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

(Editor’s Note: Part 2 dealt with A Man’s 5 Basic Tendencies: 1) He believes he is indestructible. 2) He believes his reach should exceed his grasp. 3) He believes he will live forever. 4) He needs someplace to go, something to do and someone to love. 5) Listen carefully to what a man says but watch what he does; what he does is who he is.)

4 Realities in a Man’s World

So men have 5 basic jobs and 5 basic tendencies. Now we must deal with four basic realties about men and world they live in.

1) How Men Are Judged. Our culture and society judge men by one yardstick more than any other: how much money do they make. A man who makes a lot of money is considered successful, even though he may be a lousy husband and father. He has little incentive to be something better.

This happens in part because men in the United States were traditionally perceived as the breadwinners of the family. That notion has long passed as more women need to work alongside their partner to support their family rather than remain home to raise their children.

Day care is everywhere. Too many kids come home and there is no parent in the house. Teens can get into trouble faster than they can turn around. They are also not as safe in today’s world; they are easy targets for predators.

I am told that only 25% of families are traditional in the sense that there is a father and mother who are married with children in the house.

We have as many people who are apparently single, many of whom have live-in boyfriends and other assorted arrangements too numerous to mention. Too many of these “roommates” are bums and leeches who do not even have a job, they sit around all day and try to look smart when they are not causing harm to the children.

It is sad that so many women need what little, misguided attention they get so badly that they will support these jerks and put their children in harms way at the same time.

All of this does exactly nothing to relieve the pressure on the men who do work to produce more money. It also distorts a man’s view of what is important and what is not important. Most men do not live a balanced life; their job or career dominates their life, many times to the exclusion of their marriage and children.

2) A man’s work is his life. This is an extension of the first reality of how a man is judged, but it is also a fact of life.

Men tend to be fixated on their work and view their work as their greatest mission in life; they have been told that their greatest mission is really to love their wife and children and be a good husband and father, but they usually find this injunction easy to ignore. It is much easier for them to treat their wife and children as a necessary duty or afterthought.

If you are foolish enough to think that this is more false than true ask yourself why most married couples spent only 3 to 5 minutes a day actually talking to each other. Hint: It is not because they do not have the time to do so.

3) Men and women are not alike in some obvious ways, but they are also not alike in their basic needs.

Generally, women want security. They want to be provided for financially. This is why they will marry a guy old enough to be their father, or a guy who is not as attractive to them. Women always worry about having enough money, and the older they get without enough money the more they worry about it.

Generally, men want respect and recognition, whether they are financially successful or not. If the woman treats a man like a king and thinks that he made the moon and set the sun in place, the man is not likely to stray very far from home.

If not, he may well become an absent husband and father. This is true whether he is home or not.

4) Women need to understand that a misguided son (not a daughter, but a son) is the responsibility of the father, not the mother.

This is because women cannot always control a willful son whose male ego will not allow him to listen to a woman. It is his father who must set an example for him, and keep him in line.

Too few men know and understand that they cannot be too critical of their son or they will hurt his self-esteem and self-confidence, two qualities every successful, productive man must have to function competitively in society. A man should shower his son with encouragement and positive reinforcement.

Nothing is more distressing to a successful man and former successful athlete than to see a father who coaches his son’s little league baseball team screaming at these youngsters for striking out in a critical situation or making a bad play.

Fathers who coach little league and cuss, scream, yell and berate youngsters are some of the biggest losers. Almost without exception they have been athletes who never did squat and are trying to overcome their shortcomings through their sons.

Do not be deceived by his cussing. Cussing is no more or no less than a sign of a low self-image. If you think listening to a man cussing on a recording is cute and so impressive because he is making a real statement about himself, you are wrong. It is not cute or appropriate at any time, and especially around children. Period. There are no exceptions.

Marry this man and you may live in hell. If he is overly critical of his son he will probably be overly critical of his daughter, his wife, his employer and his next door neighbor. This is a man who needs some professional help; you will not be able to overcome his ignorance.

A man of any age who will get a girl or a woman pregnant and then become absent forever is a lower life form, yet this is what happens all too often.

The reality is that not all men are cut out to be men, it is much easier for some of them to be totally self-centered and self-absorbed. Men who worry about their own happiness more than others lead a very unfulfilled life and pride themselves on their stupidity.

They become easy marks for evildoers and miscreants. Some of them end up in jail, others get killed in a deal gone wrong, but all of them lead miserable lives because they mortgaged their destiny by being irresponsible. They pay a heavy price and are no wiser in the end.

So women, now you know 14 things about men. Use this knowledge to better understand what drives men and why some men can be more interesting than others.

When you start making choices about what you should do with boys and men in the friendship cycle, the dating cycle, the relationship cycle and the marriage cycle, always remember this: listen to what a man has to say very carefully, but watch what he does. What he does is who he is. And that is what you get–who he is, not who he says he is. Do not be fooled, be smart in your choices.

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: I made my first investment at age 11. I was wasting my life up until then.
(Ed’s Note: The first lesson of investing is patience. Start early and sit on your investment until it has time to hatch, it may take 20 or 30 years to hatch, but if you are in the right investment you will do very well. Do not keep moving your money into and out of different investments—all that does is make your broker rich at your expense.)

