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 © 2008 Ed Bagley

Was there ever an actress who combined these four timeless qualities—beauty, fashion, grace and humility—better than Audrey Hepburn? I think not, especially when I see her again in “Breakfast at Tiffany’s”.

Even an actress who could come close (and I can think of none) would in no way match the humility of Audrey Hepburn. We shall not see another like her in our lifetime and by then the film industry may be on the way out when some newer, better technology unknown to us today arrives.

All the more reason to purchase her five most memorable movies in DVD now while they are still available.

First would be her Oscar winning Best Actress performance in Roman Holiday opposite Gregory Peck, which was also her first starring role in an American film.

The next four would be her Best Actress Oscar nominations for “Sabrina”, “The Nun’s Story”, “Wait Until Dark” (one of the two scariest movies I have ever seen) and Breakfast at Tiffany’s (the Oscar went to Sophia Loren for “Two Women”).

Breakfast at Tiffany’s had two great assets, Audrey Hepburn as Holly Golightly, the young New York socialite (we say socialite because this movie was released in 1961, 45 years ago), and Director Blake Edwards, whose deft, sensitive handling of Hepburn’s character (a high-priced prostitute) could not have been done better.

Holly Golightly’s beauty, sense of fashion and pure innocence prohibit me from thinking of her as a woman of the night. She is so inherently stylish. God has not made a woman that could wear clothes better than Audrey Hepburn.

She has Holly Golightly floating around in Givenchy gowns with matchless grace and glamour.

Breakfast at Tiffany’s is based on Truman Capote’s novel with the screenplay by George Axelrod, who also garnered an Oscar nomination.

Henry Mancini (music) and Johnny Mercer (lyrics) teamed up to win an Oscar for the Original Song “Moon River” while Mancini earned another Oscar as well as a Grammy for Best Musical Score.

The story line has the two romantic interests dependent upon others for financial support, Holly as a lady of the night and Paul Varjak (George Peppard), a wannabe writer who is kept by the married and wealthy Mrs. Failenson (Patricia Neal). Eventually Holly and Paul experience some personal growth and find love together.

There are matchless moments in this film that find places forever in your heart. One is Hepburn sitting on the fire escape plaintively singing “Moon River,” especially when you remember that the theme of your high school senior prom was Moon River, and that you were with the girl you wanted to spend the rest of your life with. It is a rare opportunity to hear Hepburn sing in the movie.

She recorded singing vocals for her role as Eliza Doolittle in “My Fair Lady” only to discover that professional “singing double” Marni Nixon had overdubbed all of her songs.

Hepburn was not nominated for a Best Actress Oscar in this film, but her love interest Rex Harrison won the Best Actor Oscar for his role as Professor Henry Higgins.

The “little black dress” worn by Hepburn in Breakfast at Tiffany’s was designed by Givenchy and sold at Christie’s auction this year (2006) for $920,000 with the proceeds going to aid underprivileged children in India. It was not the one worn by Hepburn in the movie.

The only two dresses she wore are now in the Givenchy archives and the Museum of Costume in Madrid, Spain.

In Audrey Hepburn’s performance there are times when we are delighted by sweet innocence in a woman. You cannot imagine how difficult this is to find in today’s world.

Audrey Hepburn became a beauty and fashion icon, and although she did enjoy fashion, she placed little importance on it, preferring casual and comfortable clothes away from the bright lights and cameras.

I do want to give Breakfast at Tiffany’s an Excellent rating but cannot because of too many flaws in the film. I can easily give Audrey Hepburn an Excellent rating for her performance as Holly Golightly.

After 15 years as a highly successful actress Audrey Hepburn chose to lead a quieter life far away from Hollywood. She was married twice, first to actor Mel Ferrer and then to Italian doctor Andrea Dotti and had a son with each.

Hepburn was Belgian by birth and would grow up with her mother in The Netherlands, nearly starving to death during the Nazi occupation in World War II when the Dutch food and fuel supplies were cut off. Tragically, she suffered through watching her uncle and cousin being shot to death for being part of the Resistance movement.

She rose from the horrific atrocities of her youth to find fame and fortune in America and in the last four years of her life (1988 to 1992) became a goodwill ambassador for UNICEF (the United Nations Children’s Fund).

Only four months before her death from abdominal cancer she went on a mission to Somalia and was devastated to see the nightmare of famine and carnage.

Audrey Hepburn was the picture of beauty, fashion and grace but never for a minute let her success go to her head, and most certainly never led a Hollywood lifestyle of overblown debauchery so much in evidence in moviemaking and Tinseltown today.

See Breakfast at Tiffany’s because Audrey Hepburn became an important contributor to our time and culture. She not only represented the best in professional growth but made her life a legacy with her personal growth. She was a model of grace and humility in a world with little of either.

Pardon Me, I Am Gushing Again About Hollywood’s Incomparable Actress: Audrey Hepburn

Copyright © 2008 Ed Bagley

Like a lot of shoppers at supermarkets, I look at the magazine displays while waiting in line to check out. Recently I was thrilled to see a recent edition to LIFE’s Great Photographers Series: Remembering Audrey 15 Years Later with photographs by Bob Willoughby.

