Doug: "What if I told you that the secrets to financial freedom were written on clay tablets over 4,000 years ago? That the same principles that built the wealthiest city in the ancient world could help you build an unshakable financial fortress today?"
Dave: "That’s right, Doug! And the crazy thing is, most people still make the same money mistakes they did back then. Borrowing too much, spending blindly, and blaming luck instead of taking responsibility. Today, we’re diving into “The Richest Man in Babylon” to uncover timeless truths and trust me, this is going to change how you think about money."
Doug: “Welcome to the Fuel for Financial Freedom podcast. I’m Doug Shepherd and as always, I’m here with my co-host Dave Smith. Dave, what do we all have a need for?”
Dave: "So Doug, the author says: ‘The walls of Babylon were an outstanding example of man's need and desire for protection.’"
Doug: "Exactly! And that need hasn’t changed. Think about it. When COVID hit, people with emergency savings slept better at night. Those without? Panic. Just like Babylon, we need walls, but today, it’s insurance, savings, and smart investments."
Dave: “I remember when I was young and before I learned and implemented these principles, I had no emergency fund. I was living paycheck to paycheck. Then my car broke down, and I had to put the repair on a credit card. That one emergency spiraled into years of debt. Babylon’s lesson? Build your walls before the enemy attacks."
Doug: “Yes. Start with a $1,000 emergency fund, then grow it to 3-6 months of expenses. Automate it. Treat it like a non-negotiable bill.”
Dave: “So how can we protect ourselves today? The book says: ‘Behind the impregnable walls of insurance, savings accounts, and dependable investments, we can guard ourselves against the unexpected.’ But here’s the kicker; it adds: ‘we cannot afford to be without adequate protection.’"
Doug: "Get term life insurance if you have dependents. Invest in index funds (like the S&P 500) for long-term growth. Babylon’s walls weren’t built in a day. Start small, but start.”
Dave: “OK Doug. Let’s look at the camel trader’s debt trap.”
Doug: "Okay, let’s talk about Tarkad, the guy drowning in debt. What was his excuse, Dave?”
Dave: “He says, ‘Ill fortune does pursue me.’ Classic victim mindset! His creditor, Dabasir, claps back: ‘Ill fortune pursues every man who thinks more of borrowing than of repaying.’ This hits home. How many people blame the economy, their boss, or ‘bad luck’ for their debt? Babylon’s lesson: Debt isn’t bad luck; it’s bad choices. Dabasir uses this wild metaphor about a yellow stone window"
Doug: "Yes! He says looking through it distorts reality, just like debt distorts your financial vision. You think you ‘deserve’ the lifestyle now, but future you, pays the price."
Dave: “Let’s consider this, the slave mentality vs. the free man’s soul. Dabasir’s wife, Sira, asks the real question: ‘How can you call yourself a free man when your weakness has brought you to this?’ That’s brutal, but necessary."
Doug: "It’s about identity. Babylon teaches: If you act like a slave to debt, you are one. But if you fight like a free man, cutting expenses, negotiating payments, side hustling, you become free."
Dave: "Dabasir’s turning point; he stops blaming, starts repaying, and rebuilds his honor. The book’s great truth: ‘WHERE THE DETERMINATION IS, THE WAY CAN BE FOUND.’ Not ‘maybe.’ The way will be found."
Doug: "This is the golden rule. Babylon didn’t say ‘get rich quick.’ It said: ‘Fix your soul first.’ The money follows."
Dave: “Here is something else very powerful. Let’s discuss ‘The 3-part money plan that built Babylon’ and how it can save you too. Doug, what if I told you there’s a 4,000-year-old debt payoff plan so powerful, it worked for an ex-slave, a British professor, and thousands of Babylonians and it can work for you right now, no matter how deep in debt you are?"
Doug: “Dave, you’re talking about those clay tablets Alfred Shrewsbury found the ones with Dabasir’s exact blueprint to go from broke to wealthy. And the craziest part? It’s just three steps. Not 12. Not a complicated app. Three. Simple. Rules."
Dave: “So in the book, Alfred Shrewsbury, this Oxford archaeologist’ digs up these tablets and reads: ‘Under the wise advice of my good friend Mathon… I follow an exact plan that will lead any honorable man out of debt into means and self-respect.’ Doug, this wasn’t just advice, it was a lifeline carved in clay!"
Doug: "Exactly! And here’s why it’s genius: Dabasir didn’t just hope his way out of debt. He had a system, three purposes, chiseled in stone like a financial commandment. First purpose? ‘One-tenth of all I earn shall be set aside as my own to keep.’ Pay yourself first before bills, before Starbucks, before anything."
Dave: "One of the members of our accountability partners told us he saved $0 for years because he ‘waited to see what was left.’ Then he tried the 10% rule, automated it on payday. In 6 months? $3,200 saved. His reaction? ‘Why didn’t I do this when I was 20?!’"
Doug: “Open a separate account named ‘Financial Freedom Account.’ Set up a 10% auto-transfer. If you see it, you’ll protect it.”
Dave: “The second purpose: Why your family is your financial foundation. Here’s where it gets emotional. The second purpose: ‘Seven-tenths shall provide for my wife… for Mathon doth say that to care for a faithful wife putteth self-respect into the heart of a man.’ Doug, this isn’t just about money, it’s about dignity."
Doug: "Boom. Babylon knew: Financial chaos destroys relationships. I’ve seen couples fight over $50 while ignoring the real issue, no plan. Dabasir allocated 70% for needs (home, food) and joy (‘a bit extra for pleasure’). No guilt, no deprivation, just balance."
