The Seven Cures for a Lean Purse

There's a reason why nobody receives financial education in the public school system. It's because they don't want you to have it.

Without financial education, you make a more docile sheep, and you pay more taxes. But you can still find the info you need! The Richest Man in Babylon by George S. Clayson is a text that we recommend in our coaching programs for learning financial literacy.

In the book, we meet Arkad, the richest man in Babylon. This man started off as a youth with no advantages and no money--just like every other Babylonian kid. Early on, he was ambitious and discovered the laws of success.

So, the king approaches Arkad and asks him, "Arkad, will you teach our citizens more about the way to acquire wealth that you have discovered?" Arkad says, "Well, Your Honor, it is learnable. What one has done, others can do. At your request, yes I will."

A fortnight later he finds himself in the Great Hall, in the Temple of Learning. Approximately 100 people are there; there's a spirited discussion going on. They all want to know what the richest man in Babylon has to share with them.

So he teaches them the seven cures for a weak wallet.

The first cure is, "Start thy purse to fattening". It's real simple. Take 10% of your income out, set it aside, and live on nine-tenths of your income.

Live on less than you are making to get your nest egg started. Many people wonder, "How can I live on nine-tenths, when I can't live on ten-tenths?" And Arkad's basic reply is, "It's not going to make much difference."

The second cure is, "Control they expenditures". Often when people get a raise their expenses go up, and they come out no better off. So, what you want to do is, of course, control your outgo.

Subordinate the passions and pleasures of the present moment against the future that you have designed, with discipline, foresight, and forethought.

As he puts it, "Realize thy most cherished desires by defending them from thy casual wishes." Have a budget, stay within it, make sure you get your dollar's worth out of everything that you invest in.

The third cure for a lean purse is, "Make thy gold to multiply". You started setting some aside, you're controlling your expenses, and now it's time to put your investment money to work. A person's wealth is not in their purse or the car they drive, it's in the income that they have coming in. So put your money to work.

Start small. You don't start off by putting all your money in investments that you don't know anything about.

With the magic of compounding interest, over time this money will increase.

This, then, Arkad says, is the third cure for a lean purse--to put each coin to laboring, that it may reproduce its kind and help bring a stream of wealth that shall flow constantly into thy purse.

The fourth cure for a lean purse is, "Guard thy treasures from loss". Arkad says, "Misfortune loves a shining mark. Make sure your principal is secure." Do not get sucked in to rosy-sounding deals. Get the advice of people who know.

The fifth cure is, "Make thy dwelling a profitable investment". He talks about how good it makes your heart feel to have your own place, in addition to the fact that it's cheaper, and when it's paid off you only have to pay the king--that is, the government--their taxes. You're living practically free. Many blessings come to a person who owns thy own home.

The sixth cure is, "Ensure a future income." Real estate is one of the best investments to make. This kind of thing requires a plan over time. We're talking about leveraging over time--five years, 10 years, 20 years, 30 years, and more, to become wealthy.

Also, make sure you have insurance to care for your family if you're taken away. Ensure a future income for them, and ensure a future income for yourself.

The seventh cure is, "Increase thy ability to earn". In other words, get more education, take on bigger tasks, make more money, develop more interest in your work.

With that you earn more, and therefore your 10% is more. You have the ability to do more all the way along, and leveraging over time is miraculous.

These, then, are the seven cures for a lean purse, as originally taught by Arkad in the Temple of Learning. Find out more in George S. Clayson's book, The Richest Man in Babylon!

About the Author:

Ted Ciuba, a leader in both the marketing & human potential fields, helps entrepreneurs, salespersons, & small-medium-sized businesses discover & adapt their mindset to success, increasing incomes, multiplying profits, reducing stress, liberating joy. Get the inside scoop on how you can benefit from his insights and practices: http://www.PayOnlyFromResults.com

Two Be’s

As the holiday season gets rolling, chances are you’ll find yourself at a social gathering or two. Whether it’s with family, friends or, especially, co-workers, I want you to think about what I call the “Two Be’s.” If you want to know how to connect with other people, these are central:

“Be Interesting.” People like to be around interesting people. They like to learn from them. The last thing you want to be if you want to lead is boring. People’s eyes rolling back in their heads is a sign that you need to kick it up a notch. Read good books, stay on top of the news, and learn new things. That will help you be interesting and develop your conversational skills. But there is something even more important—the next “Be.”

