Golden Globe Awards.

Chariots of Fire remains among my list of the Top 10 films ever made. It passes my most stringent test of asking myself after seeing a film: Am I a better person for having seen this film? The answer is yes, a thousand times yes!

Even today, 26 years after seeing Chariots of Fire for the first time, I get goose bumps whenever I see it again.

Every time I see it I pull down my Cambridge Factfinder from my library shelf and stare at the 1924 Paris Olympic results. There I see three gold medal winners—Harold Abrahams of Great Britain in the 100-Meter Dash (10.6), Eric Liddell of Great Britain in the 400-Meter Dash (an Olympic record 47.6) and Douglas Lowe of Great Britain in the 800-Meter Run (1:52.4). Lowe was not in Colin Welland’s script.

I think of that glorious time when some few ran with hope in their hearts and wings on their heels.

These Are Possibly the 5 Most Accurate Sentences You Will Ever Read

Copyright 2020
by Ed Bagley

1. You cannot legislate the poor into prosperity by legislating the wealth out of prosperity.

2. What one person receives without working, another person must work without receiving.

3. The government cannot give to anybody anything that the government does not first take from somebody else.

4. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that is the beginning of the end of any nation.

5. You cannot multiply wealth by dividing it.

America is getting perilously close to losing its four most important freedoms:

1) A republic form of government based on law and order to ensure a civil and livable society.

2) The right to choose your own path in life, to speak freely and assemble freely without control from a government hell bent on becoming a socialist society that will control our means of production and jobs, seek to limit our source of information in the media and in our educational system and provide us with a substandard, universal healthcare system that will go broke, just like every other government program since the beginning of time.

3) The right to keep arms to protect us from a government that becomes too big and greedy in its control over us, moving into socialism and then morphing into a communist or totalitarian system with a dictator, controlling every aspect of our lost freedoms, taking our property and assets, destroying our family, raping our women and killing us when we object.

4) The right to free and fair elections to determine who will represent us without government officials fixing elections to elect the candidate of their choice, to protect our borders from criminal actors and elements that threaten our safety and security, and career politicians who can be bought and sold by special interest groups, including businesses making money and creating jobs, and minority groups littered with victims who have little interest in working within the existing system to get ahead and prosper and seek government control and government handouts while complaining and whining voraciously while achieving nothing.

America is the freest country with the greatest opportunity on the face of the Earth. Clearly, the underachievers who are unhappy in America are out to change our system rather than themselves. The do not understand this reality: When you blame others you give up your ability to change. Albert Einstein said it best: The difference between ignorance and intelligence is that intelligence has a limit.

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.)