Richest Man in Babylon Flashcards

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Questions and Answers

Who is George Samuel Clason?

Author of The Richest Man in Babylon

When was The Richest Man in Babylon published?

1926

Where is Babylon located?

Iraq near Baghdad

The book opens with what two characters?

Bansir, the chariot builder, and Kobbi, the musician Signup and view all the answers

Why weren't Bansir and Kobbi wealthy?

They never sought out the secret to wealth; they were looking in the wrong places Signup and view all the answers

What was Arkad's original job?

Scribe Signup and view all the answers

Who was Arkad's mentor?

Algamish who was a very rich man Signup and view all the answers

What was Algamish's secret to wealth?

A part of all you earn is yours to keep Signup and view all the answers

What was Arkad's first investment?

Brickmaker who went to the Phoenicians to buy jewels Signup and view all the answers

What was Arkad's second investment?

With Agger the shield maker who used it to buy materials Signup and view all the answers

What happened after two years of learning Algamish's lessons?

Hired him as a manager of his estate in Nippur Signup and view all the answers

Who was the king of Babylon?

Sargon of Akkad Signup and view all the answers

What did the King of Babylon, Sargon of Akkad, ask the Royal Chancellor?

Why the kingdom was poor and only a few of the citizens were wealthy Signup and view all the answers

Why was the kingdom of Babylon poor?

Not enough jobs, people didn't have enough money to buy what they wanted to, farmers couldn't make enough selling their produce to continue farming Signup and view all the answers

What are the 7 cures to a lean purse?

<ol> <li>Start thy purse to fattening 2) Control thy expenditures 3) Make thy gold multiply 4) Guard thy treasures from loss 5) Make of thy dwelling a profitable investment 6) Ensure a future income 7) Increase thy ability to earn</li> </ol> Signup and view all the answers

What did Arkad tell men to do if they respected themselves?

<ol> <li>Pay debts promptly and don't stay in debt 2) Take care of your family 3) Make a will 4) Have compassion upon those less fortunate</li> </ol> Signup and view all the answers

Who does Arkad say the Goddess of Luck smiles upon?

Those that work hard, save their money, and invest well Signup and view all the answers

How can good luck be enticed?

By accepting opportunity Signup and view all the answers

Who discusses the five laws of gold with Arkad's son, Nomasir, in Nineveh?

Kalabab Signup and view all the answers

What are the five laws of gold?

<ol> <li>Gold comes to any man that will save no less than 1/10 of his earnings 2) Gold works for the owner that finds it profitable employment 3) Gold clings to the owner who invests it under the advice of wise men 4) Gold slips away from the man who invests it in which he is not familiar 5) Gold flees from the man who listens to tricksters and trusts his own inexperience and romantic desires in investment</li> </ol> Signup and view all the answers

Rodan, a spearmaker, sought advice from whom after receiving fifty gold pieces from the king?

Mathon: the gold lender of Babylon Signup and view all the answers

What does Rodan's sister ask him to do with his money?

Help her husband, Araman, to become a wealthy merchant Signup and view all the answers

What are the three classes of borrowers?

<ol> <li>Those who promise more financial security than they borrow 2) Those who borrow based on their capacity to earn 3) Those who have neither property nor assured earning capacity</li> </ol> Signup and view all the answers

What characterizes the safest loans?

Collateral worth more than the loan Signup and view all the answers

Who guarded the gates of the wall of Babylon?

Old Banzar Signup and view all the answers

How can we guard ourselves today against unexpected tragedies?

Insurance, savings accounts, dependable investments Signup and view all the answers

Who owes money to Dabasir, the camel trader?

Tarkad Signup and view all the answers

What was Dabasir in Syria?

A slave Signup and view all the answers

Who was the fictional professor of archaeology that translated the clay tablets from Babylon?

Alfred H. Shrewbury Signup and view all the answers

Who was the luckiest man in Babylon?

Sharru Nada, merchant prince Signup and view all the answers

Who was Sharru Nada's long-term business partner?

Arad Gula Signup and view all the answers

Who was Sharru Nada riding with during the caravan?

Arad Gula's grandson, Hadan Gula Signup and view all the answers

What does Hadan think rich men should do?

Live extravagantly and that work is for slaves Signup and view all the answers

What were the names of Sharru Nada's two very different friends?

<ol> <li>Megiddo: liked to do good work 2) Zabado: Didn't want to do hard work for someone else</li> </ol> Signup and view all the answers

What guard advised Sharru Nada at the slave auction?

Godoso Signup and view all the answers

Who purchased Sharru Nada?

A baker, Nana-naid Signup and view all the answers

After learning all he could about baking, what did Sharru Nada do?

Created a plan to market baked goods throughout the city Signup and view all the answers

Who was one of Sharru Nada's loyal customers?

Arad Gula, another slave about to buy his freedom Signup and view all the answers

Sharru Nada was _____ away by his master.

Gambled Signup and view all the answers

Who bought Sharru Nada's freedom?

Arad Gula so they could become partners Signup and view all the answers

After hearing Sharru Nada's story, what does Hadan vow to do?

Live a more humble life and work hard Signup and view all the answers

Study Notes

Overview of The Richest Man in Babylon

Written by George Samuel Clason, published in 1926.
Set in ancient Babylon, located in modern-day Iraq near Baghdad.

Main Characters

Bansir: A chariot builder and one of the central characters.
Kobbi: A musician and close friend of Bansir.
Arkad: Initially a scribe, later becomes the wealthiest man in Babylon.
Algamish: Arkad's wealthy mentor who teaches him about wealth.

Wealth Principles and Lessons

Arkad learns from Algamish to save at least 1/10 of his earnings.
Arkad's initial investments fail, teaching him valuable lessons about finance.
The book outlines seven cures for a lean purse including:
- Start saving money promptly.
- Control expenditures.
- Make gold multiply through wise investments.
- Protect assets from loss.
- Make your dwelling a profitable asset.
- Ensure future income.
- Enhance earning ability.

The Role of the King and Wealth Distribution

King Sargon of Akkad questions wealth disparity among Babylon's citizens.
Babylon suffers from poverty due to a lack of jobs and financial constraints impacting purchases and farming success.

The Laws of Gold

Gold rewards savers who invest wisely.
Stable investments are crucial for retaining wealth; risky ventures often lead to loss.
Trusting inexperienced individuals with investments can lead to financial trouble.

Borrowing and Lending

Rodan, a spearmaker, seeks financial advice from Mathon after acquiring wealth.
Borrowers are classified into three groups based on their financial security and earning capacity.
Safest loans require collateral exceeding the loan amount to ensure security.

Insurance and Financial Planning

Financial safety nets include insurance, savings, and reliable investments to guard against unforeseen events.

Sharru Nada's Journey

Sharru Nada, a formerly enslaved man, rises to wealth through hard work and good business acumen.
He learns from two contrasting friends during his time as a slave, shaping his views on work and success.
His clever marketing strategies lead to success in the baking industry.
After being freed by his loyal customer, Arad Gula, they become business partners.

Moral Lessons

Luck favors those who work diligently and make prudent investments.
Hadan Gula, initially believing in a lavish lifestyle, vows to adopt a humble and industrious life after hearing Sharru Nada's inspiring story.

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Description

Test your knowledge of the key concepts from 'The Richest Man in Babylon' with these flashcards. Learn about the author, publication date, and main characters in this classic financial advice book. Perfect for anyone studying personal finance and its principles.