4.4 • 2.4K Ratings
🗓️ 10 April 2018
⏱️ 42 minutes
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“Formal education can make you a living, but self-development will make you a fortune.” — Brian Buffini
Before Brian Buffini became a wealthy and influential business leader, he was a struggling, recent immigrant living in San Diego with a goal to become successful. Over lunch with successful people from his church, he was urged to read “The Richest Man in Babylon” by George Clason. Written as a series of short stories in the Denver Post during the 1920s, “The Richest Man of Babylon” is comprised of several short stories, the main story centering on a man named Arkad and his journey to achieving wealth. In this episode, Brian shares the story of Arkad and the timeless lessons of financial significance he learned from a wealthy moneylender named Algamish. You’ll learn why it’s essential to keep at least 10 percent of what you earn, the three steps of smart financial management and the magic of compound interest. Wealthy people didn’t become rich by luck or chance; in most cases, they established good financial habits, prepared for the right opportunities and focused on the ultimate goal of achieving wealth.
Inspirational quotes from today’s interview:
“I attribute this book to jumpstarting me on the road to financial success more than anything else I’ve ever done.” — Brian Buffini
“Formal education can make you a living, but self-development make you a fortune.” — Brian Buffini
“If you have not acquired more than a bare existence in the years since we were youths, it is because you have either failed to learn the laws that govern the building of wealth or else you do not observe them.” — Arkad in The Richest Man in Babylon
“I found the road to wealth when I decided that a part of all I earn was mine to keep.” — Algamish in “The Richest Man in Babylon”
“Every gold piece you save is a slave to work for you. Every copper it earns is its child that can also earn for you. If you would become wealthy, then what you save must earn and its children must earn and its children’s children must earn.” — Algamish in “The Richest Man in Babylon”
“Wealth, like a tree, grows like a tiny seed.” — Algamish in “The Richest Man in Babylon”
“Opportunity is a haughty goddess who wastes no time with those who are unprepared.” — Arkad in “The Richest Man in Babylon”
“Willpower is but the unflinching power to carry a task you set for yourself to fulfillment.” — Arkad in “The Richest Man in Babylon”
“You don’t have to be great to start, but you do have to start to be great.” — Zig Ziglar
“Never abdicate your financial decisions to someone else.” — Brian Buffini
“Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn’t, pays it.” — Albert Einstein
Mentioned in the episode: The Richest Man in Babylon by George Clason
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0:00.0 | Welcome to the Brian Baphini show, where we explore the mindsets, motivation and methodologies of success. Here's your host, Brian Baphini. |
0:31.0 | Well, the top of the morning to you and welcome to the Brian Baphini show. This is the latest episode of Brian's bookshelf, where I'll be featured in excerpts and insights from the books that have shaped me and helped me succeed. |
0:46.0 | Anyone who's been to one of our live events will not be surprised by the book I'm going to reflect upon today, entitled The Richest Man in Babylon by George Clayson. |
0:58.0 | Clayson wrote these initially as a series of short stories in the Denver Post during the 1920s. He actually was influenced by Russell Conwell and his story of Acres of Diamonds, and that's where the concept of ancient Babylon first came up as a setting to write a book. |
1:17.0 | Now, I first came in contact with this book in 1986. I was a young immigrant, looking to start my American dream, and within a few months I had a chance to meet some successful people through my local church. |
1:29.0 | Now, this is an important tip. I invited these guys for a coffee or a lunch, with no expectation of anything other than gleaning some insight. |
1:39.0 | Once these guys realized that they didn't want anything from them except their wisdom, they relaxed and shared their insight with me freely. |
1:47.0 | The first two men I met with within 60 days of each other both mentioned I should read a book called The Richest Man in Babylon. |
1:55.0 | A third person I met, who I asked to meet for lunch, mentioned I should listen to Jim Rohn. |
2:02.0 | And it seemed in every recording of Jim Rohn, he mentioned a book called The Richest Man in Babylon. Guess what? The clues were everywhere. So I didn't have to be a rocket scientist to figure out I need to get that book and I need to read it. |
2:14.0 | I personally attribute this book to jumpstarting me on the road to financial success, more than anything else I've ever done. |
2:22.0 | Now, I studied accounting in college and learned almost nothing about money. This little book made me a fortune. |
2:30.0 | And that's why I believe formal education can make you a living, but self-development can make you a fortune. |
2:36.0 | There are actually five short stories in The Richest Man in Babylon, but I'm going to focus just on the first of these parables today and the one that ultimately changed my life. |
2:48.0 | The Richest Man in Babylon tells his system. |
2:53.0 | In all Babylon, there once lived a certain very rich man named Arcad. Fire and wide, he was famed for his great wealth. Also, he was famed for his liberality. |
3:04.0 | He was generous in his charities. He was generous with his family. He was liberal in his own expenses. But nevertheless, each year his wealth increased more rapidly than he spent it. |
3:19.0 | And there were certain friends of younger days who came to him and said, you Arcad are more fortunate than we. |
3:26.0 | You have become The Richest Man in all Babylon while we struggle for existence. You can wear the finest garments and you can enjoy the rarest foods, while we must be content if we can clothe our families in rainment that is presentable and feed them as best we can. |
3:46.0 | Yet once we were equal, we studied under the same master, we played in the same games, and in neither of the studies nor the games did you outshine us. |
3:57.0 | And in the air since, you have been no more honorable a citizen than we. Nor have you worked harder or more faithfully in so far as we can judge. |
4:08.0 | Why then should a fickle fate single you out to enjoy all the good things of life and ignore us who are equally deserving? |
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