The Man Who Desired Gold
Bansir, the chariot builder, sat dejectedly on a low wall outside his house. As he surveys his modest property, his wife pops out now and again giving him a disapproving “you should be working” look. As his glance moves to the hustle and bustle of the surrounding city, his friend Kobbi the musician walks up. Noticing Bansir is sitting around instead of working, Kobbi assumes things are going well for Bansir and asks to borrow two shekels for the Nobleman’s Feast. Bansir explains that he doesn’t have two shekels to lend, not even to his best friend. Kobbi asks why, if Bansir is in such dire straights, he isn’t working on the half-completed chariot in his workshop. Bansir replies that it’s due to a dream he had had the previous night. In the dream, he had all the money he could want, he was able to give freely to the poor and purchase all his heart desired. Upon waking, he came back to the realization that he had no money at all, and had been sitting glumly on the wall ever since. Bansir goes on to explain that both he and Kobbi had worked hard their entire lives, and made a decent amount of money over the span of years, and yet at this point had little to show for it. How, then, could two educated men have worked so hard yet attained so little?
Kobbi sympathizes with Bansir’s situation. He, too, has worked hard his whole life playing his lyre and has very little to show for it. Kobbi mentions that he passed their mutual friend, Arkad, in the streets earlier that day. Remarking on the fact that his purse never empties, Bansir has an epiphany. It’s not just a sum of gold that he desires, but ever flowing source: income. Not just any income, but an income that will continue to accumulate regardless of whether or not he is working or traveling. This time, the epiphany is Kobbi’s. He realizes that the reason neither of them are wealthy is because they never sought it. They decide that, since they both knew Arkad, they would go to him and ask him to teach them his methods on accruing wealth.
Commentary
The first of many lessons is conveyed in the dialogue between Kobbi and Bansir. Simply making money and attaining wealth are two different things. If making money is your desire, and you put forth all your effort to do so, that is what you will do. However, if a passive income is desired, money that makes itself and continues to accumulate in your purse (or accounts), then that is what you must pursue.
The Richest Man In Babylon
Arkad was a famous man in Babylon. Famous not only for his wealth, but for his generosity. Kobbi and Bansir studied under the same teachers as Arkad in their youth. All three of them seemed to be relatively equal in both mind and body, yet Arkad attained far more money and success than the other two. Curious as to why this was so, Kobbi and Bansir approach Arkad and ask him. In reply, Arkad states that both Kobbi and Bansir have “either failed to learn the laws that govern the building of wealth, or you do not observe them.”
Arkad explains that when he was younger, he looked around and noticed all the fine things that wealth could provide and decided that he wanted this for himself. Being from a relatively modest family with several brothers and sisters, Arkad knew that there was no real chance at an inheritance. The first thing he had to do was to educate himself in the attainment of wealth. He then tells Kobbi and Bansir the tale of how he was able to learn these things, and how they, too can learn.
When Arkad was young, he found work as a scribe. He toiled night and day, etching into clay tablets various things for his customers. He worked very hard, and yet like Kobbi and Bansir, he had little to show for it. One day Algamish, the money lender, came in and needed a copy of the Ninth Law in two days. He said he would pay two coppers for it if it were finished within the time frame. Arkad failed to meet the deadline and the money lender grew angry. Arkad made a deal with the money lender that if he were able to finish the tablet by the next morning, the money lender would teach him how he could also become rich. The money lender agreed and by morning the tablet was finished.
The money lender then told Arkad that he learned the secret to being wealthy when he learned that a part of all he earned was his to keep. Confused, Arkad asks, “Is not all the money I make mine to keep?” The money lender explains that the money Arkad makes is spent on things like food, sandals and clothing; thus he is working for others, not himself. He goes on to tell Arkad that every piece of gold he saves should be used to make more gold, and the gold after that, and so on. To begin, Arkad was to save one-tenth of all he made and use that to pay himself.
One year later, the money lender returns and asks Arkad if he had taken his advice. Arkad replies that he saved one-tenth of all he earned for a year, and gave it to the brickmaker who was going to use it to purchase jewels cheaply from the Phoenicians which could in turn be sold for a profit in Babylon. Angered, the money lender explains to Arkad that he made a foolish mistake. Why would he trust a brickmaker to be able to purchase jewels? Why not ask a jeweler who’s business it is to deal in such things? The money lender is proven correct when the brickmaker returns with useless baubles, having been swindled in Phoenicia.
Another year later, the money lender returns and asks Arkad about his progress. This time, Arkad explains that he purchased bronze for a shield maker, and that every four months he is paid a dividend on his investment. Upon being paid, Arkad treats himself to a fine feast. Once again, the money lender laughs at Arkad, exclaiming that he is “eating the children of his savings.” The money lender explains that the money made from Arkad’s initial investment should in turn be invested, and the money after that, and so on. That way, he will eventually reach a point where he can feast as much as he wants and it won’t hurt is income at all.
