There are seven secrets in this series to accumulating gold. This is the sixth secret found in The Richest Man in Babylon a great little book written by George S. Clason in the early 1920’s. I highly recommend reading this book as there is a certain benefit from reading the stories and hearing the language. It's old, but timeless, and can help put things into a perspective that comes from a time past, where people were literal slaves, not just financial slaves like today.
You will need the previous articles before you continue, as they build upon one another.
ReCap First Four Secrets to Accumulating Gold
Fifth Secret to Accumulating Gold
"The man who, because of his understanding of the laws of wealth, acquireth a growing surplus, should give thought to those future days. He should plan certain investments or provision that may endure safely for many years, yet will be available when the time arrives which he has so wisely anticipated."
Plan for old age
In the modern world we've been sold a bill of goods that tells us to invest in stocks for retirement. I know that's simplified, but the fact is, stocks are not an investment, but a speculation. So in essence, people are speculating on their retirement. Additionally, the retirement planning concept itself is passé in that it’s based around the way people lived in the Industrial Age. We left the Industrial Age and moved into the Information Age for the last 25 years or so, and are currently moving into the Machine Age. Pensions are a thing of the past, even if you still hear about them, you cannot plan on them unless you are already drawing from them, and even still they are in jeopardy.
Each person needs to take responsibility for their own future income by making investments that will last. The types of investments vary with investing in a business and rental properties as examples. You don’t have to run a business to profit from one. You can be a silent partner if you have done your due diligence.
Essentially, you want to create multiple streams of passive income.
Provide for your family
By creating a future proof income, multiple streams of passive income, you also by default provide for your family in the event of your demise. Insurance policies can benefit your survivors as well, but the best thing you can do for your family is to provide stable income that they know how to maintain. Your spouse may be too old to go out and work, but your children need to know how to handle the income you leave and how to make their own. The best thing you an do for them if you have reached this point is to teach them to do it too.
What kind of legacy do you want to leave?
Do you have debt you want to pay off? I have an idea for a project to start a debt elimination support posting/group, but I need to know if there is interest. Please let me know in the comments if you would like to participate in something that could help you get out of debt. It would be structured in such a way that you would not be putting up your personal details, but using percentages instead. I want people to be able to track their progress publicly and set goals and have accountability, but not be exposed in a personal way. Comment if you are interested!
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