We are currently living in an impatient age and we need more of it now, not tomorrow with regard to capital. If it’s a mortgage deposit or maybe withdrawing the credit cards that save our resources long after we have finished loving anything we bought with them, the better the sooner. We want fast returns and easy pickings when it comes to investment. This is why today’s crypto currency mania. Why invest in nanotechnology or maybe machine learning while Ethereum is in the relentless upward trajectory and Bitcoin is the gift it continues to give?
The US writer George S Clason took a peculiar approach a century ago. He has literally given the world a treasure chest of financial values based on what might seem old today: care, knowledge and prudence in probably the most rich man in Babylon. Clason used his financial advice from the wise men of the ancient city of Babylon, but that advice is as necessary today as it was a 100-year-old time of the Wall Street crash and the Great Depression.
Take the 5 gold rules , for example. If, wherever you are in life, you want to put your personal finances on a good footing:
Law no 1. Gold happily comes to anyone who puts a mere 10% of their income into the construction of an estate for their future and for the ones they love. Simply put, save 10% of your sales. At least. At least. In case you can save more than that. And 10% is not for the holiday of next year or a brand-new vehicle. The enlarged one. Your 10% will include your pension payments, ISAs, some kind of high interest / restricted access saving bond or perhaps premium bons. All right, savers’ interest rates are now at record low, so who knows where they will be in five or ten years? Compound interest means that your investments will rise faster than you expect.
Law No. 2: The intelligent owner who seeks lucrative jobs happily and faithfully works for Gold. So, do it sensibly if you intend to spend instead of saving. No crypto or pyramid schemes. Crypto. The terms ‘profitable’ and ‘jobs’ are our key emphasis. Work your money but note that the only thing you can expect is steady returns over the long term, not lottery wins, for this rainbow aspect. It is more likely in practice to mean shares in existing companies that offer a daily dividend and a consistently higher share price level. You can invest directly and probably through a unit trusts fund manager, but see Law 3 , 4 and 5 before you leave with one penny …
Law No 3: Gold clings to the protection of the careful lord, who places it on the advice of all the wise people. Chat with an accomplished financial planner before you do something. Do a little research if you don’t know one. See them on the internet. Check them out. What is their expertise? What kind of customers? Check out the ratings. First call them to understand what they can give you, then decide whether a face-to – face meeting works. See the contracts for commissions. Are they autonomous or likely bound to a single business under contract to drive financial goods of that company? A good financial advisor would persuade you, before leading you towards investment in the emerging markets and space travel, to develop the basic principles: pension or life insurance somewhere to live. If you’re glad, you find a consultant you can count on, listen to. Confide in their advice. But check your link to them regularly, say annually, and look elsewhere if you are not content. If your opinion has been strong, you will probably stick with the same consultant for several years to come.
Law No4: Gold slips from one person who invests it in businesses in which the eligible persons are unfamiliar or even illegal. Invest in a supermarket chain that is rising market share if you have total knowledge of food retail. Likewise, it makes sense to use your company if you are working with an organisation that includes an employee share ownership system, in case you are confident that your enterprise has good prospects. However, never invest in any financial product (reminiscent of the Crash!) or not totally researchable in any market, which you don’t know. Speak to them first if you are tented to try your own hand in money transactions or even options trading and if you have a financial advisor. Ask them to refer you to someone who is if they aren’t up to speed. Better still, remain away from something about which you are uncertain, regardless of the scale of future returns.
Also to know more : You can sell bitcoin to paypal .
Law no 5: Gold flees the individual who seeks impossible income or who follows the enticing suggestions of schemers and tricksters or who may be sure of his inexperience. The fifth rule yet again follows the quarter’s heels. In order to begin to fill your mailbox with “tricksters and schemers” who pledge you to the world, if you spend £ 999 in their “method” to make £ 1 in the Chicago Mercantile Exchange, the box is filled with “tricksters and schemes.” Remember, the one who sells shovels may be the only one to make money in a gold rush. Buy the wrong shovel and you’re going to dig into debt easily. You would not just pay for a method which has no proven value through the nose; you’ll probably lose a lot more than what you spend on it by adopting it. You should search the item for genuine feedback at the very least. And never purchase from a company not approved by a national watchdog, such as the UK Financial Conduct Authority, certain programmes, financial instruments or vehicles for investments.
These five rules are more precious than gold itself … The next time we look at the 7 cures for a lean bag from George S Clason.