Algamish the money lender returned to Arkad one last time two years later. He asks Arkad about his business ventures, and Arkad replies that he is not yet making the money he desires, but his investment is making money, and it’s children, and it’s children’s children. Pleased with Arkad’s progress and grasp of the concept, Algamish the money lender makes Arkad his partner in his estate.
Commentary
Three more important concepts on attaining wealth are outlined here. One is the concept of living below your means. If you spend what you make, you will constantly be living from paycheck to paycheck, with little to show for your hard work than the materials you possess. By saving one tenth of your income, it forces you to live a little below your means. There may be a few luxuries you have to do without, but in the long run saving money is the beginning of accruing wealth.
The second important concept is investment. Simply saving money is great, but not enough if you want to be wealthy. Invest that money and earn even more money from it. That money you invested will continue to earn you money regardless of what you’re doing. This is what’s known as passive income.
Lastly, saving and investing are pointless unless you invest wisely. When Arkad gave his money to the brickmaker to buy jewels, he was investing foolishly because brickmakers typically are not experts on jewels. He was rightfully rewarded with failure for this mistake. The second time around, he invested his money with someone who knew how to use it: the shield maker. The shield maker was able to purchase good bronze with Arkad’s money and make it into shields which could then be sold at a higher price. Unwise investments are as good as throwing your money away.
Seven Cures For A Lean Purse
King Sargon returns to Babylon victorious from his campaign against the Elamites. His Chancellor comes to him stating that after all of his previous work building canals and temples, somehow the people are unable to support themselves. Most of the money is in the hands of very few men in the city and as a result, the shops are suffering and laborers are going unpaid.
When King Sargon asks his Chancellor why so few have been able to accrue so much, the Chancellor replies, “Because they know how”. The King decides that this knowledge these few men have should be in the hands of all the people. He sends for the richest man in Babylon, Arkad. The King asks if it would be possible to teach the knowledge of attaining wealth to others, and Arkad replies that it is. Delighted at the opportunity to serve his king and fellow men, Arkad agrees to teach a class of one-hundred men his methods, and these men would in turn serve as teachers to others. Arkad calls the methods the Seven Cures For A Lean Purse.
The first cure: Start thy purse to fattening.
Arkad tells the men to spend only nine of every ten coins they make. This single coin saved will begin to fatten the purse, and each subsequent coin saved will continue to do so.
The second cure: control thy expenditures.
The men ask Arkad how they can save one-tenth of all they make and still be able to purchase the necessities. Arkad explains that while all the men present make different amounts of money, each man’s purse is equally empty. He states that to each man, “Necessary expenses will always grow to equal our incomes unless we protest to the contrary.” Meaning that necessary expenses and desires are often confused. In order to control expenditures, an understanding must be reached between what’s desired and what’s necessary.
The third cure: make thy gold multiply
This third cure deals with investing the saved money. Arkad makes a distinction here between the money a man has in his purse, and the income he builds. He states that wealth is not the coin you have on you, but the coin you have invested that yields an income. Arkad tells the story of a farmer who, when his son is born, gives a money lender ten pieces of silver. He asks that it be lent out, and that the interest gained upon it in turn be lent out, compounding it. When the son was twenty years old, the farmer went to the money lender to see that his initial investment of ten silver pieces had grown to thirty-one. Since his son didn’t need the money, he allowed the money lender to keep it and continue as before. Once the son reached fifty years, he removed his money from the lender’s business to find he now had one hundred sixty-seven pieces of silver.
The fourth cure: guard thy treasures from loss
As a man begins to acquire gold, he will be beset by temptations that he could make even larger sums of money through riskier venues. The first thing you must do when investing is to make sure your investment is secure. If it’s loaned to a person, make sure they are capable of paying it back. If it is invested in a business venture, be sure that the receiver of the loan is wise in the ways of the particular business, otherwise the risk of loss is much greater.
The fifth cure: make of thy dwelling a profitable investment
Arkad explains to the men that it’s a wise investment to own your own home. The reason for this is that when you rent a home, you pay out money and continue to rent. When you borrow money to purchase a home, each payment you make reduces your debt by some, and eventually you’re left with a home that you own. When you rent, whether you stay or not, no matter what you pay you end up with nothing in the end.
The sixth cure: insure a future income
The sixth lesson Arkad teaches is to make sure you have money to provide for yourself when you’re old, or for your family should you be unable to continue doing so. He says that making investments now that will slowly build and yield results many years down the road is a good idea, because when the time comes that you can’t work anymore you will have money to live.
