Richest man in Babylon report Assignment Example | Topics and Well Written Essays - 750 words

Richest man in Babylon report - Assignment Example Similarly, a passive income must be pursued with the same intent [of fattening the purse- not draining it]. In The Richest Man in Babylon, Bansir and Kobbi inquire from Arkad why they were less financially fortunate, while Arkad had managed to grow rich with time. Several concepts are issued by Arkad and serve as important gems of financial wisdom. One is that no one should live beyond his means. Saving money is the genesis of wealth creation. The second important aspect of making wealth is investing. Investing the money saved should allow the investor to accrue passive income. Finally, the investment must be done wisely. In the seventh chapter, The Seven Cures for a Lean Purse, the King of Babylon, Sargon of Akkad is told of the poverty of the kingdom by his Royal Chancellor. People are subsequently told to: save a tenth of their earnings; control their expenditures; multiply their gold; guard their treasure from loss; insure a future income; and increase their earning power. Seeing that only the sixth and seventh parts are the ones that have not been delved into, it is important to appreciate them as calling for a remembrance of the days in which one will never be able to work and increasing one’s education on investing. The more one knows, the better that person will be in investing, and the more money that person will make (Clason, 17-32). In The Luckiest Man in Babylon, Arkad’s small school has blossomed into the city’s Temple of Learning. What is learned from this chapter is that there has to be a preparation for profitable opportunities, instead of waiting for luck, since luck cannot be stimulated to occur repeatedly. Procrastination in action and through indecision is also a bad practice. In The Five Laws of Gold, Kalabab asks what one would choose if offered a bag of gold or tablets whereupon are curved words of wisdom. The laws teach that: saving a fraction of