Sometime ago, I came across the book that has changed my life and mentality about money forever. It is called the Richest Man in Babylon by George Clason. It transformed my thoughts about debt management and how to grow rich while still settling your debts. One of the fascinating things about the book is the guided principle on how to acquire gold (money). Here are the five laws of gold that transformed my life in my own words:
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1. Gold cometh gladly and in increasing quantity 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.
Talk about saving for the rainy day! When it comes to money, the law of attraction is completely true. The rich get richer while those who don't have, keep struggling to move towards the bottom of the ladder. The principle of paying yourself a tenth of every income that flows through your hands is not just an idea, it will soon become noticeable how differently and how relaxed you feel about money. Robert Allen in his book "Multiple Streams of Income" analytically made it clear that an average American, in his or her lifetime would have handled a million dollars but on the flip side, he or she would also have squandered the one million dollars that would have flowed through their hands. This principle of gold (money) can quite simply ensure that no matter what happens, you are able to retain part of every dollar that flows through your path throughout your lifetime.
2. Gold laboreth diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field.
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Gold, or money in this case, has the ability to quickly increase exponentially if the right use for it is found. It is simply as logical as a seed of an apple. Inside a seed is a field of apples and apple trees. If the apple is planted in the right place at the right time, it flourishes into a tree that bears fruits and each seed in a fruit is another potential tree waiting to grow. Within a short period of time, a seed can easily become a forest. Money when planted in the right investment climate at the right time, will yield more of its kind. When this yield is planted or invested, it simply multiplies effortlessly again and before one knows it, life begins to get quite comfortable because the little investments here and there are beginning to create pockets of wealth.
3. Gold clingeth to the protection of the cautious owner who invests it under the advice of men wise in its handling.
4. Gold slippeth 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.
I will tie principles 3 & 4 together in this case. These principles even though sound logical , one will be amazed at how many people lose there life savings by simply ignoring them. For instance, you wouldn't go to a plumber for advice about where to get the purest form of gold or silver, you go to a goldsmith or a silversmith! You wouldn't go looking for a farmer to advice you about the best real estate investment deal in town, would you? You certainly go to a realtor! So if with simple common sense, you are able to protect your gold by looking for the professionals in that field, it can only increase. Although, as with every thing in life, there are risks, but calculated risks are better that blind risks. Also, you may have to pay a little extra for the services of these professionals. The cost you will incur in employing the services of a professional will be nothing near the cost you will bear if you lose your investment to your own decisions or ill-advised decisions from other people.
5. Gold flees the man who would force it to impossible earnings or who followeth the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires in investment.
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There is a saying that if you subject money to a load too great for it to carry, you will ultimately lose your investment. There have been quite a lot of Ponzi schemes and get-rich-quick programs in our lifetime. And every time, people fall for them and they end up getting hurt, losing their life savings and other investments. If someone says you should invest $1 in a business that will fetch you $1000 in 24 hours, you are most definitely putting your money to work in a place where the reward will simply not show up! You are simply placing too much demand on what your money can yield. If it is too good to be true, it probably is.
Little wisdom nuggets like these are so simply but yet very powerful if or when explored to the letter.
I hope you make sense of this blog. Your comments and upvotes will be appreciated!
Happy Steeming!