PLP-114 Lessons from the Richest Man in Babylon


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Hello Private Lender nation and greetings from what used to be the energy capital of the world – Houston, TX. And welcome to episode 114 of the Private Lender Podcast, I’m your host, Keith Baker and I’d like to thank you for sharing your time with me today.

If you’re looking for practical tips and advice on Private Lending and how to build and maintain wealth without banks or wall street, then you are in the right place. And if want to put the power of a bank in your retirement account, you should probably pull up a chair. But if you want to learn from my mistakes so you can avoid them, and save yourself thousands of dollars and heartache in the process – well then pour yourself a drink my friend, because this podcast is just for you!

Let’s start with 400lbs gorilla in the room – where have I been?

Well, let’s just say that while mother nature has not been kind to the united states this year , she’s been kind to my wallet! Let me just say that business is booming!

Which is great for me, but when you pray for rain, you have to deal with the mud. So that means I’ve been on the road traveling more, seeing my kids less, and sitting elbow to elbow with people on airplanes, all while maintaining proper social distancing, as mandated by the airlines!

Happy to be back home, and get back behind the mic, and back into the episode groove! And I’m happy to say motivation is flowing back and work on the PLA continues – albeit slower than I would prefer! I think I might drop a surprise episode into the mix soon so keep listening for more info.


1 – PLP Facebook group: Private Lender Podcast (public)

Go to Facebook and search for the Private Lender Podcast group and click the

Show notes page for the link

2 – did you know there is an easy button when it comes to starting your journey to becoming a kick-ass Private Lender? Yep – there is. You can partner with my friends over at Ink lending and fund their loans on properties right here in the Houston area, in one of the most lender-friendly states in this great country of ours! That’s right, Paul Lamnatos and his team vet the deals, underwrite the loan and put your money to work for you – about as passively as you can get – they even service the loan on your behalf! You don’t have to be like me rushing to file 1098’s and other tax documents on January 31st at 11pm. . . .every year!

If you would like to learn more go to, click the link, enter your info and Paul will reach out to confirm a time when you can speak to him about Ink’s lending criteria, their loan process, and how you can begin profiting from loans on properties located in the greater Houston area – in a very lender-friendly state. How’s that you ask?

Texas Foreclosure Facts:

· Non-Judicial

· 2-3 month process

· NO redemption period

· Deficiency Judgements are allowed

Once again go to

OK, so here we go! Today marks the first in a series of episodes that are based upon the lessons found in the book The Richest Man in Babylon written by George Samuel Clason. If you haven’t read this book, then as your presumptive power of attorney I suggest you get a copy and read it immediately. Purchase or go to your local library and check it out today!

I was given a copy when I joined a 2-day REI mastermind about 6 or 7 years ago. Steven Kaufman of episode no’s 1 and 100 fame led the mastermind, and it changed my world – the very way I began to think about money, investing, and things like forgiveness and integrity. I read the book within a day, and so I began to challenge my definitions of things like family, success, achievement, duty and purpose. And now I have this podcast, I have a mission to teach 1 million of you how to safely lend your money to others, and I have the honor of being on the amazing journey of raising 2 happy, healthy, prosperous, fulfilled and above all, decent and kind young ladies.

So here is my plan: one episode per month will focus on one of the 12 lessons from TRMiB. Within the pages you will find 7 cures for a lean purse and the 5 laws of gold, as told by the character Arkad (a poor scribe who becomes the TRMiB) and so today I will begin with the first of seven cures for a lean purse and next month we will discuss the first law of gold.

Want to get something clear before I start – I am not bringing this topic up on the show just to give you some rah rah, you can do – because you already know you can do it. But in order for you or I to gain from the lessons, we must take action towards what you want to gain from the lesson. So please don’t just write this down on something and forget about it. Start thinking of ways you can implement these time-tested strategies in today’s world because methods are many and principles are few, as methods may change but principles never do.

would like you to go through these lessons and I hope you get gain as much as I have from them. There – I’ve given you my dad speech

The first cure for a lean purse or skinny bank account:

Start thy purse to fatten

How do you start to fatten-up/increase my account value?

