The Richest Man in Babylon - A ZCASEBA Book Review (Chapters 6-11)

CHAPTER 6: THE 5 LAWS OF GOLD

a) A bag heavy with Gold or a clay tablet carved with words of wisdom: If you had to

choose one, which would you choose?

• (Give us your thoughts below)

b) What are the 5 laws of Gold?

?The Five Laws of Gold

1. First Law: " Gold comes readily and in growing amounts to anyone who saves at least one-tenth of their earnings to build wealth for their future and that of their family. "

o This law emphasizes the importance of saving at least ten percent of one's earnings to build a secure financial future.

2. Second Law: " Gold works diligently and contentedly for the wise owner who finds profitable ways to invest it, multiplying just like the flocks in the field.

o It advises that money should be invested wisely to generate more wealth, similar to how livestock multiplies when well cared for.

3. Third Law: " Gold stays secure with the cautious owner who invests it based on the advice of experts in managing it."

o This law underscores the need for careful and informed investment, seeking the guidance of experts to protect one's wealth.

4. Fourth Law: "Gold slips away from the person who invests it in businesses or ventures they are not familiar with or that are not approved by those skilled in managing it”

o It warns against investing in unfamiliar ventures without proper knowledge or expert advice, as this leads to loss of money.

5. Fifth Law: " Gold flees from the person who tries to force it into unrealistic earnings, follows the tempting advice of tricksters and schemers, or trusts it to their own inexperience and unrealistic dreams in investment."

o The final law cautions against seeking unrealistic returns or falling for get-rich-quick schemes, emphasizing the importance of realistic and prudent investment strategies.?

c) What other lessons did you pick up from the reading of this chapter?

• The laws are important to promote and develop financial discipline and long term wealth accumulation.?

CHAPTER 7: THE GOLD LENDER OF BABYLON

a) Why did Rodan the spear-maker of old Babylon choose to seek the gold lender and what can we learn from his choice?

• Rodan didn’t know what to do with his 50 pieces of gold. On top of that, everyone, including his sister, was asking him to share his gold with them.
• He then chose to seek advice from the lender of gold because he believed he was wise enough to help him with his problem. After all, who is more able to advise than the lender of gold to whom many men come in times of trouble!

WHAT WE CAN LEARN:

• To ensure that we seek advice from experienced individuals: Rodan recognized that Mathon, as a lender of gold, had expertise in managing wealth and making wise financial decisions. This shows the importance of seeking guidance from those with relevant experience.
• With wealth, there comes also responsibility: Rodan's situation illustrates that having wealth brings new responsibilities and challenges. He had to make decisions about how to use his gold wisely and ignore all the people who asked him to share it with them instead of giving him ideas on how to use the gold.
• If you desire to help a friend, do it in a way that will not bring the burden of your friend onto yourself: Mathon's advice and the story of the farmer and the ox taught Rodan about the importance of making informed decisions and considering the potential consequences of one's actions. This also teaches us that there is value in wise counsel received by the right person.

b) What things do we need to take into consideration before lending money to a friend?

1. The purpose. Why do they want to borrow money from us? Do they want to start a business, buy something they've been craving for or pay their outstanding debt?
2. Repayment plan. Here, we also consider their means of paying us back. It is important to consider? their source of income and question how they are going to pay back. Whether it is in full or in installments.
3. Repayment period. This means considering when they are likely to pay back the money, that is, how long it'll? take to pay us because we don't want to lend money to someone who's going to pay back after 2 years or more.

c) What other lessons did you pick up from the reading of this chapter?

• Do not lend in places where there is no confidence because gold lent u wisely then it becomes difficult to get back therefore your gold worked for is yours and not obligated to any man

CHAPTER 8: THE WALLS OF BABYLON

a) What other lessons did you pick up from the reading of this chapter?

• (Give us your thoughts below)

CHAPTER 9: THE CAMEL TRADER OF BABYLON

a) Briefly describe the story of Dabasir and how he became a camel trader.

• Dabasir, a young Babylonian, was once a prosperous merchant but fell into debt due to reckless spending. His wife left him, and he eventually turned to thievery. Caught and enslaved, Dabasir found himself working for a wealthy woman who recognized his potential. She offered him a chance to regain his freedom and repay his debts by becoming a camel trader. With determination and hard work, Dabasir learned the trade, built a successful business, and eventually repaid his debts, proving that even in the face of adversity, one can overcome challenges and achieve financial success.

b) How can our outlook on life affect our ability to create for ourselves wealth?

• (Give us your thoughts below)

CHAPTER 10: THE CLAY TABLETS FROM BABYLON

a) What other lessons did you pick up from the reading of this chapter?

• (Give us your thoughts below0

CHAPTER 11: THE LUCKIEST MAN IN BABYLON

a) Briefly summarize what Sharru Nada taught Hadan Gula as a way of helping him shift

his perception about work.

• He did so in 3 main ways:

1. Leading by Example: Sharru Nada demonstrated the value of hard work through his own success.

2.? Practical Experience: Sharru Nada involved Hadan Gula in his business operations, allowing him to experience firsthand the rewards of diligent work.

3. Personal Development: Sharru Nada’s guidance helped Hadan Gula see work not just as a means to earn money but as a way to develop skills, gain respect, and achieve personal fulfillment.

b) How is networking a powerful tool in building wealth?

• In the heart of babylon, a wise man knows the value of friends. These friends are not just for feasting and merriment, but fr sharing knowledge, opportunities, and support. By tending to your network you plant seeds that can grow into a bountiful harvest of wealth. Remember, a strong network is a sturdy wall around your gold.

c) What other lessons did you pick up from the reading of this chapter

• The nickname "luckiest man" reflects a common misconception that success is purely the result of good fortune. In reality, Sharru Nada's wealth is the result of his dedicated effort, shrewd business practices, and careful management of his resources. His story serves to illustrate the book's central message that financial success comes from consistent effort, wise planning, and prudent investment, rather than chance.

-Collectively written by the ZCASEBA Committee members