Episode 11: The Timeless Truths of Wealth Creation

We discuss ‘The Richest Man in Babylon’ and 7 timeless financial truths.

In this week’s podcast, I talk about a favourite financial book of mine: the timeless classic “The Richest Man in Babylon” by George Clason. I give an overview of this incredible book written in the 1920s and set in the 18th century BC, over 4,000 years ago, explaining how the 7 “curses for a lean purse” hold timeless truths on money and wealth creation.

Episode Highlights

Here are the seven curses for a lean purse that I explain in this episode.

1. Start thy purse to fattening: This cure emphasizes the importance of saving a portion of your income, no matter how small, and putting it to work through wise investments.
2. Control thy expenditures: This cure stresses the importance of living within your means and avoiding unnecessary expenses. It suggests that you should differentiate between wants and needs and prioritize your spending accordingly.
3. Make thy gold multiply: This cure emphasizes the importance of putting your savings to work through wise investments that generate returns. It suggests that you should seek out advice from knowledgeable experts and invest in opportunities that align with your goals.
4. Guard thy treasures from loss: This cure highlights the importance of protecting your investments from risk and loss. It suggests that you should do your due diligence before investing and diversify your portfolio to reduce risk.
5. Make of thy dwelling a profitable investment: This cure suggests that you should view your home as an asset that can generate income, rather than just a place to live. It suggests that you should consider renting out a portion of your home or investing in real estate for rental income.
6. Ensure a future income: This cure emphasizes the importance of planning for your future income needs and taking steps to ensure that you will have a reliable source of income when you need it. It suggests that you should consider investing in annuities or other income-generating assets.
7. Increase thy ability to earn: This cure suggests that you should constantly strive to improve your skills and knowledge to increase your earning potential. It suggests that you should seek out opportunities for education and training and be willing to take risks to achieve success.

About Your Host

Alex Robertson is a self-made property investor and businessman. He comes from a financial background, gaining a degree in Accounting and Finance and then going on to qualify as a chartered management accountant. Alex is one of Co-Founders of Real Estate Wealth Development, a group of companies in the property industry, with over 200 buy to let properties, training company, construction company and development business. He is also the co-author of the book Fast Track to Property Millions.

Resources

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Check out our book, Fast-Track to Property Millions