Five Laws of Gold (Wealth) From the Richest Man In Babylon
In ancient Babylon there was a man named Arkad. He was known as “the richest man in Babylon. Today, he would be someone the likes of Warren Buffet, a mega-millionaire.
Other men who knew him often wondered, how it was that he became so rich. They questioned, “How is it that we grew up with him and now he is very rich?”
He was from the same neighborhood and went to the same schools. He started with nothing just like us, yet he never lacks for money?”
They pondered, “You, Arkad are more fortunate than we. You have become the richest man in all Babylon while we struggle for existence. You can wear the finest garments and you can enjoy the rarest foods, while we must be content if we can clothe our families in raiment that is presentable and feed them as best we can. Yet, it doesn’t seem that you have worked any harder than us?”
Arkad replied, “If you have not acquired more than a bare existence in the years since we were youths, it is because you either failed to learn the laws that govern the building of wealth, or else you do not observe them.”
His friends asked Arkad if he would be willing to teach them the laws for acquiring wealth. Arkad was a generous man, and willing to give of his time and knowledge.
These are “The Five Laws of Gold” that he taught them:
The First Law of Gold
“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.”
This is consistent with modern financial advisors who recommend that you pay yourself first. You should pay yourself at least 10% of what you earn consistently.
Invest it wisely so that your money can earn more and multiply through compound interest. This is the foundation for creating wealth and securing yours and your family’s future.
The Second Law of Gold
“Gold laboreth diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field.”
Put your money to work. Be prepared for opportunities that will come your way. Set aside a portion of your savings for taking advantage of these opportunities.
These opportunities may appear in the stock market, the housing industry, your own business, or perhaps in other areas. You have to be looking for them, and be prepared to invest wisely through educating yourself of such investments.
The Third Law of Gold
“Gold clingeth to the protection of the cautious owner who invests it under the advice of men wise in its handling.”
Your money will stay with you if you take the advice from people who know how to preserve and invest your money. You will surely lose money if you take advice from people who do not know how to keep your money safe.
People often lose their shirts when they take financial advice from their relatives, their co-workers, or their gym trainers. These people often do not have any more financial expertise than you do!
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.”
You will likely lose money if you invest in things that you do not understand. Often people will invest in high risk ventures that put their money in danger of loss because they hear from others that it’s a great investment, but don’t do their due diligence to make sure it’s right for them.
As I write this many people are investing in Bitcoin because they have heard the stories of the “instant Bitcoin millionaires.” Today’s headlines are filled with the stories of those who have sustained severe losses. In fact, one of the Bitcoin superstars just lost $75 Billion within just a few days. Ouch!
The Fifth Law of Gold
“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.”
We have all heard the tragic stories of those who invested with Bernie Madoff, one of the greatest financial scammers of all time! He stole millions from many people who are smart and should have known better, by promising them an outlandish rate of return. For years he was actually running a “Ponzi Scheme.”
I’m sure you have also heard of the lottery winners who win millions but then lose it all within a few years because they don’t know how to manage or invest money.
If you go to a financial advisor, make sure he/she is working for you and not themselves. Ask them if they are a “Registered Investment Advisor.” If they are not, they are probably a broker. Just politely walk away!
Follow these ancient laws of gold to build wealth. They are as valid today as they were thousands of years ago!
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To your success,
David C Figueroa- Success Coach
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