The sixth part in our series of the lessons from George S. Clason’s bestseller The Richest Man in Babylon. If you’d like to go back to the beginning and catch up on the earlier lessons, you can start with the first article in the series by clicking this link.
The Walls of Babylon
In this, the shortest chapter of the book, we are introduced to Old Banzar – who is an old warrior of times past. At this particular time, the city of Babylon is under siege, and king, along the main garrison of troops, is off on a conquest. But the city of Babylon is well-protected by enormous walls with huge bronze doors, which keep invaders out and provide a vantage point for the defenders to counterattack with burning oil, arrows, and if necessary, spears.
The citizens of Babylon are frightened out of their minds. All day and all night, they can hear the sounds of the invaders trying to breach the walls – and they see evidence of the fierce battle in the multitude of wounded soldiers being carried down from the walls.
Time and again, the citizens approach Old Banzar, who was in the best position to deliver news as a guard upon the passageway leading up to the walls, to ask if the walls will hold. Some are concerned for their own safety. Others are concerned about the safety of their families. Little children ask if they will be safe. Banzar, knowing the strength of the walls and the defenders, reassures all that the walls will hold, and the invaders will be turned back. He knows this because the walls were built at a great expense of money and human effort, specifically for this task. Due to his confidence in the defenses, the citizens are able to rest more comfortably.
Finally, after a siege of three weeks and five days, the attackers withdrew, just as Old Banzar predicted. The good citizens of Babylon can finally sigh their relief.
The lesson: In this case there are two lessons – the first is that security is something that must be planned in advance, to fit the needs of the situation. In our financial lives we plan security in many ways: through insurance for life, health, and property; with diversification of our investments; and by choosing investments with risks appropriate to our ability to absorb losses, among other things.
The second lesson comes from Old Banzar himself. Having experienced many battles upon those walls, and therefore being in the position to know that the defense was up to the task, he was able to reassure the citizens that all would be well. Much the same as the citizens of Babylon, we often hear day in and day out of the terrible things going on with the markets, the economy, and so forth. It is helpful to have an advisor or mentor, someone who knows how the “defenses” work in our times of need. This experienced person is in a position to really know what is going on, and to help reassure us that all will be well.
The next section of the book is called “The Camel Trader of Babylon“, and it will help to explain how you can get yourself out of the financial ruts you may be in, to achieve financial independence.
Photo by ochus b
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I can learn from you, you can learn from me - please leave your comments and links!Jim Blankenship, CFP®, EA, is an expert in personal retirement, IRAs, and tax issues, with more than 25 years of experience in the industry. Read more from this author
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And if you've come here to learn about queuing waterfowl, I apologize for the confusion. You may want to discuss your question with Lester, my loyal watchduck and self-proclaimed "advisor's advisor".
[...] next installment will cover “The Walls of Babylon” – with some insights regarding financial advisors and [...]