All right. Let's take a deep dive into ancient
Babylon. We're cracking open a classic today.
The richest man in Babylon. Oh, yeah. This one's
packed with those parables. We'll love them.
Yeah. And we'll see if those ancient Babylonians
had any wisdom that still works for building
wealth today. Well, I think when you look at
this book and you see, you know, it's been around
for so long and it's still so popular. You got
to think there's got to be something to it. Right.
Yeah. I mean, that's what I love about Klassen's
approach. He uses stories, you know, little journeys
into ancient life to make financial advice, I
don't know, more relatable and just more fun,
frankly. Relatable, I think, is definitely the
key word there. And speaking of relatable, let's
start with the legend himself, the OG, Arkad,
the richest man in Babylon. All right, let's
hear it. I mean, even the king sought out his
advice. Wow, that's impressive. Right. Yeah.
Talk about influence. Yeah. So what's interesting
is that Arkad, he wasn't born into wealth or
anything. He started as a humble scribe, you
know, like a lot of folks in Babylon. But he
had this burning desire to build wealth. He didn't
want to just, you know, watch other people enjoy
the banquet of good things, as he put it. And
he had this really great quote about it, too.
What's the quote? He said. I decided to myself
that I would claim my share of the good things
of life, that I would not be one of those who
stand afar off enviously watching others enjoy.
I mean, can you imagine? I can relate to that.
I'm sure a lot of your listeners can, too. I
mean, who hasn't felt that way at some point,
wanting more out of life? Sure, yeah. But so
what set Arcad apart then? I mean, what did he
do? Like, was it one big move or a bunch of,
like, little... calculated steps well that's
the beauty of this story he didn't um he didn't
strunk it rich overnight yeah he recognized that
true wealth is built over time consistently like
a river constantly replenishing itself you know
and so he came up with these principles seven
of them he called them the seven cures for a
lean choice and they're all about creating that
consistent flow of income all right so let's
uh break down these cures cure number one start
thy purse to fattening i mean Sounds pretty straightforward,
right? Right to the point. Yeah. But it's amazing
how many people miss this first step. You know,
Arkad, he was adamant that you got to set aside
at least 10 percent of your earnings before anything
else. Oh, interesting. Yeah. Pay yourself first.
Pay yourself first. Exactly. So kind of like
that first fruits idea, right? From ancient conjures
where you'd give like the best part of your harvest
to the gods kind of as a way to honor them. It's
a great analogy. It's like you're honoring yourself
and your future by making that saving a priority.
Oh, okay. And it's not just some ancient idea
either. This is still like the foundation of
good personal finance advice today. Yeah, I mean,
that makes sense. All right, so we've stashed
away our savings. What's the next cure on our
CODS list? Cure number two is control thy expenditures.
Ooh. Now, that might sound a bit... I don't know,
like a buzzkill at first. Yeah. Right. The word
budgeting doesn't exactly scream excitement.
No, it doesn't. It kind of conjures up images
of just eating lentils and rice every day. Right,
exactly. Right. But it's not about deprivation.
Okay. Think of it more like using one of those
budgeting apps. Right. They help us track our
spending and be mindful of our choices. Yeah.
Our COD was big on aligning your spending with
what you value, not just... not mindlessly spending
on whatever catches your eye. So it's less about
like, you know, denying yourself and more about
like making conscious decisions. Yeah, exactly.
Not getting caught up in those impulse purchases
or trying to keep up with the Joneses. Right,
or the Babylonian equivalent. It's about understanding
where your money's going and making sure it reflects
what's important to you. Yeah, makes sense. So
enjoy life, but within that 90 % of your earnings.