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

“A Man for All Seasons” Demonstrates What Integrity Should Be in the Middle Ages and Now

 

A Man for All Seasons – 4 Stars (Excellent)

“A Man for All Seasons” poses the question: What would a man sacrifice for his principles?

When King Henry VIII (Robert Shaw) seeks approval to divorce his aging wife Catherine of Aragon who could not bear him a son, and marry his mistress Anne Boleyn,
the Pope and the Roman Catholic Church stand
in his way.

Henry VIII’s new Chancellor of England and Cardinal–
Sir Thomas More (Paul Scofield)—stands in his way as well. Henry VIII wants Sir Thomas More’s blessing in his action but does not
get it as Sir Thomas More, a good Catholic and Cardinal, will not go
along with such heresy.

More resigns as chancellor, seeking to live out his life as a private citizen, but Henry VIII will settle for nothing less than More’s public approval of his headstrong course. Sir Thomas refuses to either endorse or denounce the King’s action, and remains a man of principle.

Great effort is made to convince More to change his stance on Henry VIII’s action. One of More’s rivals, Thomas Cromwell (Leo McKern); another religious, Cardinal Wolsey (Orson Welles); and The Duke of Norfolk (Nigel Davenport)
all take their turns at More.

One example is when More testifies before an inquiry committee and Norfolk attempts to persuade him to sign an oath of allegiance:

Norfolk: “Look, I’m not a scholar, and frankly I don’t know whether the marriage was lawful or not—but Thomas, look at these names! You know these men! Can’t you do as I did and come along with us for fellowship?”

More: “And when we stand before God, and you are sent to Heaven for doing according to your conscience, and I am sent to hell for not doing according to mine, will you come along with me—for fellowship?”

There are several lines by More that merit mention but there is not enough space to do so. Here is one of the best: “I think that when statesmen forsake their own private conscience for the sake of their public duties, they lead their country by
a short route to chaos.”

Sir Thomas More was a very smart and savvy—as well as principled—man.

Henry VIII gets every person of any consequence in England to sign his oath (the Act of Supremacy), endorsing his action, except Sir Thomas who will not sign, and remains silent as to the reason why he will not sign.

Cromwell is an English statesman and the chief minister to King Henry VIII. It is Cromwell who presides over King Henry’s divorce from Catherine of Aragon in 1533 and Henry’s subsequent break with the Roman Catholic Church.

When More proves himself to be loyal to King Henry VIII by not speaking out against him and also shows himself to be a loyal subject by not inciting rebellion, Cromwell appears to prosecute Sir Thomas out of personal spite.

In the end, Sir Thomas is the only person in England who will die for his principles, and commit himself to God for judgment. He is betrayed by an ambitious, lower level appointed attorney general, Richard (John Hurt), whose outright lie condemns Sir Thomas to be beheaded.

Sir Thomas More loses his head (no pun intended) but most importantly, not his soul. Sir Thomas is later canonized as Saint Thomas More by the Roman Catholic Church.

Henry VIII subsequently dies of syphilis, and the evil Thomas Cromwell who orchestrates Sir Thomas More’s tragic demise is himself judged a traitor to England 5 years later and is also beheaded. And what was the FINAL fate of More’s adversaries — Thomas Cromwell, Cardinal Wolsey and The Duke of Norfolk? Only God knows.

The riff subsequently leads to England’s split from the Roman Catholic Church and the creation of the Anglican Church, the Church of England.

A Man for All Seasons does not deviate from the truth of Sir Thomas More’s stance, and as such provides a role model for acting with right thinking and right motives, even at the cost of one’s life.

What makes A Man for All Seasons even more impressive is that the plot for the movie is based on the true story of Sir Thomas More. Sir Thomas More was a scholar and statesman who became the leading humanist of the Renaissance Era.

A Man for All Seasons is
a story about everything that is right in England and life (Sir Thomas More’s integrity to his principles) and everything that is wrong in England and life (greed, avarice, lust, lying, cheating, stealing, the corruption of power, and the corruption of religious leaders).

A Man for All Seasons was writer Robert Bolt’s greatest success, first as a play and then as the screenplay for its 1966 movie release following a successful Broadway run. Bolt’s 16th Century period piece has exacting details of the era.

A Man for All Seasons would win 6 Oscars at the 1967 Academy Awards: Best Picture (Fred Zinnemann), Best Director (Fred Zinnemann), Best Writing (Robert Bolt), Best Actor (Paul Scofield), Best Cinematography (Ted Moore) and Best Costume Design (Elizabeth Haffenden and Joan Bridge).

The film also received Oscar nominations for Best Supporting Actor (Robert Shaw) and Best Supporting Actress (Wendy Hiller as Sir Thomas More’s wife Alice).

In addition the movie garnered another 27 wins and 5 nominations, including Golden Globe wins for Best Picture, Best Director, Best Screenplay and Best Actor and a nomination for Best Supporting Actor.

Interestingly, Charlton Heston lobbied heavily for the role of Sir Thomas More, but was not seriously considered. Richard Burton was offered the part and turned it down.

The producers originally wanted Laurence Olivier as Thomas More and Alec Guinness as Wosley, but Director Fred Zinnemann insisted on Paul Scofield and Orson Welles in the roles. The rest is history. Zinnemann obviously knew how to direct a great film and create a huge box office success.