In my review of “Breakfast at Tiffany’s” I posed this question: Was there ever an actress who combined these four timeless qualities—beauty, fashion, grace and humility—better than Audrey Hepburn? My answer was simply, I think not.

You better believe I bought a copy of Remembering Audrey faster than a single heartbeat and remain a better person for having done so.

Willoughby was born in Los Angeles—the city of the stars—and began taking pictures when he was 12. He was good, very good, and best described as a prodigy. In 1953, when he was 26, he would be assigned to photograph an upcoming soon to be actress, Audrey Hepburn. The result of their meeting would produce one of his most positive relationships, both as a photographer and a friend.

Willoughby pioneered the role of the “special” photographer to take formal publicity shots and candids of the stars Hollywood’s publicity departments wanted to promote. He was credited by Popular Photography magazine as the man “who virtually invented the photojournalistic motion-picture still.”

The images that you remember of James Dean, Frank Sinatra, Richard Burton, Peter O’Toole and Audrey Hepburn among dozens of others were mostly the work of Bob Willoughby. All the major magazines of the day—LIFE, Look, Saturday Evening Post and Harper’s Bazaar—published his work

Willoughby’s creations grace the exhibits in more than 500 museums in more than 50 countries around the world.

When first meeting Audrey, Willoughby said, “She took my hand and dazzled me with a smile that God designed to melt mortal men’s hearts.

“The amazing instant contact she always made was a remarkable gift, and I know from talking to others that it was felt by all who met her.”

Audrey had made a big impression with the studio brass in the 1953 William Wyler film “Roman Holiday”. She won an Oscar for Best Actress as Princess Ann in her film debut playing opposite Gregory Peck.

In the next 15 years, she would be nominated for 4 Best Actress Oscars for her work as Sabrina Fairchild in “Sabrina” (1954), Sister Luke in “The Nun’s Story” (1959), Holly Golightly in “Breakfast at Tiffany’s” (1961), and Susy Hendrix in “Wait Until Dark” (1967).

She also won a Golden Globe for Best Drama Actress in Roman Holiday and had an additional 6 Golden Globe nominations as Best Actress. Lesser known is the fact that Audrey was one of the few entertainers to have won an Emmy, a Grammy and a Tony Award as well as an Oscar.

Bob Willoughby’s formal and candid photographs of Audrey Hepburn will stand the test of time as some of the greatest ever taken of a woman and an actress. He said that Audrey never took a bad photograph, or even a mediocre one.

“She could sit next to an old ladder on the set and look terrific,” said Willoughby. With designs by Hubert de Givenchy, the world’s most smashing woman wore the world’s most smashing fashions.

She became the most charming, disarming, altogether friendly and charismatic superstar ever to grace a Hollywood production. According to Willoughby, everyone liked Audrey and remained loyal to her. The best directors and the world’s greatest designers sought to work with her.

It was said that all her leading men fell in love with her, including Gregory Peck, William Holden, Anthony Perkins, Rex Harrison and Albert Finney.

When making My Fair Lady Audrey would not be recognized for her role as Eliza Doolittle. She had been promised that she could sing her songs in the film, but Marni Nixon was ultimately contracted to perform Eliza’s vocals.

Julie Andrews had played the role of Eliza in the stage production of the Lerner and Loewe musical, but she lost the role to Audrey in the film. It was perhaps no accident that the Best Actress Oscar that year went to Julie Andrews for her role as Mary Poppins.

My Fair Lady cost $17 million to make in 1964, an astounding investment in its day. It became Warner Brothers highest-grossing film at the time and would go on to earn 12 Oscar nominations and win 8 Oscars. Many film historians consider My Fair Lady to be the last great musical of Hollywood’s studio era.

Audrey would marry twice and have a son by both Mel Ferrer, the actor/director, and Andrea Dotti, an Italian psychiatrist. She suffered 4 miscarriages during her 13-year marriage to Mel Ferrer.

In her early life, Audrey’s parents would divorce and her mother took her and her two stepbrothers to London and then to the Netherlands, where her mother was a bona fide Dutch baroness. In 1940, Germany invaded the Netherlands and the horror of war would surround her.

She danced in clandestine locations to raise money for the Dutch Resistance. One of her stepbrothers was sent to a German labor camp, and her uncle and one of her mother’s cousins were shot and killed for participating in the Resistance.

The Germans seized food and fuel when the Netherlands was already suffering a winter famine. Audrey would suffer malnutrition, anemia and frequent bouts of depression. She was 10 years old when World War II started and remained fragile her entire life as a result of her wartime experience.

Some believe her final act in life was her best when she was named UNICEF’s International Goodwill Ambassador in 1988. Audrey would travel around the world on 50+ missions to bring attention to the world’s suffering children. The sight of children dying from hunger in distant lands was devastating; she had once been one of those children and survived.

“I want people to know that the largest part of humanity is suffering,” said Audrey. Despite being terribly ill herself, she continued to go on missions. She would die of colon cancer in 1993, four months before her 64th birthday. When she died, the world lost a great human being.

Bob Willoughby said it best: “She left those who came into contact with her better for having known her. I miss her to this day.” Amen, Bob, amen.

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.)