The Richest Man In Babylon
I recently read a book called The Richest Man In Babylon. As I read, my mind became crystal clear, It was like the dark clouds of a thunderstorm cleared in front of my eyes and I had a clear vision of the long road ahead. The road I was travelling was very close to that of the new path but I just felt there were missing pieces of the puzzle. The principles in this book were like the missing pieces i was looking for.
Here is a snapshot of the 5 laws of gold, I think they also tie in very well with cryptocurrency investing.
The 5 laws of gold.
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.
(save 10% of all your earnings. 1/10th of all I earn is mine to keep, pay yourself this before you pay for anything else)
2. Gold laboreth diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field.
(When your purse is full from the consistent 10% savings, Put the money to work for you, look for profitable investments that your money can earn you more money while also continuing to pay yourself 1/10 of all you earn. The first 2 rules are is similar to dollar cost averaging into crypto).
3. Gold clingeth to the protection of the cautious owner who invests it under the advice of men wise in its handling.
(Use advice of wise men who are successful in the handling of money and who are knowledgeable in that specific industry that you wish to invest, you wouldn’t go to the butcher for advice on investing in jewels, you would go to the
jeweller).
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.
(Learn about the industry you are investing, For instance if its bitcoin, learn about Bitcoin educate your self as much as possible. If you throw money in blindly, you are increasing the chance of losing your investment)
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.
(Be cautious of investments that sound to good to be true, they are probably scams that just want your hard earned money. Bitconnect comes to mind)
“Yet, who can measure in bags of gold, the value of wisdom? 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 concludes that wisdom is worth twice the value of gold.)