Arkad was widely known for his wealth, but he was also known for his generosity and kindness.  Bansir, Kobbi and all their gathered friends asked him why he is so rich while they are barely scaping by.  He was once their equal.  They went to the same schools, played the same games and learned from the same masters.  Why did a fickle fate single him out to enjoy all the good things in life while the rest of them is ignored and left to suffer.

Arkad’s answer was that they either did not lean the laws that govern the building of wealth or they did not observe them.  Fickle fate was a vicious goddess that brings no permanent good to anyone.  She brings ruin to any man upon whom she showers unearned gold.  She changes some of them into spenders who soon runs out of money and are left with overwhelming appetites and desires they cannot gratify.  Others become so scared to lose the money because they know they cannot replace it, that they live in fear of robbers and doom themselves to lives of emptiness and misery.  There may be a few that knows how to use their good fortune to build more wealth, but they are the exception.

Arkad then explained that he decided a long time ago that he will become wealthy and he realised this requires time and study.  Arkad started working as a scribe in the hall of records writing on clay tables.  Arkad worked hard for long hours and still he remained poor.

One day the rich money lender Algamish came to the city master and ordered a copy of the ninth law.  He said he will pay two coppers if Arkad finish it in two days. Arkad worked hard, but by the time Algamish returned, it was unfinished.  Arkad then made a deal with Algamish that it will be done by sunrise if Algamish would tell him how to get rich.  Algamish got his tables by sunrise and told Arkad he must keep a tenth of everything he earns to himself.  He must then use what he saved up to make more money.

A year later Algamish visited Arkad again and asked him how much he saved and what he did with his savings. Arkad explained that he gave his savings to the brick maker to buy jewels which Arkad can sell for a profit.  Algamish said one should never ask advise about jewels from a brick maker.  His money will be gone, and so it was.  But Arkad kept on saving a tenth every month.

Another year later Algamish visited Arkad again and this time Arkad could say he lend the money to the shield maker who pays him rental (I assume interest).  Algamish asked Arkad what he does with the rental.  Arkad spent it all.  ‘But you eat the children of your savings’ said Algamish.  ‘How do you expect them to work for you?  First get yourself an army of golden slaves to work for you, and then you can have your feast’.

Two years later when Algamish returned, Arkad could say he learned how to keep a tenth for himself, to get advice from experts and to multiply his savings.  Algamish was getting old and needed someone who understands the laws of money to manage his holdings in Nippur.  Arkad Increased the value of the holdings and when Algamish died, Arkad inherited part of his estate.

When Arkad finished his story one of his friends said he was fortunate to inherit. To this Arkad replied that he was fortunate to be prepared when he met Algamish for the first time.  Another friend said that Arkad had unusual will power to continue after he lost his first savings, to which he explained that you must just complete the task you set for yourself.  another friend asked if there will still be enough wealth to go around if all men did what Arkad said.  Arkad explained that wealth grows where men exert energy. When a wealthy man build a palace, the gold is not gone.  The brick maker has part of it, the labourer has part of it… And when the palace is completed, it is worth all that it cost.

So, keep a portion of everything you earn and let it work for you.  Let it have children and keep a portion of the children and the children’s children.  Invest with great caution and be wary of deceitful promises of usurious rates of return.  Prepare for a time when you are too old to work and make provision for your family so that they can be cared for after you died.  Enjoy life and do not try to save too much.  Do not become too afraid to spend anything.  Seek advice from experts who work with money daily.

His friends thanked him and left.  Some did not understand.  Others were sarcastic and felt that Arkad should have shared his fortune.  But there were also those who understood, who started saving and visited Arkad often in years to come.

References

George S. Clason, The Richest Man in Babylon, First Published in 1926.  Free eBook distributed by BizBuildersUSA.org