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Babylonian finances
For my nephews who are juniors or seniors in high school, I bought "The Richest Man in Babylon." This book is a treasure trove of wisdom from ages past.

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It was written in the 1920s by George Clason, who drew inspiration from the ancient civilization of Babylon, circa 6000 B.C. His parabolic tales reveal how the young scribes, merchants, butchers and sandal makers of ancient times could fatten their purses regardless of their respective incomes. The book has literary merit, but more importantly, its message is extremely relevant today. It is a guide on how to successfully manage your personal finances. And it pretty much covers all the basics.

But let Arkad explain it in his words. He is the richest man in Babylon who shares his secrets for attaining wealth in the story, "Seven Cures for a Lean Purse":

"For every 10 coins thou placest within thy purse take out for use but nine. Thy purse will start to fatten at once and its increasing weight will feel good in thy hand and bring satisfaction to thy soul.

"Deride not what I say because of its simplicity. Truth is always simple. I told thee I would tell how I built my fortune. This was my beginning. I, too, carried a lean purse and cursed it because there was naught within to satisfy my desires. But when I began to take out from my purse but nine parts of 10 I put in, it began to fatten. So will thine.

"Now I will tell a strange truth, the reason for which I know not. When I ceased to pay out more than nine-tenths of my earnings, I managed to get along just as well. I was not shorter than before. Also, ere long, did coins come to me more easily than before. Surely it is a law of the gods that unto him who keepeth and spendeth not a certain part of all his earnings, shall gold come more easily. Likewise, him whose purse is empty does gold avoid.

"Which desirest thou the most? Is it the gratification of thy desires of each day, a jewel, a bit of finery, better raiment, more food; things quickly gone and forgotten? Or is it substantial belongings, gold, lands, herds, merchandise, income-bringing investments? The coins thou takest from thy purse bring the first. The coins thou leavest within it will bring the latter."

Longtime financial journalist Barbara Mlotek Whelehan earned a certificate of specialization in financial planning. If you have a comment or suggestion about this column, write to Boomer Bucks.