In 1926, George Samuel Clason published a series of parables that was set in the
ancient city of Babylon. These parables became known as a book called The
If you've never read the book, you'll be blown away by the tried and tested
lessons it presents for accumulating wealth and riches. The story begins with
a character called Bansir who was a chariot builder and kobbi who was a
musician. The two had become the best at their craft but yet were poor and had no
money. So they went out to seek the advice and wisdom of their childhood
friend Arkad, who in stark contrast had grown very rich and amassed large
fortunes. Arkad was the richest man in Babylon, and despite spending liberally
and giving generously to charity, he seemed to have an endless amount of gold
and his wealth kept growing. So Arkad told his two friends a story,
he said he was once a poor man too, a poor scribe actually who made a deal with a
rich man to find out the secret to wealth accumulation in exchange for his
work on a clay inscription. The rich man agreed, and gave him a very valuable
lesson, he said "I found the road to wealth when I decided that a part of all
I earned was mine to keep and so will you" this is a very powerful lesson and
it's the premise upon which every rich person has built their wealth.
Arkad, the richest man in Babylon, didn't make his fortune by spending more money than
he could afford. He became rich by setting aside 1/10 or 10% of his
earnings, and invested it in ways that were sure to produce more income. This is
the first law of gold, to put 10% of your income aside for investing. The book says
"Gold comes gladly and an increasing quantity to any man who will put aside
not less than 1/10 of his earnings to create an estate for his future and that
of his family". This law ties into the principle of paying yourself first. Rich
people understand this very well paying yourself first is a proactive approach
to financial freedom. A lot of people constantly complain about how little
money they have, they'll always say, no matter what I do I always have nothing
left at the end of the month or they'll say something along the lines of my job
isn't paying me enough. Although these points are valid, if one actually
assesses where their money is going they'll realize that most of the
so-called "priorities" such as weekly dinners out, or going out every week are
actually not necessary expenditures after all and are in actual fact a huge
toll on your income statement. So what you should do instead is put 10% aside
every month, the moment you receive your paycheck before you pay the bills, rent,
utilities, your mortgage, Netflix, make sure you've set aside 10% the sooner you
get started the better off you may be, and the larger your savings and
investment funds will get. Not only will you take advantage of compounding
growth to help grow your money faster, but should a major financial crisis
occur such as a huge medical bill, a large car repair, or in a worst-case
scenario a layoff, you won't be as scared. The second law of gold is to invest your
money. The book says "Gold laboureth diligently
and contentedly for the wise owner who finds for it profitable employment,
multiplying even as the flocks of the field." Gold and money indeed is a willing
worker, the richest man in Babylon learned early on how money works and how
to put his money to work for himself. He was able to control his expenses and
learn the difference between necessities and luxuries. A lot of people struggle
differentiating the two, the rule of thumb when it comes to luxuries is
simple, if you don't need it don't buy it! it really is that simple. As your savings
increase you can start looking for profitable safe investments to put your
money into. There are many ways you can invest your money such as real estate,
stocks, bonds, businesses, and so on. You should see your money as little soldiers
going into war and bringing back bounty, the more soldiers you have the more
bounty and loot they'll bring back. But before making any major investment, you
must first be absolutely certain about where you're putting your money. Make
sound investments and your money will come back in abundance, which brings me
to the third law of gold, seek first advice or as I like to say, seek wisdom
first before making an investment. The book says "Gold clingeth to the protection
of the owner who invested under the advice of men wise in its handling." Look,
you worked hard for your money right, and you shouldn't lose even a single penny,
so why would you trust your own inexperience
to make sound investments. This is exactly what a lot of poor and some
middle-class people do, they make investments out of their gut feelings, or
things they might have overheard from their friends, colleagues, or even on TV
or the radio. What always eventually happens is they lose their money, or what
they thought was a sound solid investment was actually a scam. Very
rarely would you hear that the investments were successful or that they
made any money. The rich on the other hand seek advice from professionals wise
in the handling of money. Before making any major investment, just like you
wouldn't trust a cook to perform heart surgery on your chest, you should also
not trust people who are not skilled in the ways of making and handling money, to
advise you on where to put and invest your hard-earned money. This brings me to
the fourth law of gold, "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 think the best way to illustrate this point is
with the help of my friend John. So John has been following and practicing the
first law of gold for one year now, and has so far saved up a considerable
amount of money, a total of ten thousand dollars. So my friend John is a
reasonably smart guy, he reads a couple books a year, and watches TV and YouTube
videos on his favorite subject, investing and making money. Although like I said,
John is a smart guy, he has a very acute flaw in investing, let's call it his
Achilles heel. These are the kind of investments John and a lot of poor
people subscribe to. The moment they hear a "good investment" on TV or
radio they jump on it right away, you've heard it all before, this is one
real estate opportunity you can't afford to miss, or invest in this stock it's too
big to fail, two months later guess what? The basic
rule to follow when investing is very simple, if you don't understand it don't
invest in it, period! or seek advice like the third law suggests from men wise in
keeping and making money. This is what John should have done instead of
investing in bad stocks and real estate. He should have instead looked for and
sought the advice of a person who is succeeding and making money in real
estate or stock investing. So now my friend John is broke, and has about five
hundred dollars left in the bank, but not all hope
is lost. In his moment of misery, he conjures up a brilliant plan to make
back the money he lost and then some, his plan is simple,
brilliant, and cunning, in his eyes it can't fail. John plans to go to Vegas,
yeah the gambling city, bet on a couple of games and make back the money he lost.
he's absolutely sure and certain that he can make back the money and then some,
which brings me to the fifth law of gold "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 inexperienced and romantic desires in
investment." You see, in John's attempt to make back the money he lost, he thought
the fastest and easiest way to make back the money was to gamble, although very
rarely some people do make a lot of money gambling,
it wasn't John's lucky day. My friend John learned two very important lessons
that year. One, what happens in Vegas stays in Vegas. And two, there's no quick way to
become rich. The lessons that Arkad taught his friends are the premise of
the book, and they are the lessons of wealth building habits that I believe
every rich person has followed to accumulate their wealth. These lessons
have helped millions of people, who practice them to become financially
stable and wealthy, and I believe these lessons will help you build a firm
financial foundation. Thank you guys so much for watching and I'll see you on
the next one.
#Best Education Page #Online Earning
online earning,make money online, earn money online, online earning, online earning sites,
make money online free, online money income, earn money online free, money online, best way to earn money online, online income site, money earning websites, best online earning sites, easiest way to earn money online, earn money payment bkash, online money income site
Posts
No comments:
Post a Comment