The seventh cure: increase thy ability to earn
In the final cure, Arkad tells his students that in order to make more money, you must be better at what you do. Whatever your job is, people will pay more for higher quality and better service. As you are paid more, you will be able to save more and subsequently invest more. Also, as you invest your savings, you should endeavor to learn more and increase your knowledge of investing.
Commentary
The very first step in building wealth is restated here in the first cure: live below your means and begin saving money. Only when money is saved can it be invested and turned into more money.
The second cure may be the most difficult for some in that it requires you to decide what expenditures are necessary and what are luxuries that can be done without. Deciding what’s necessary and what isn’t may not be the hardest part, as living without certain things can make life less enjoyable.
The third cure deals with investing the money once you’ve saved it. There are many ways to do it, and the example in the text deals with a money lender. It also touches upon the concept of compound interest. A typical bank account will feature compound interest in that every time an interest payment is made, it is then added to the principal and the next interest payment is made off of that new, higher amount. While a modern day bank account is not the best way to make use of compound interest (since the payments are usually very small) it is an important concept to understand if you plan on investing your money.
Guarding your money from loss, as the fourth cure states, can be tricky. Once money starts coming in, it can often lead to making unwise investment decisions in an effort to bring in more money even faster. It’s important to not get greedy, and to always follow the principles as outlined earlier in the book. The money you make is yours to invest, and it should only be done with those who know what they’re doing. The second aspect of this cure is to be sure that, whenever money is lent or invested, make sure that it’s secure. If there’s a chance you may lose all your money, it might not be wise to proceed.
The point behind buying a home as opposed to renting does have its merits. When you rent, you will be making payments indefinitely, as opposed to buying a house when eventually your payments will end. Aside from that, the price of a house can rise, and in selling it you can possibly make a tidy sum. When you rent, no matter the price of the real estate, you will never make a dime off of it.
Cure number six deals with long term investments and the future. Making sure to provide for yourself when you’re no longer able to work should always be in the back of your mind when investing money. Long-term, stable investments exist in both the stock market and in various kinds of high-yield bank accounts like IRA’s.
The seventh cure is one of the most obvious. If you’re saving one-tenth of your income to invest, the larger your income the larger your investments. The second aspect of the seventh cure, though, is arguably the most important. Increasing your ability to earn through your investments by increasing your education on investing. The more you know, the better at it you will be, and the more money you will make.
The Luckiest Man In Babylon
Arkad’s small school has now grown into what’s known around the city as the Temple of Learning. It’s a place where men of the city come to learn and discuss matters with the poorest mingling with the rich and powerful on equal footing.
Arkad arrives in the evening to eighty or so students, eagerly awaiting his lectures. Upon asking what should be discussed, one man brings up the subject of luck. The man had found a purse on the ground that held gold coins. Happy with his stroke of luck, it was his desire to find out how to make it happen more often.
Beginning the discussion on luck, Arkad makes the distinction between seemingly random coincidence, such as winning at the races or gambling, and the good luck of profitable opportunities. He states that those who seek to make their luck at the gaming tables are mislead, not only are the odds against them, but it’s the business of the gaming masters to make money. The gaming masters know their business and therefore stack the odds in their favor, always. While some people do win, the majority end up losing. Arkad explains that this kind of luck, wherein a man has no power to influence the outcome, and the people whom he is betting against have greater odds of winning is false luck and a foolish enterprise. Real luck is when an opportunity to invest and turn a profit arises. Not only can this kind of luck be influenced by the investor, but these opportunities can be sought out, increasing the likelihood of their occurrences.
The conversation on luck continues and the men discuss stories of how opportunities arose, and through procrastination, let the opportunity pass and missed out on making money. Arkad again makes a distinction between good and bad luck in this context. Good luck, he says, is when an opportunity to invest and increase your holdings arises; bad luck is when you allow that opportunity to pass.
Commentary
In order to understand good luck in the context of this parable, it is important to be able to distinguish between random coincidence and opportunity. The case in which the man found a purse with gold coins in it on the ground was random coincidence. While a person may deem themselves “lucky” for having come across such a find, it is not the kind of luck that happens often and cannot be stimulated to occur more often.
Profitable opportunities are the preferred source of luck in Arkad’s eyes. If a man is looking to increase his wealth, then every opportunity in which to do so is considered good luck, because it pushes him further down the road to his desires. Procrastinating or otherwise allowing a profitable opportunity to pass is considered bad luck, because the investor has not gained in any way from the transaction.
Unlike random chance, it is possible to increase the amount of profitable opportunities in your life simply by going out and looking for them. As you invest and continue to educate yourself, opportunities can arise that had before been hidden. Most everyone has, at one time or another, allowed an opportunity to pass either due to procrastination or through indecision. This chapter embodies the addage: “Fortune favors the bold.”
