One of the seven cures for a lean purse recommended by the book “ The Richest Man in Babylon” is; “Guard thy treasures from loss” .
Meet Paul Getty, the “stingy” billionaire.
- In 1973 one of his grandsons was kidnapped, the kidnappers asked for a ransom of $17 million US dollar, at this point Paul Getty had been recognized as the richest man in the world.
- Instead of paying the ransom he declared ; “I have 14 other grandchildren. If I pay one penny, I’ll have 14 kidnapped grandchildren”.
- After four months the kidnappers chopped off one of the boy’s ears and sent to him.
At this time they had reduced the ransom to $3.2 million US dollar. He was still unwilling to part with his money and declared he could only pay $2.2 million US dollars which was the maximum amount that was tax deductible.
The boy was kidnapped on 10th July 1973 and was released on December 15, 1973. This long duration shows how relentless Paul Getty was.
His actions may portray stinginess, but there are lessons to learn from the way he acted which is buttressed by Warren Buffet’s rules no 1 and 2.
Billionaires know that Guarding your treasures is more important than acquiring them.
