A Debtor’s Story by Money Champ Essay

A Debtor's History

by Money Champ on Thursday, Might 12, 2011 at 6: 17pm


I was inspired to share the story below mainly because recently a close friend of mine was " pestered" by his banks and creditors to clear his financial debt since this individual seemed to be doing fine. � In their viewpoints, before he start expenditure, he should certainly clear his debt 1st.... Is this the best way to get out from monetary challenge? �

Please browse the story and you will have the solution.


This really is one of the many wonderful stories in the book " The Richest Man in Babylon” by George Samuel Clason. � This kind of story experienced helped the Archaeologist who discovered the tablet carved with this story to overcome his personal debt problem… �


The main persona of the story is Dabasir, who was a run-away slave from Syria to Babylon. � No, to be further, Dabasir has not been born a slave. � He was the son of the well-to-do family members. � He was sold to Syria as a slave when he over-spent all his inherited wealth plus owe many debts to credit card companies, that his creditors offered him as being a slave. � (During those times, slaves are common and they are cared for like an target that can be bought and sold. ) �

With the aid of the 1st wife of his Expert, Dabasir could run away and returned to Babylon. � �

The moment Dabasir came back to Babylon, all his creditors attended him to demand for the cash he had owed them. � Dabasir was despaired. �

Luckily, among the creditors – the money loan company – taught him 70-20-10 money managing rule: �

For every salary earned, spend:

* 70 percent for expenditures;

* 20% for paying back debt; and

* 10% for paying himself or reserve for investment. ”

As soon as Dabasir gets employment, he split the twenty percent allocated pertaining to debt repayment and worked out a repayment scheme to refund almost all his collectors. � While some creditors complained the routine was very long, most were happy to get back some of the cash they loaned to Dabasir.  � It absolutely was definitely better than having no repayment through the days the moment Dabasir was obviously a...