The Five Laws Of Gold
Kalabab the trader sits outside in his camp, surrounded by his camels and his twenty-seven hired men. He poses a question to the men that, if offered a bag heavy with gold or tablets upon which are carved words of wisdom, which would they choose? To his question the men all answered that they would choose the gold, of course. After remarking how it’s upsetting that most people would choose the gold over the wisdom, he decides to reward his men with some wisdom as well as their pay. The five laws of gold are what he explains to the men.
The story begins with Arkad and his son, Nomasir. In Babylon, as in many other places, it is customary that a son inherits his father’s estate once he is grown into manhood and the father passes on. Arkad, however, does not want to hand over all of his holdings to his son if he is not sure his son can wisely handle them. Giving Nomasir a bag full of gold and a clay tablet upon which are inscribed the five laws of gold, he sends him out to create his fortune. If after ten years Nomasir has built a good reputation and a profitable enterprise for himself, he will be able to return home and inherit his father’s vast wealth.
Ten years pass, and Nomasir returns to the home of his father. After a warm greeting and a feast, Arkad asks Nomasir to tell him how he fared, and if he was able to accomplish the task before him. Nomasir begins by telling his father that he quickly lost all the gold given him. Setting out for Nineveh, Nomasir met some men in a caravan with whom he made fast friends. They explained to them that they knew of a man in Nineveh who owned a horse that he claimed was the fastest there was. The men offered Nomasir the opportunity to get in on a wager in the horse races. Thinking he had a rare opportunity, Nomasir bet heavily on the horse with his friends only to find that it was soundly beaten. Later, he learned that the men with whom he met in the caravan, as well as the horse owner in Nineveh were working together to scam unwary people out of their money.
The second investment venture Nomasir took part in also went sour. Another man in the caravan to Nineveh explained that he knew of a shop owner who had recently died, and his wares could be purchased for cheap. However, the man needed to return to Babylon first to get his money, and during his time away the merchandise may be bought by someone else. He asked Nomasir if he would be willing to put up the money to purchase the deceased merchant’s wares, and Nomasir agreed. After making the purchase, the man lingered in Nineveh and spent the money he and Nomasir made in their business venture unwisely, eventually being put out by Nomasir who was forced to sell of the rest of the business at great loss.
Finally, determined to accomplish the task his father set before him, Nomasir turned to the tablet and the wisdom on the five laws of gold that lay engraved therein.
The five laws of gold are thus:
1. Gold cometh gladly and in increasing quantity to any man who will put by not less than one-tenth of his earnings to create an estate for his future and that of his family.
2. Gold laboreth diligently and for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field.
3. Gold clingeth to the protection of the cautious owner who invests it under the advice of men wise in its handling.
4. Gold slippeth away from a man who invests it in businesses or purposes in which he is not familiar or which are not approved by those skilled in its keep.
5. Gold flees the man who would force it to impossible earnings or who followeth the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires of investment.
Nomasir then tells his father how he found gainful employment as a handler of slaves, and began putting the five laws of gold to work, starting with saving one-tenth of all he earned. The slave master, Nomasir’s boss, soon came to him with an investment proposition. The King of Nineveh wanted to build large metal gates to protect the city, but there was very little to he had. The proposition was that Nomasir would join with the slave master and a few others in purchasing the metal for cheap from farther away, and then selling it to the King’s men for a profit. The venture was a success and Nomasir was invited into the confidence of the group of investors, thereby making other investitures that profited him greatly both in gold and in experience.
After his story, Nomasir had a slave bring forth three large bags of gold. One to replace what was given to him by his father, the other two was to pay his father for the wisdom engraved on the tablet of the five laws of gold, stating that he placed far greater value on the wisdom of his father than the gold with which it made him. Overjoyed, Arkad accepted his son’s gold and gave him his well-earned position as heir of his estate.
Commentary
The five laws of gold are a simple list of do’s and don’ts associated with the handling of money and wise investments. They begin with saving a portion of everything earned in order to provide seed money for an investment.
The second law states that gold wisely invested will continue to grow and in turn create even more. While a man can work as hard as he may, he will eventually tire and need to sleep. Gold, or money, on the other hand, once invested will begin to accrue interest and/or dividends so long as it stays invested.
The third law governs the nature of the gold’s investment. When you invest your money in any business venture, it’s important to make sure that your principal is secured, and that the people with whom you are dealing are knowledgeable regarding investments.
The fourth law is more or less the same as the third law, but worded from the opposite point of view. It states that you are likely to lose your money if you’re unfamiliar with the method of investing.