Dave: "Sarah and Mark were drowning in Uber Eats charges. They switched to the 70% rule, cooked together, budgeted ‘fun money.’ Not only did they save $500/month, but Sarah said, ‘We stopped resenting each other for spending.’"
Doug: “Here’s a practical tip: Calculate your true necessities (rent, utilities, groceries). Whatever’s left in the 70%? That’s your ‘joy budget.’ Spend it guilt-free.”
Dave: “And the third purpose: The debt strike: how Babylon crushed debts without stress. Now, this is a game-changer: ‘Two-tenths of all I earn shall be divided fairly among those I owe.’ Not ‘maybe,’ not ‘if I feel like it’ every full moon, like clockwork. Doug, this is the ancient version of the debt snowball!"
Doug: “And it worked: ‘It enabled me to pay all my debts and to jingle both gold and silver in my purse.’ No magic, no lottery, just consistency. Even Alfred Shrewsbury said following this plan gave him ‘a sense of security’ while his investments grew simultaneously."
Dave: “Mike had $22K in credit card debt. He used the 20% rule, paid minimums on all, then threw the extra 20% at the smallest debt. In 18 months? Debt-free. His secret? ‘I stopped negotiating with myself.’"
Doug: “List debts smallest to largest. Pay minimums on all except the smallest. Hit that one with your 20% ‘Babylonian Strike.’ Watch the momentum build.”
Dave: “Doug, Why did Dabasir carved his story in clay (and why should you ‘carve’ yours too?”
Doug: “Dave, the most powerful line: ‘He spent tedious hours carving his message upon the clay… a message so vital that after five thousand years, it has risen out of the ruins.’ He knew future generations would need this."
Dave: “That’s the kicker. Babylon didn’t have TikTok or self-help gurus. They etched wisdom into stone because they knew: Money truths are eternal. Overspending equals slavery. A plan equals freedom. It’s not complicated; we just make it optional."
Doug: “Because in 4,000 years, one thing hasn’t changed: Freedom isn’t luck. It’s design."
Dave: “And if an ex-slave in Babylon could do it? You’ve got this. Before we wrap up today's episode, let's take a quick journey back to the streets of ancient Babylon—where the timeless money principles from “The Richest Man in Babylon” were born. This book isn’t just a classic; it’s a blueprint for building wealth that’s survived 4,000 years because it works. Through parables about gold lenders, ambitious merchants, and hardworking laborers, George S. Clason teaches us that wealth isn’t about luck or miracles, it’s about laws.”
Doug: “Pay yourself first, invest wisely, guard your treasures from loss, and make your gold multiply. Simple? Yes. Easy? Not always. But these lessons have created fortunes from Babylon to Wall Street, and they’ll work for you, if you apply them."
Dave: "And speaking of laws that never fail get ready for our next series, where we’re cracking open another game-changing book: “The Science of Getting Rich” by Wallace Wattles. This isn’t just some old self-help manual, it’s the secret philosophy behind modern millionaires, manifestation gurus, and even ‘The Secret.’”
Doug: “Wattles reveals the exact mental and practical steps to align yourself with wealth, break through scarcity, and attract abundance like a magnet.”
Dave: “Want to know why some people seem to ‘luck’ into money while others struggle? It’s not magic, it’s science. And we’re bringing you every law, every strategy, and every mindset shift you need to make it work for you."
Doug: “Sneak peek: One of Wattles’ rules is ‘You must form a clear mental image of what you want’ but there’s a shocking twist most people miss. Want to know what it is? Subscribe now, because this series will rewire how you think about money forever."
Dave: “And here is something for anyone serious about building wealth, not just dreaming about it, but actually doing it. The GoalGenius.ai Accountability Group. Imagine having a squad of high-vibe, action-takers who don’t just nod when you say, ‘I want to save more,’ but actually hold you accountable to pay yourself first, invest wisely, and make your money work for you, just like Arkad did in Babylon.”
Doug: "Here’s how it works: Most people read books like “The Richest Man in Babylon”, nod along, and then… do nothing. With GoalGenius.ai, you’re not just learning the seven cures for a lean purse, you’re applying them with a group that keeps you on track. No more ‘I’ll start next month.’ This is ‘Transfer 10% to savings TODAY’ energy."
Dave: "Remember how Arkad’s friends asked, ‘Why are YOU rich and not us?’ The difference? He took action. I started saving 10% of every paycheck, no excuses. Six months later, I had doubled my income? That’s the power of accountability."
Doug: "Each week, you commit to one wealth-building action: negotiating a bill, setting up auto-investing, or finally tracking your spending like Arkad did. The group cheers your wins and AI course-corrects your slips."
Dave: "And if you’re thinking, ‘But what if I fail?’ that’s where the 3-Step Wealth Detox comes in:
1. Name It: ‘Is this spending aligned with my goals, or just impulse?’
2. Claim It: ‘If I skip this purchase, I can invest the difference.’
3. Tame It: ‘Delayed gratification = future abundance.’
Doug: "No fluff, no guilt, just progress. Our AI assistant doesn’t let you say ‘I’m bad with money’ without replying: ‘Here’s how to fix it.’"
Dave: "If you’re ready to stop admiring wealth and start building it, like Arkad did, GoalGenius Accountability Group is your secret weapon. Click on the link below or visit daveanddoug.com to learn more. Because Babylon’s riches didn’t happen by accident… and yours won’t either."
Doug: "Remember: Isolation breeds excuses. Accountability builds empires. You don’t have to do this alone."