Right. That other 10%, that's the foundation
we talked about. Exactly, exactly. OK, so that
brings us to cure number three. And this is where
things start to get interesting. Make thy gold
multiply. This is where investments come in,
right? You got it. Yeah. Arkad understood that
you can't just sit on your savings. You got to
put your money to work. OK. And he illustrates
this perfectly with the story of Agar, the shield
maker. Oh, right. Yeah. He gives him that loan
to buy the bronze for his shields. Yeah. But
it wasn't just a one time thing. OK. Arkad. He
saw potential in Agar on his work. OK. So each
time Agar paid back the loan, Arkad would lend
the money again, plus the interest it earned.
So he's like reinvesting his earnings. Exactly.
And generating even more wealth. It's kind of
like an early version of compound interest, right?
It is. Yeah. That idea of making your money work
for you. Yeah. And then the money that it earns
works for you. That snowball effect. It's a powerful
force in investing, even today. Yeah. And it's
amazing to think. I mean, we're talking about
concepts that are like thousands of years old.
Right. And they're still so relevant today. These
stories, they capture principles that have stood
the test of time. Yeah. But even wise guys like
Arcad, they weren't immune to making mistakes,
were they? Oh, no, not at all. Remember the brickmaker?
Yeah, Asmore. Yeah. He got lured into that scheme
to go to Phoenicia, right? Yeah, and come back
with rare jewels. And he lost a year's worth
of savings. Yeah, and all he got were some worthless
pieces of colored glass. Right. It's a classic
case of chasing those quick riches, you know.
Right. It underscores the need for due diligence,
diversification. Right. And most importantly,
getting expertise. advice before making big investments.
So you're saying even the richest guy in Babylon
got taken sometimes. It happens to the best of
us. It's a good reminder to be cautious and informed.
Yeah. So I guess that leads us to cure number
four. Guard thy treasures from loss. There you
go. Protect what you've worked hard for. All
right. So we've got saving, budgeting, investing
and protecting our wealth. What are those last
three cures all about? Well, they kind of broaden
the scope beyond just money. OK. It's about our
relationship with wealth and how it fits into
our lives. So cure number five, for example,
it's make of thy dwelling a profitable investment.
Ah, so like owning a piece of Babylon. Exactly.
Yeah. Building stability, security. Right. It's
that foundation, that sense of. being settled.
Think about it in modern terms. Owning your home,
it's often a solid investment. Yeah. I mean,
yeah, for sure. Right. Provide shelter and hopefully
goes up in value over time. Right. Building equity.
Exactly. Okay. Makes sense. And cure six and
seven. Well, number six is ensure a future income.
It's about providing for yourself and your family.
You know, if you can't work anymore. Right. Kind
of like insurance and retirement planning today.
Yeah. OK. And finally, cure number seven, increase
the ability to earn. Ah, so this is about investing
in yourself, right? Exactly. Learning new skills,
getting better at what you do. To boost your
earning power. It's a holistic approach. Yeah.
He saw the connection between our finances, our
skills, our well -being. I love that. So it's
not just about hoarding gold. It's about growing
as a person. Exactly. Yeah. All right. So those
are the seven cures for a lean purse. Pretty
powerful stuff, even thousands of years later.
Yeah. But there's more, right? I mean, you mentioned
something about five laws of gold. Ah, yes. These
are the core of our cause philosophy. Okay. He
considered them so valuable, he inscribed them
on a clay tablet for his son, Nomaser. A clay
tablet? Yeah, can you imagine? More valuable
than gold? He valued those principles that much.
Wow. Yeah, and in the next part of our deep dive,
we're going to unlock those five laws of gold.
Sounds like we've got our work cut out for us.
We do. Get ready for some more timeless wisdom.
All right, listeners, stay tuned. We'll be right
back. Welcome back to our Babylonian adventure.
Ready to dive into the five laws of gold. Yeah,
I'm really curious about these laws. I mean,
we left off with Archad valuing these inscribed
clay caplets even more than a sack of gold. It's
pretty remarkable, right? It is. So what makes
them so special? I mean, how are they different
from those seven cures we talked about earlier?