The fifth and final law deals with three possible and common pitfalls when it comes to investment. The first deals with impossible earnings. Gambling, high-risk ventures and volatile stocks are all examples of this. The second pitfall is following the advice of “tricksters and schemers.” These would be the men who tricked Nomasir into betting on their horse, only to have it beaten. These men all shared in the winnings of the man who owned the horse that won, and made a career out of misleading people. The third aspect deals with investing on one’s own inexperience or romantic desires of investment. Most people have heard stories of those who made it big investing in an unknown company or venture, only to have it succeed beyond expectations. While this does happen from time to time, far more people lose money in this way that gain it. Investing with the expectation of making large profits quickly can be foolish, and more often than not leads to loss.
The Gold Lender of Babylon
Rodan the spear-maker has just received a bonus of fifty gold coins from the King of Babylon for coming up with an improved method of making spearheads. When his friends and family found out about the gold, they all came to him with various requests and investment opportunities. Rodan’s sister was particularly compelling, because her husband wanted to begin a business as a merchant and needed someone to invest capital in his idea. Rodan cared very much for his sister, but was wont to hand over his newly acquired wealth. In an effort to get advice, he seeks out Mathon the gold lender.
Mathon begins by telling Rodan a story about a farmer in Nineveh who could understand the language of animals. In his story, a donkey and an ox are conversing on the farm. The ox’s job is to pull the plow all day in the fields, it’s tiring and causes the ox a lot of hardship. The ox mentions that he feels the donkey is lucky, for his job is to carry the farmer only when he needs to go to town, and spends most of his days standing about, not having to work. Wanting to help his friend, the donkey comes up with an an idea and tells the ox that the next day, he should claim to be sick and therefore not be required to pull the plow. The ox likes the idea and the next day does just that. However, regardless of whether or not the ox is sick, the fields must be plowed. That being the case, the donkey is instead hitched to the plow and forced to work in the fields the entirety of the day.
Tired, sore, and angry, the donkey returns to the barn. The ox exclaims that he is pleased at having such a good friend, the donkey, however, tells the ox that he only intended to help his friend but is angry that he ended up having to do the task for him. The donkey tells the ox that he heard the farmer tell his farmhand that if the ox was sick again the next day, he would be butchered. Not wanting to be killed, the next day the ox acted healthy and was once again hitched to the plow and forced to work in the field. Bitter at the result of his having to shoulder the ox’s burden, the donkey never again spoke to the ox.
After telling the story to Rodan, Mathon shows him a large box in which he keeps tokens gathered from the people he lends money to. Each token is taken in exchange for the loan, and Mathon explains to Rodan that every token that stays in the box is one debtor who reneged on their deal, and a sore lesson to the gold lender.
Rodan explains that he is appreciative of the advice given him by the gold lender, but his question is not answered. Should he give the gold to his sister’s husband that he might become a wealthy merchant? Mathon then asks if the man knows the ins and outs of being a merchant, such as where to buy inexpensive goods and where to sell them at higher prices. Rodan replies that his sister’s husband did not have that knowledge. Assisting Rodan in the forge and helping in some shops were the extent of his experience. Upon hearing this, Mathon tells Rodan that were his brother in law to come to him asking for hold, he would not lend it to him, because he had no knowledge of his trade and no means by which to secure the loan.
Commentary
The gold lender’s story, while somewhat roundabout is a good lesson for anyone, regardless of whether or not it has to do with money. If Rodan, in wanting to help his brother in law, were to give his gold to him and find himself unable to be repaid, then he would be shouldering the burden of his brother in law’s poverty. It’s a good idea to help a friend in need, that’s what friends are for, but be careful that, in an effort to help, you don’t end up sharing in their misery.
Second, in regards to the chest of trinkets, Mathon the gold lender was using them as collateral in his lending practices. The best kind of collateral is that which is worth more than the loan, the very principal modern day pawn shops use. If for some reason the debtor defaults on the loan, the collateral can then be sold in order to regain the principal, securing the loan and ridding the gold lender of any chance at a loss.
When Mathon asked if Rodan’s brother in law had any knowledge on the business of being a merchant, he was following one of the five laws of gold. Every loan a money lender makes is an investment in that it is always repaid with interest. If you’re going to invest, the third law of gold states that you should invest with people knowledgeable regarding the investment. Giving someone money in order to start a business they know nothing about is a poor investment, and yields very little chance on any return.
The Walls Of Babylon
Babylon is currently under siege by the Assyrians, and Banzar stands guard at a hallway leading to the top of the walls. The Assyrians have gathered outside the walls and around the gate near Banzar and are hammering away at it with a battering ram. The citizens are gathered inside the city, afraid of the potential breach by the enemy army. In their fear, a few citizens approach Banzar and inquire how the gates are holding up, and if they should fall or not.
As each townsperson approaches Banzar and asks if the gates will hold, he replies in turn that the gates are mighty and will not fall. They were built by the Queen a hundred years prior in order to protect, and protect they would.