“For every ten coins you put into your purse/account, only take out 9 for use:

Take 10% of your earnings and put into savings before you spend your budget.

Pay yourself first

This lesson is helpful and needed to become an investor in general, let alone to be private lender – you have to save up a sum of money in order to invest it and/or to lend it out. But this lesson is needed even more to continue, to learn more and to grow as a private lender and an investor. Never stop paying yourself first and do what you can to increase the percentage from 10 to 15 or 20% over the course of years.

You might say that you can’t afford to take 10% out of your paychecks, there is no money for savings. This was a response I would often hear from my dad when the topic of saving up for a family vacation was brought up. You might feel like you’re caught in a similar situation – I know I sure was.

But to this excuse I say bullshit. I used to think the same thing before my truck was repossessed when my wife was 6 months pregnant with our first kid. That really changed my perspective and fast.

I only saved $20 in the first week, but then slowly added more each week that began to boost my confidence and form the habit of regularly saving and paying myself first. I continued to gain momentum and began maxing out my 401(k) contributions- mind you this took years, it did not happen overnight, and you have to be committed to finding a more elite version of yourself and that starts between your ears. That horribly paralyzing, shitty voice that you hear in your head that only provides doubt, uncertainty, anger, shame, etc.

It’s the voice that tells you that you are an idiot, and not worth much.

So let’s take a page from Robert Kiyosaki and determine your first step is to stop saying “I can’t save anything”, or “we can’t afford this or that/to save” or “I can’t save anymore, there’s nothing left over to save” or continue to look at money from a place of lack, of not having enough.

Stop that stinking negative thinking. Start asking “how can I begin to save something?” , what changes are within my control that would allow me to save“, “what else can I do in order to make and save more money?” and you say there is nothing else you can do then stop listening right now and find yourself a podcast that is a better fit for what you’re looking for because this on certainly is right for you. Not be a jerk, but let’s get expectations out of the way. I will give you the first quote from the great philosopher and Jedi Master, Yoda, and say “Always with you what can not be done.

And if you come back with “Ok, I’ll give it a try” I will continue to quote Yoda:

“No. Do or do not. There is no try”

Remember, when it comes to saving, whether you’re just starting off or have been doing it for a while, this is a case of the tortoise versus the hare – slow and consistent action will win every time. Don’t care if you can save 10 bucks or 1k – just start. And once you’ve started, don’t stop. Continue to increase your contributions, take less money out of your account and watch it grow.

Now that you’re starting to get your mind right, let’s figure out some areas where you might pick up some quick savings wins.

1. 401(k) match – don’t leave free money on the table

2. Rollover old 401 or other savings plans to SDIRA

3. Sell old clothes, memorabilia, records, VHS tapes, kids’ stuff, garage sales

4. Look to cut out unnecessary luxuries like a daily latte/scotch or weekly spa treatment/round of golf. (I guess I could start drinking blended. . . . )

5. Monetize your hobby - Etsy

6. Create a side hustle (with your kids = even better)

7. Blog/podcast – but make it profitable, not like me 😉

I don’t charge money for this show, but there is a cost and I would be extremely grateful if you would help drive awareness to the show, to get the word out by leaving me an honest rating and review over at iTunes, Google Podcast or whatever platform you are using to hear my voice.

It doesn’t take that long and it’s a small price for the value I try to provide.

And if you are looking to create your stable of private lenders, or know people who have money but don’t realize the power of private lending, please, please send them a text, an email, a DM, and introduce them to the PLP.

That’s gonna do it for Episode 114 and just a few final thoughts:

1 – please join the PLP Facebook group to connect, learn, inspiration and discussion

2 - Remember, the easy button to lending in the Houston, TX market can be found at

So, as I sign off I’d like to say besides self-awareness, I wish you safe and prosperous Private Lending.

I’ll catch you on the next episode.

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