The Richest Man in Babylon in Action by George S. Clason

Author:George S. Clason
Language: eng
Format: epub
Publisher: G&D Media
Published: 2019-04-15T00:00:00+00:00

Dan

The Five Laws of Gold are basically a recap of the things we’ve learned so far. Law number one: “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.”

How are you doing with this? Have you started to save 10 percent of your income? Money will be attracted to you if you show it that you value it enough to save it.

Law number two: “Gold laboreth diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field.” This is saying that money wants to work for you. Invest your money, make it work for you, and it will multiply. Have you put your money to work for you?

Law number three: “Gold clingeth to the protection of the cautious owner who invests it under the advice of men wise in its handling.” Have you met with a financial advisor yet? Money will cling to you if you’re cautious and invest it under the advice of wise men or women.

Law number four: “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.” We’ve all done this before. Money will slip away from a person who tries to invest it in something that seems too good to be true or in a business that he or she knows nothing about. If you’re a personal trainer, it’s probably not a good idea to open an Italian restaurant without consulting someone who knows a lot about how to run a restaurant.

Law number five: “Gold flees the man who would force it to impossible earning, or who followeth the alluring advice of tricksters and schemers or who trust it to his own inexperience and romantic desires in investment.” Money will run away from you if you try to force it into impossible situations or take the advice of tricksters.

Money is like a golden retriever. It wants to be with you, wants to work for you, will sit close by you if you show it that you can protect it, but it will run away if you abuse or neglect it.

Let’s talk about some more ways to follow the Five Laws of Gold in modern times. To start, let’s talk about paying yourself first. As David Bach says in The Automatic Millionaire, there’s only one way to legally pay yourself first—meaning before taxes—and that’s to put some pretax money into a retirement account. This means a 401(k), IRA, Keogh account, or similar vehicle. If you set this up through your employer, the money will be deducted automatically, and voilà, you’re paying yourself first.

In an article for The Motley Fool website, author Chuck Saletta says that there are certain universal truths about investing for your retirement, and they hold up no matter how the market behaves.

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