Winston’s Words of Wisdom | The Richest Man in Babylon

In a new series, we are introducing Winston, the very well read office dog and his book choice The Richest Man in Babylon.

Winston loves nothing better than curling up with a good book and sharing the lessons he has learned.

He recently read ‘The Richest Man In Babylon’ by George S Clason and wanted to share the ‘7 Cures for a lean purse’. Or in today’s vernacular – how to manage your money.

It is such an epic book everyone who works in finance, or cares about their personal finances, should read.

Pay Yourself First. The Richest Man in Babylon

Lesson 1: The first cure to a lean purse states that “A part of all you earn is yours to keep.”

This simply means you should always save nothing less than 10% of any amount you may earn either on a daily basis, weekly basis or monthly basis.

The amount (no matter how small the 10% may be) doesn’t matter at all, what matters is practising this habit of saving.

This is best done these days via a Pension as that is also most tax efficient.

I would urge you to do the calculations on a compound interest calculator on what 10% of your earnings (gross earnings) returns on a savings rate between 6-8% (possibly as high as 10% depending on your risk appetite) over a 20, 30, 40 year term (until your target retirement date).

You will be shocked at how much that is and hence why it is the first lesson.

If you do this, you will have few money worries come retirement.

Have a read of the Richest Man in Babylon to help manage your money.


In the second of our new series, Winston, the very well read office dog, was keen to share with you some lessons from the books he’s been reading of late.

Control your expenditure. The Richest Man in Babylon

Lesson 2: Second Cure – Control Your Expenditure

The second cure lays emphasis on how you spend your income, cut down your spending.

Do a very feasible scale of preference, prioritise your needs according to their importance or usefulness.

It is better to deprive yourself of little things now than deprive yourself of a blossom future.

Let the amount you spend be within the remaining 80% left (10% for your payment, 10% for tithe) till another amount comes in.

This may be difficult at first, but as time goes on you will feel pretty good.

For family men or women, discuss this with your better halves and embark on the journey to greatness together.

This is one of those things that is so easily said but yet so hard to do in practice.

In an age of contactless payments, one click purchases and paying for things on mobiles and watches, controlling how and when you spend your money has never been so important.

Newer banks like Starling and Monzo have some great tools for this, as do many apps like Moneydashboard, and Winston would urge you to look them up.

Have a read of the Richest Man in Babylon to help manage your money.


In the third of our new series, Winston, the very well read office dog, was keen to share with you some lessons from the books he’s been reading of late.

Multiply your savings. The Richest Man in Babylon

Lesson 3: Third Cure – Multiply Your Savings

“Money is plentiful for those who understand the simple laws which govern its acquisition.”

Money sitting in a bank or your safe isn’t profitable.

Invest your money in businesses that are profitable – either by investing in other people’s business, companies or reinvesting it in your own personal business.

Make sure your savings don’t just sit idle in your savings or bank account (except if it returns tangible profits in that bank).

There are many businesses that you can invest your money in without regretting your actions later. Let your earnings start working for you.

Money sitting idle for too long may die of obesity, keep your savings healthy.

Have a read of the Richest Man in Babylon to help manage your money.


In the fourth of our new series, Winston, the very well read office dog, was keen to share with you some lessons from the books he’s been reading of late.

Guard your investment from loss. The Richest Man in Babylon

Lesson 4: Fourth Cure – Guard Your Investment From Loss

“Misfortune likes a shinning mark, so guard your Gold with utmost care.”

The money in your wallet or purse is your gold. Guard it well, else misfortune lays waste of it if handled carelessly.

The third cure for a lean purse told you to employ your savings and make them earn more money for you. In the process of investing your hard earned money, if care isn’t taken you may loss it to bad business of con-men.

So, before investing, make sure you have adequate knowledge of the business you are investing your money in or the company you are transacting business with. Test not the depth of water with both feet. Look thoroughly well before you leap.

Frightening how accurate that advice is as recent schemes from Madoff & Property Investment clubs etc show that this issue never goes away! As Winston’s mum always said – if it looks too good to be true, it probably is.

Have a read of the Richest Man in Babylon to help manage your money.


In the fifth of our new series, Winston, the very well read office dog, was keen to share with you some lessons from the books he’s been reading of late.

Own your own home. The Richest Man in Babylon

Lesson 5: Fifth Cure – Own Your Own Home

The fifth cure teaches us who desired golds in large quantity to acquire our own houses.

These will be of great help in helping us to achieve our aims easily.

Instead of paying the landlord a huge amount every year or every six months, that amount can be used to support one business or investment. There is great joy in owning thy own house.

Being a mortgage broker we would obviously be huge fans of this piece of advice! But equally, we are even more passionate about helping you manage the debt down until you are debt free. Thankfully, Winston’s bed isn’t as expensive as most London Property!

Have a read of the Richest Man in Babylon to help manage your money.


In the sixth of our new series, Winston, the very well read office dog, was keen to share with you some lessons from the books he’s been reading of late.

Secure the future. The Richest Man in Babylon

Lesson 6: Sixth Cure- Secure The Future

The sixth cure teaches us to put plans in place for unforeseen circumstances.

No one knows what may befall him or her the next few minutes.

It is essential that one puts concrete plans in place to cater for unexpected situations such as sudden death or accidents that may limit one ability to work or terminal illnesses – with good future plans in place, wife or husband will be able to move on pretty fine.

Old age is another thing should plan ahead for. 

In our language, that is – Protect yourself and your home.

As a mortgage adviser, we are happy to manage the debt down with you, but it is essential we protect you through that journey as well.

Have a read of the Richest Man in Babylon to help manage your money.


In the last part of our new series, Winston, the very well read office dog, was keen to share with you some lessons from the books he’s been reading of late.    

Increase your ability to earn. The Richest Man in Babylon.

Lesson 7: Seventh Cure – Increase Your Ability To Earn

“Your ability to learn affects your ability to earn.”

Two things will make a man to stop learning:

Old age: No matter the age you stop learning be it at age 80 or 20, it means you are old.

Tired of leading: Anyone who stops learning is simply tired of being heard i.e he or she is tired of leading.

If you are not old or tired of leading, then you shouldn’t be tired of reading and learning.

Learn more to earn more.

Great men do three things: they learn, unlearn and relearn.

Have a read of the Richest Man in Babylon to help manage your money.

Related Posts:

Winston’s Words Of Wisdom | The Black Swan by Nassim Nicholas Taleb

Winston’s Words of Wisdom | Mastery by Robert Greene

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