Wealth is the result of the wisdom of the inhabitants.
Thousands of years old parables of Babylon preserved on clay tablets are applicable in the world of finance to this day. Simple rules apply to banks, insurance companies and experienced investors. Maybe it is the right time to get inspired.
The fame and fortune of the legendary Babylon persist to this day.
However, the great wealth of Babylon was not an ordinary coincidence. It was a result of the wisdom of its inhabitants. At the time of completion of irrigation canals and temples, the inhabitants were not able to feed themselves. The workers had no work, buyers had few customers and farmers could not sell their crops. The gold remained in the hands of several wealthy people, who knew how to skillfully deal with it. The king asked himself a question, why is it that not everyone could learn to treat the gold adeptly and accumulate it in order to get rich.
Hence, the king called a man who had started from scratch and who had amassed the greatest fortune. He asked him for help, because he knew that the city was in a bad situation. There were only few wealthy people, who monopolize the wealth, while the majority did not have the knowledge to keep the gold. His desire was for Babylon to be the richest city and thus it must have many wise and wealthy people. Therefore, the richest man began to teach all the people in the city, without distinction. The lessons took place in temples and they were accessible to farmers, shoemakers, wealthy merchants, beggars, simple men as well as powerful and high-status men, without any distinction. The lessons were open to debates and questions to which they answered reciprocally and that way they shared experience.
The richest man of Babylon began to teach the inhabitants in a quite simple way how to gain, maintain and accumulate the wealth. In order to help them, he prepared seven simple rules whose following would mean success in the financial world.
He called them 7 remedies for a poor pouch.
- First remedy
Start filling your pouch
- Second remedy
Control your spending
- Third remedy
Make sure to multiply your gold
- Forth remedy
Protect your treasures from loss
- Fifth remedy
Make a profitable investment out of your gold
- Sixth remedy
Ensure your future income
- Seventh remedy
Increase your ability to make a profit
Babylon is a superb example of financial planning in times of crisis. I describe seven remedies in part two.