Well, think of it this way. The seven cures.
Those are like the practical steps, the building
blocks creating wealth. Okay. So like the bricks
and mortar of our financial foundation. The five
laws, though. Those are more like the blueprint
guiding the whole process. Ah, okay. So they're
like the overarching principles. Right. The mindset,
the philosophy behind lasting wealth. So it's
more than just like the actions you take. It's
about how you think about wealth. Exactly. I
like it. OK, so let's unlock this blueprint then,
starting with law number one. All right. Law
number one states gold cometh gladly and increasing
quantity to any man who will put by not less
than one tenth of his earnings. OK, so this sounds
familiar. It's like that first cure again, right?
Start thy purse to fattening. pay yourself first
it is but it goes a bit deeper okay it's not
just about the action of saving it's about the
attitude behind it this idea that wealth or gold
it's attracted to those who value it who make
it a priority Interesting. So it's like it's
almost like you're you're inviting wealth into
your life. Yeah. Creating a mindset of abundance.
Yeah. I mean, this almost sounds like that that
manifesting thing. Right. That's a modern term.
Yeah. But this first law, it suggests that, you
know, maybe the Babylonians were on to something
all those centuries ago. Yeah, I like it. OK,
so what about law number two? Law number two,
it says gold laboreth diligently and contentedly
for the wise owner who finds for it profitable
employment. multiplying even as the flocks of
the field. Okay. So this is about investing,
right? Making that gold multiply. Yeah. But it's
more than just, you know, sticking your money
in any old investment. It's about being proactive,
finding the right opportunities, making your
money work for you. So it's like our wealth is
not just sitting there. It's actively working.
Exactly. It's got a job to do. And that job is
to grow and multiply. I like that visual. All
right. So law number three, what's that one all
about? All right. Law number three states gold
clingeth to the protection of the cautious owner
who invests it under the advice of men wise in
its handling. Oh, OK. So this sounds like, you
know, maybe a little nod to our Cod's own experience.
Right. With the brick maker as more is the importance
of seeking expert advice. Exactly. Don't be afraid
to ask for help. Right. Especially when it comes
to something as important as our finances. And,
you know, it also emphasizes the need to be.
Right. To do our research, to not put all our
eggs in one basket. Yeah, that diversification
thing. Right. So it's like a balancing act then
between like, you know, being open to opportunities.
Right. But also like protecting what you have.
Exactly. Find that sweet spot. All right. Law
number four then. Let's hear it. Law number four
states. Gold slippeth away from the man who invests
it in businesses or purposes with which he is
not familiar or which are not approved by those
skilled in its keep. Okay, so this one's all
about staying within our circle of competence,
right? Yeah, not getting caught up in things
we don't understand. Right. Do your due diligence.
Yeah, don't just jump into something because,
you know, everyone else is doing it or it sounds
exciting. Right, exactly. It's easy to get caught
up in the hype. Yeah, that FOMO. Right, that's
a good way to put it. Fear of missing out. Yeah,
but this law is a good reminder to take a step
back and make sure we're making informed decisions.
All right, I'm ready for the final law. What
wisdom does law number five impart? Okay. Law
number five, it states, gold flees the man who
would force it to impossible earnings or who
follow with the alluring advice of tricksters
and schemers or who trusts it to his own inexperience
and romantic desires and investment. Wow. That's
quite a mouthful. It is. But it sounds like it's
the culmination of all the other laws, right?
It is, yeah. It's like a final warning against
greed, recklessness, naivete. It's all about
patience, discipline, long -term thinking. OK,
so it's it's a marathon, not a sprint. Exactly.
Building wealth takes time. Yeah. I mean, these
five laws of gold, they really do paint a pretty
comprehensive picture, don't they? They do. They're
like a roadmap to financial success. Yeah. And
it's not just about the principles themselves.