After four weeks, the Assyrians, unable to breach the walls, lift the siege and go home.
Commentary
This parable was short, but made a strong point. Babylon was a very rich city, and because of this many people tried (and some succeeded) in conquering the city and looting its treasures. Knowing that the city held many riches, the Kings and Queens built incredibly strong walls in order to protect its gold and citizenry.
The same care should be taken to protect one’s own investments and livelihood. Making sure the principal in any investment is secure is extremely important if you don’t want to lose your money. Providing security for the future is also advisable, and insurance is an excellent way of providing for the unforeseen.
The Camel Trader of Babylon
The story begins with Tarkad, jobless, alone and starving, walking the streets of Babylon. He runs into Dabasir outside an eating house, a man to whom Tarkad is indebted for two pieces of copper and one piece of silver. Dabasir asks if Tarkad has the money he owes him, to which Tarkad responds that he does not. Ill fortune pursues Tarkad, so he says, and he cannot get ahold of any money to repay his debts. Annoyed at the response, Dabasir beckons Tarkad to follow him into the eating house to sit with him while he eats.
Dabasir ordered food for himself, but only some cool water for Tarkad. As they are waiting for the food, Dabasir tells Tarkad of a man who has a piece of stone cut so thin that you can see right through it. He explains that though the piece of stone is see-through, it gives everything one views a yellow tint. Dabasir goes on to ask Tarkad if it’s possible to see the world in a different color than it really is. Tarkad’s response was noncommittal, as he was far more interested in the piece of goat meat set before Dabasir than the question. Dabasir responds to his answer saying that he knows for certain that it is possible, for in the past, he saw the world in a far different light. Thus begins the story of how Dabasir became a camel trader in Babylon.
When Dabasir was young, he learned from his father the method of making saddles. He was young, and his lack of skill in the trade made him little money. Wanting more than his meager salary could afford, Dabasir found that many of the merchants in town would offer him credit, allowing him to purchase things he wanted now and pay for them later. As time went on, Dabasir purchased so much through credit that he was unable to afford to both live and pay his debts at the same time. He borrowed money from his friends in order to purchase the things he needed in which to live, but quickly found that he ended up with even more debt. Since he was unable to support his new, young wife, she left him and moved back in with her father.
Eventually, he fell in with some robbers and began a life of crime. Instead of using the money he stole to set his life back in order, he and the other robbers wasted it on food and drink and clothing. After robbing one of the caravans, spearmen from a local chief caught them and sold them into slavery in Syria. Dabasir was purchased by a Syrian tribal Chief and given to his wives to keep as a eunuch. Luckily for Dabasir, none of the Chieftan’s wives were much interested in owning a eunuch. However, one of the wives, named Sira, needed someone to tend her camels and Dabasir, being a saddle maker, was given that opportunity instead. Happy at being saved from an unfortunate fate, Dabasir tried opening up to Sira and explained that he was not born into slavery, but was the son of a free man. Sira scowled at him and replied that if he possessed the soul of a free man, how could he have let himself come to be a slave in Syria?
Dabasir toiled for a year as a slave under Sira’s ownership, but found that he could not himself mingle with the other slaves. Every night he sat apart and did not participate in the gossip and games that the slaves played. Noticing this, Sira asked him why he chose to segregate himself from the other slaves. Dabasir explained that he was pondering her words to him about possessing the soul of a free man, and he found that he could not bring himself take part in the lifestyle of the slaves. He asks her what she thinks of him now, if he has the soul of a free man or that of a slave? In answer, Sira states that if he has the desire to repay his debts and live as an upstanding member of society, than he possesses the soul of a free man. However, if he does not desire to make things right, than he should accept his lot and the soul of a slave. Sira asks Dabasir to prove that he has the soul of a free man, else he should stay a slave in Syria. Unable to answer her, Dabasir remains quiet.
Three days later, Dabasir is summoned to Sira’s aid as she needs to ride her camel to another town to see her sick mother. After loading what seemed to Dabasir far too many supplies for a three day journey, they leave. Upon reaching the home of the sick mother, Sira gives Dabasir two camels and all of the supplies, telling him that if he is to prove his worth, this is his chance. Taking her up on her offer, Dabasir quickly makes haste towards Babylon.
The way is far, and Dabasir finds himself out of supplies with two very tired camels. Lying in the dirt, Dabasir looks around him. The ground is rocky and his camels laying not far away, exhausted. It has come to the final, bitter end, he thinks. This is where he dies. But as he lay there some more, something changes in him. He thinks to himself, “Do I have the soul of a free man, or a slave?” He realizes that if he has the soul of a slave, he should just give up and die there in the desert. However, if he has the soul of a free man, he would rise up and make his way to Babylon. Steeling his will, he rises to his feet, summons his camels and begins travelling again. Eventually, Dabasir reaches more fertile land with water, grass for his camels, and fruit for himself. He ends his story with his eventual, triumphant return to Babylon.
