Richest Man in Babylon chapter 05. The Five Laws of Gold (Money)
I've got a special gift for you.
Today I will teach you to be rich, or at least my good friend Arkad will.
Here's the deal, if you wish to be rich, you need the wisdom that accompanies the acquisition, protection and growth of wealth.
"Gold Is Reserved for Those Who Know
Its Laws and Abide by Them."
If you fail to learn these laws, your money will escape
your account as soon as it comes in, and you will move backwards financially instead of forward.
Miles Munroe says money follows management.
If you can wisely manage small sums, your wealth will grow rapidly,
and you will soon be able to manage larger sums.
You can't be trusted with larger assets
until you can profitably manage smaller assets.
The world is full of deceptive con artists. Learning these laws
may just save you from falling prey to one of them.
Remember what we learned from the Hustle TV series?
"You cannot cheat an honest man.
If you're somebody who wants something for nothing,
you will be conned and given nothing for something."
The world is also filled with lazy and incompetent wannabes.
Therefore, vet your partners carefully.
Here Are the Five Laws of Gold
Gold comes gladly and in increasing quantities to any man who will put by not less than one tenth of his earnings to create an estate for his future and that of his family.
Gold labors diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks
of the field.
Gold clings to the protection of the cautious owner who invests
it under the advice of men wise in its handling.
Gold slips away from the man who invests it in businesses or purposes with which he is not familiar or which are not approved by those skilled in its keep.
Gold flees the man who would force it to impossible earnings
or who follows the alluring advice of tricksters and schemers,
or who trusts it to his own inexperience and romantic desires in investment.
A Portion of All You Earn Is Yours to Keep
Start saving 10% of all your earnings, and keep growing your savings. Put these savings to work by starting a business or investing
in the stock market so you can start earning compound interest
or dividends or profits.
Provide a safety net for your income,
whether by income protection or insurance, etc.
Get in touch with a financial advisor, or increase your own
financial education. Avoid get rich quick schemes.
Build wealth steadily and teach future generations
what you've learned about how to handle money.
Think Ahead
What is a need that will likely arise as a result of current events?
Look around you. What is missing? What is an unmet need
that you have the skills to fulfill? Is it a real problem for which people are willing to pay? Can they afford the price you want to charge?
Do they want to solve the problem badly enough?
Are they willing to pay money to solve this problem?
Join a mastermind group of individuals who want to grow
their wealth as well. Pool your resources, skills and knowledge
together and start a business to fulfil the needs you've identified.
Or maybe just invest profitably, kind of like a stokvel.
Why can't we have stokvels for building wealth,
instead just groceries and burials?
Don't just dive head first. Analyze each investment carefully.
Protect your principal. Identify and plug all weaknesses in your plan. Your investments should bring profitable returns to your bank account.
"Without Wisdom, Gold Is Quickly Lost
by Those Who Have It."
"But with wisdom, gold can be secured by those who have it not. "
It behooves you, then, to acquire the necessary wisdom
so you can protect the wealth you have, and make means
to acquire more of it. Wealth building is a matter of consistently applying these 5 laws of gold to your own finances.
Learn them off by heart. Practice them. And build your own fortune.
When you have money saved, you're in the best position
to take advantage of opportunities when they arise.
Profiting from these opportunities will grow your wealth
in amazing ways.
"Our wise acts accompany us through life to please us and to help us.
Just as surely, our unwise acts follow us to plague and torment us."
And apparently, regret weighs tons.
It may lead to mental illness and even suicide.
One of the biggest regrets people have is not doing something
they should have done which would have brought them great benefit. They regret missed opportunities which they failed to take.
Don't be one of these people.
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