“Be Interested.” More than wanting to talk about yourself, talk about the other person. Be interested in who they are, what they do, and what they like. That will endear them to you and attract them to you. People want to know that you care about them and their needs. The next time you are around someone you lead, spend the time focusing on them and see the magic that happens with your personal leadership!

Positive Discipline for Your Elementary Age Child

by Dr. Denis Waitley and Dr. Maryann Rosenthal

Teaching our children right from wrong requires disciplining with love, and relying more on influence and rewards than on power and control. We teach parents every day that their children need to learn that "no" is a good thing so, of course, parents must establish rules and consequences and be willing to put them into effect. It is not possible to be a good parent without giving a child, especially a small child, negative attention, but the issue becomes one of degree. If the parent predominantly takes positive actions (such as giving praise, listening non-judgmentally, relaxing with the kid or working together side by side), the child will get the message that he is loved. And that's the most important message of all. The child who knows that he is loved is able to accept his parent's guidance without hostility and resentment and understands the difference between free choice and boundaries.

When children are young, parents have almost full responsibility in determining their behavior and one common mistake many parents make is explaining too much. The goal of discipline is to help young children to understand, and understanding should be age appropriate. When young children are old enough, they should be as responsible for keeping their personal belongings in order as a regular routine. This includes their beds, clothing, toys and school materials. In order to set appropriate limits, parents and caregivers need to stay close by, offer frequent reminders, and be involved with what their children are doing.

Responsibility should be set for family members for operating the home, which becomes training for life management when children are on their own. There should be regular chores at certain times on certain days, in addition to a spirit of cooperation at mealtime and in other routines and family projects like yard work, windows and car washing and shopping. There is no question the some kids are more challenging than others to raise, but the parents who have the most success disciplining with love:

Always treat their children with respect no matter how frustrated or disappointed they are;

Avoid all "put down" actions and language;

Remain emotionally accessible;

Maintain a sense of humor;

Are confidential. Gaining your child's trust should be at the top of your list because a great inhibitor for our children is the fear of being exposed or embarrassed.


An effective disciplinarian has:

Foresight - it's important to set family rules before discipline situations occur. Once a problem occurs you have to go into crisis control and teach the desired behavior later when things are calmer.

Empathy - "Yes, I am angry... I know that you are capable and competent".

Good communication skills - let them know why you are saying "no" and what they have to do the next time to get a "yes".

Ability to modify negative scripts in ourselves and others - When your child says: "Our team can't win for losing"; redirect with something like, "You made a really good shot and I'm proud of you".

Addresses the problem without laying the blame. Blame placing wastes time and creates negative results. Move right into the solution: "What do we do now?" Teach your children to ask: "What do we do now?"

Appreciation of each child's unique temperament.

As you discipline your child, you should look for the source of her misbehavior. Kids sometimes misbehave out of frustration because they are feeling unhappy or unsuccessful in school. Family problems, such as a new baby, mom going back to work, or sibling rivalry can make a child feel disconnected and left out and cause a child to act out in a negative way to get attention. Of course, you must set limits, but make sure that you are expressing disapproval of your child's misbehavior and not disapproval of your child. By setting limits you are letting your child know that you care about her behavior. By letting her share her feelings, you will gain insight into her behavior.

Remember, it's a child's nature to want what they want when they want it. In fact, delayed gratification is one of the most difficult principles for parents to teach, because parents want children to have everything the parents have or don't have. Parents often spoil their children because of this and are truly spoiling the children's ability to become independent adults, who learn the cause and effect of their decisions, actions, and choices.

A parent, who gives in to a child's whining and temper tantrums, simply reinforces the behavior and teaches immediate gratification. This permissiveness leads to spoiled, irresponsible and dependent teenagers. As they become adults, they blame their parents, society and externals for their own failures.

Conversely, when parents are domineering, with strict rule, stern punishment and no flexibility, the children may conform outwardly, but inside there's a revolution in progress. When a child's behavior is controlled by an authority figure, the behavior usually lasts only as long as the authority is present, and then the child goes on a permanent "Spring Break" when he or she leaves home. Or, that child becomes intimidated by all authority figures in the future.

Help your children to understand that they cause their own effects in life, good and bad. Teach them: "If it is to be, it's up to me." Life is a do-it-for-others, do-it-yourself project and rewards in life will be in direct proportion to the quality and amount of effort they give.
Denis Waitley and Maryann Rosenthal This article was excerpted from Dr. Denis Waitley and Dr. Maryann Rosenthal's newest release, The Seeds of Greatness - The Value-based, Family Enrichment System for the 21st Century - to learn more go to http://parenting.jimrohn.com