Finishing his story, Dabasir asks Tarkad if he is ready to stand up, pay his debts and once again be respected in Babylon? Tarkad replies, teary eyed, that he is ready to meet his obligation. A man listening from the next table asks Dabasir how he fared once he reached Babylon, to which Dabasir replied “Where the determination is, the way can be found.” Dabasir visited everyone to whom he was indebted, and begged that they allow him to repay his debts. One of the men he owed, Mathon the gold lender, helped him find work with a camel herder from which he was able to earn the money to slowly repay his debts.
Commentary
The first lesson in this story is clear: purchasing what you cannot afford on credit can easily spiral out of control. Initially, Dabasir was able to both earn the money to live and to pay off his debts, but as his appetite for merchandise was unable to be sated, he eventually found himself with more debt than he could repay. In order to avoid this situation, purchasing on credit should only be done with the greatest of need.
The second lesson is directed at those who already find themselves indebted. Leaving debts unpaid can eventually cost you everything you have, as it did Dabasir. Though Dabasir was forced to live as a slave literally, it can be the same for one who is enslaved by their own desires. When he is finally determined to return to Babylon and repay his debts, Dabasir proves that he is in fact his own master and now in control of himself and his desires. So, too should one be who finds oneself buried in debt. No matter how deep a hole one finds himself in, once the determination to get out is found, a way to do so is not far off.
The Clay Tablets of Babylon
The chapter begins with a letter from an Alfred H. Shrewsbury to a professor Franklin Caldwell. The letter explains that in an archaeological dig on the site that was once Babylon, some clay tablets are found which describe the story of a man named Dabasir. Each tablet chronicles a portion of Dabasir’s life upon returning to Babylon from slavery in Syria.
Tablet number 1
The tablet begins with Dabasir returning from Syria with the determination to repay his debts and become worthy of respect in Babylon. The tablet is engraved shortly after Mathon the gold lender helps him find a job with the camel herder. He explains that he is first going to set aside one-tenth of whatever he can make and save it, to begin his fortune. Second, he will use seven-tenths of his salary to take care of himself and his wife, who recently returned to him from her father’s care.
Tablet number 2
Third on his list, is to save the remaining two-tenths of his salary and distribute it equally among those to whom he is indebted, until they are all paid off. It goes on to list the names of the people he owes money to, but the list is incomplete.
Tablet number 3
This tablet gives the total amount of money that Dabasir owes to his creditors as one hundred nineteen pieces of silver and one hundred forty-one pieces of copper. It goes on to say that Dabasir told each one of his creditors that he had no way to repay them other than his ability to earn, and he explained to each his plan. Some of the men were happy that Dabasir returned and was working to pay off his debts while others reviled and scorned him.
Tablet number 4
After one month, Dabasir has earned nineteen pieces of silver from his job with the camel herder. Following his plan, one-tenth he saved for himself, seven-tenths he spent taking care of himself and his wife, and the last two-tenths were split up as evenly as possible among his creditors. After the first month, Dabasir’s debt has shrunk by nearly four silver pieces and he owns for himself nearly two.
The tablet also chronicles Dabasir’s financial state during his second and third months working for the camel herder. During the second month he made only eleven silver pieces, but still stayed true to his word. He kept his own portion, fed and clothed his wife, and used the final two-tenths to distribute among his creditors. The third month, however, fared far better for Dabasir. He made forty-two pieces of silver this time around and was able to pay off a larger chunk of his debt.
Tablet number 5
The fifth and final tablet finds Dabasir on the day in which he pays off the entirety of his debts. It has been a year since he last engraved anything on the tablet, and he is overjoyed to have finally paid off his debt. To his surprise, the creditors that at first had reviled and scorned him were kind once again, proud of him for repaying what was owed.
While he is happy to once again be worthy of respect in his home city, he gives all the credit for his ability to pay off his debts to his plan. Not only pay them off, but to have a bit of gold saved up for himself as well.
The chapter ends with one more letter from Alfred H. Shrewsbury to professor Franklin Caldwell. The letter states that Alfred followed the advice he found on the tablets and was able to get himself out of debt in the same method of Dabasir.
Commentary
There are many clay tablets found in and around the ruins of ancient Babylon, but these particular ones are highly suspect. The letters in the beginning and end of the chapter are simply there to convey to the reader that following this method does in fact work to get out of debt.
This parable serves to show the reader that the method described in the book of attaining wealth can also be used when one is in debt. Even when you owe others, you must first be able to pay yourself. Instead of using the one-tenth of his pay to give to his creditors, Dabasir instead chose to live off of less money. Because he did this, when Dabasir was finished paying off his debts he still had his savings with which he could begin investing.