It's about how they're presented. Right. Klassen
does a great job of weaving these principles
into stories. Yeah. And one story that I found
particularly interesting was the one about Sharonada,
the merchant prince, and his grandson, Hayden
Gullah. Ah, yes. The successful merchant who
was once a slave. Right. And the grandson who,
you know, kind of took his wealth for granted.
It's a powerful contrast. It is. It makes you
think about, like, you know, our perceptions
of work and wealth. And how those perceptions
can be shaped by our experiences. Yeah. All right.
I'm ready to dive into their story and see what
lessons we can glean. Let's do it. Let's explore
the transformative power of work. Welcome back
for the final leg of our trip back to ancient
Babylon. We've unearthed some real gems, haven't
we? Yeah. Those seven cures, the five laws of
gold. Timeless advice, really. And those stories.
I keep thinking about Sharonada, the merchant
prince and his grandson. Ah, yes. Hayden Gula,
a tale of two perspectives, really. It is. You've
got Sharonada, this guy who rose from slavery
to build a successful business. Yeah. embodied
those Babylonian principles, you know, hard work,
resilience. And then his grandson, Hayden Gula,
well, he's born with a silver spoon, right? He
seems to have lost sight of the value of hard
work. Yeah, saw it as beneath him, almost. It's
a struggle, even today, losing that connection
to where wealth comes from. Taking it for granted,
yeah. Thinking it's just luck or inheritance.
Right, right. But Sharonada's story kind of flips
that idea on its head. It does. Shows how powerful
work can be, even when you start with nothing.
Yeah, it's not just about the money. It's about
building something. Character, skills, purpose.
Yeah. It's about taking control of your life.
The book talks about how Sharonada, even as a
slave, he noticed his fellow slaves struggling
to get food after working on those city walls.
Right. Long days. Yeah. And he saw an opportunity.
So he starts a business, right? Selling food.
Exactly. Entrepreneurial spirit. Recognizing
a need, providing a solution. That's a key ingredient
in building wealth, isn't it? Definitely. I mean,
Sharonada didn't let his circumstances define
him. No, he used what he had, his resourcefulness.
And saved, little by little, until he could buy
his freedom. Powerful example, you know. It is.
It reminds me of something Arkad said about opportunity.
It's a haughty goddess. Who wastes no time with
those who are unprepared. Right, so it's not
just about being lucky. It's about being ready
for those lucky breaks when they come. And that's
where building a solid financial foundation comes
in. Absolutely. Gives you that security, that
stability. Look at those, uh... impenetrable
walls of Babylon. Yeah, keeping those financial
invaders at bay. All right, so we've got those
Babylonian principles. Saving, budgeting, investing,
protecting. We've got Sharonada's example of
hard work and seizing opportunities. And then
there's, well, luck. Yeah, the wild card. Some
folks seem to have it in spades, others, well,
not so much. Makes you wonder, right? But the
Babylonians, they had a different take on luck.
They did. They believed in making your own luck.
Oh, interesting. How so? Remember Arkad's words,
opportunity doesn't wait for the unprepared.
Right, right. So it's not just about being in
the right place at the right time. It's about
being ready. Yeah. Having the knowledge, the
skill. And the resources. So you could jump on
those chances. Luck might play a role, but it's
not the whole story. It's about putting yourself
in a position to be lucky. Exactly. And that
takes effort preparation. All right. So as we
wrap up our deep dive into Babylonian wisdom.
Let's recap, shall we? Sure, let's do it. Those
seven cures, they're our foundation. Start thy
purse to fattening. Control thy expenditures.
Make thy gold multiply. Guard thy treasures from
loss. Make of thy dwelling a profitable investment.
Ensure a future income. Increase thy ability
to earn. Seek wisdom from those who possess it.
And build a strong financial foundation. And
remember, listeners, luck favors the prepared.
Thanks for joining us on this journey. May your
purses be full and your financial foundations
strong. Until next time, keep exploring, keep
learning, and keep diving deep.