I love The Richest Man in Babylon, a book written many years ago by George S. Clason. There are millions of copies in print. It is a light easy read, but powerful in the financial wisdom it contains. Some of my favorite vignettes from the story are Tablet No. III, IV and V. In these vignettes, the character “Dabisir” owes 10 debts (and maybe more) to friends and other vendors, for a total of 119 pieces of silver and 141 pieces of copper. Now, this was a big problem for Dabisir because he had no capacity to pay the debts. So what did he do? He did what a lot of us do – he ran away from his obligations. Of course this only made the situation worse. He couldn’t support his family and his wife had to go live with her father.
By and by Dabisir consulted with a wise man by the name of Mathon. Mathon counseled him to do the following: of all the money he made (Dabisir sold camels for a living so he had a variable income) he was to pay 10 percent to himself, 20 percent to his creditors, and live on the remaining 70 percent. Now this plan was not well received by his creditors; they reviled Dabisir bitterly and left him in humiliation, all the while promising to make trouble for him. However, some were willing to accept this payment plan, and thus Dabisir went on his way to do the best he could.
Things were not easy. Sometimes his earnings were meager “but nevertheless my good wife and I have stood by the plan even though we have bought no new raiment and eaten little but herbs,” he says in the story. Other times were better. The creditors were honored with payment as promised, be it small or large, although they were not all happy about his arrangement with them.
And then the day finally came when Dabisir was able to pay the last of his debts, and celebrated the occasion as he reflected upon the actions of his creditors, some of whom begged for his forgiveness and others of whom complimented him on his success. Dabisir also notes that the creditors were not the only ones to hold him in high regard: “Many others speak deferentially to me. My good wife looketh upon me with a light in her eyes that doth make a man have confidence in himself.”
Now, I have always imagined the potential for any man to feel puffed up with pride and self-satisfaction at this point. However, Dabisir, at this moment of great pride, makes a powerful observation that applies to us all: “Yet it is the plan that hath made my success. It has enabled me to pay all my debts, and to jingle both gold and silver in my purse. I do commend it to all who wish to get ahead. For truly if it will enable an ex-slave to pay his debts, and have gold in his purse, will it not aid any man to find independence? Nor am I, myself, finished with it, for I am convinced that if I follow it further it will make me rich among men.”
This book and its stories are the philosophical basis for the Money Mastery Personal Financial System. The Money Mastery program becomes your “wise man” when you apply the wisdom of the advice within it. It is the system whereby the stories of this book can be realized in your own life. You too can have more money, and have money that will last you the rest of your life if you will learn the principles of proper spending, how to accelerate debt payoff such as Dabisir did, and manage to save money all at the same time!
For more information on the Money Mastery program and other personal financial matters, contact Alan at 801-292-1099.