The Luckiest Man In Babylon
Sharru Nada, the trade prince of Babylon is riding into the city at the head of his great caravan. With him is Hadan Gula, the grandson of his business partner Arad Gula. Sharru Nada knows that Hadan Gula’s father mismanaged his inheritance, and in an effort to help the youth get a good start in business, asked that he accompany him on his trade mission. Looking Hadan Gula up and down, Sharru Nada is disturbed to see his “gaudy robes” and the jewels on his fingers and in his ears. As Sharru Nada is thinking this, Hadan Gula interrupts his thoughts by asking why Sharru Nada works so hard. “To enjoy life,” he replies. Hadan Gula balks at Sharru Nada’s answer and states that hard work is for slaves.
As they see the Temple of Bel coming up on the horizon, Hadan Gula states that were his grandfather still alive, he and his father would not be so hard pressed with money. Neither he nor his father are able to make the kind of money his grandfather, Arad Gula, was. Sharru Nada makes no reply but continues to ride toward the city. He notices some men toiling in a field and gets the feeling that they are the very same men he saw working that same field when he passed by forty years ago. Looking at Hadan Gula, he notices the resemblance to his old friend and business partner, Arad Gula and feels a closeness with the young man. Sharru Nada devises a plan to help Hadan Gula, one that might be a bit cruel, but will help him in the long run. It begins with telling him the story of the first time Sharru Nada saw those same men plowing the field.
Forty years ago, Sharru Nada was on the very same road on his way to Babylon. This time, though, he was shackled to several other men, as they were slaves headed for the market. The man next in line to Sharru Nada was named Megiddo, a farmer from a faraway land. He explains to Sharru Nada that every slave not purchased at the market is sent to the slavers to work on the walls, and that is a terrible, terrible fate. Meggido also says that good hard work can go a long way to making a slave useful, and to explain to those looking to buy that Sharru Nada will work very hard in an effort to escape working on the walls. Sharru Nada heeds Meggido’s advice and is purchased by a baker.
The baker is a decent man and Sharru Nada works very hard for him, eventually earning the baker’s trust. Not wanting to stay a slave his entire life, Sharru Nada approaches the baker with an idea. In the afternoons, once the baking is done, he can walk the streets and sell honey cakes. He asks the baker if he can keep a portion of the money he makes doing the extra work in an effort to one day buy his freedom. The baker agrees and Sharru Nada goes to work. A few pennies a day is all he is able to make, but it’s a few pennies closer to freedom, and it pushes Sharru Nada all the harder.
One day he comes across a man named Arad Gula. Arad Gula explains to Sharru Nada that he also is a slave, and is partnered with his master in business. Arad Gula makes a bit of money and is nearly able to purchase his freedom. Sharru Nada explains that he is doing the same thing and they become fast friends. One day Arad Gula again meets Sharru Nada, this time he is in distress. He has saved enough money to purchase his freedom, but is afraid that he may fail in business without his master to look after him. Sharru Nada tells him that he should no longer be slave, that he should “...act like a free man and be one!” These words move Arad Gula and he decides to go through with buying his freedom.
Time passed, and one night the overseer of the baker’s slaves came to Sharru Nada in distress. The baker liked to gamble, and had lost a great deal of money the previous night. In an effort to square his debts, he gave his slaves to the man he owed. The next day that man showed up and took Sharru Nada away to work building a canal.
The work was much harder than baking, and Sharru Nada began to sink into despair. Without being able to sell the honey cakes in the afternoon, he would not make enough money to purchase his freedom. One day, when he was finally at the end of his endurance, he received a message that his master required him in Babylon.
Upon reaching Babylon, Sharru Nada was surprised to see that his new master was none other than Arad Gula! In thanks for his words of encouragement, Arad Gula purchased Sharru Nada and, when he arrived in Babylon, greeted him by smashing his slave title, freeing him from bondage. Together, they began a partnership and became very rich merchants.
The story ended and Hadan Gula was deep in thought. “I had always wanted to be a man like my grandfather”, Hadan Gula said. “Though I never knew just what kind of man he was.” With that, he removed the rings from his hands and ears and slipped back to ride behind Sharru Nada in respect.
Commentary
The final story in the book is all about hard work. When Sharru Nada adopted Meggido’s stance that hard work could set you free, it began a chain of events in his life that did exactly that. The same principle goes for anyone who wants to create wealth. You can’t save one-tenth of everything you earn when you’re not earning anything. Aside from that, the harder you work at anything the better you will get at it and the more opportunities will come to you.
No matter how hard things seem, or how dire your straits may become, the message here is to cling to your hard work and eventually you will get through it.