We live in a time of impatience, and when it comes to money, we want more today than tomorrow. Whether it’s a mortgage deposit or clearing credit cards that lose their energy long after we stop enjoying what we buy with them, the sooner the better. When it comes to investing, we want easy choices and fast returns. Thus, the existing mania for cryptocurrencies. Why invest in nanotechnology or machine learning when Ethereum is in an endless spiral and Bitcoin is a gift that continues to give?
A century ago, the American writer George S Clason took a different approach. The richest man in Babylon gave the world a treasure trove of financial resources based on what might literally seem old today: prudence, prudence, and wisdom. Clawson used the wise men of ancient Babylon as spokesman for his financial advice, but that advice is as relevant today as it was a century ago, when the Wall Street accident and the Great Depression approached.
Take, for example, the five laws of gold. Wherever you are in life, if you want to place your personal finances on a sound footing, these are for you:
Law №1: Anyone who invests at least one-tenth of his gold earnings to create a property for his family and family comes with a happy and increasing amount. In other words, save 10% of your income. Minimum. Save more than you can afford. And that 10% isn’t for next year’s vacation or a new car. This is for the long term. The 10% may include your retirement contributions, ISAs, premium bonds or any high interest / limited entry savings account. Okay, interest rates for depositors are at their lowest now, but who knows where they will be in five to ten years? Compound interest means that your savings will grow faster than you think.
Law No. 2: Gold works diligently and happily for a wise owner who finds a profitable job for it. So if you want to invest instead of saving, do it wisely. There are no cryptocurrencies or pyramid schemes. We have focused on the words “profitable” and “employment”. Let your money work for you, but remember the best things you can hope to bring a long-term income for this side of the rainbow, not lottery winnings. In practice, this most likely means the shares of companies that offer a modest dividend and offer a steady upward trend in stock prices. You can invest directly or through a fund manager in the form of a single trust, but before you leave with a penny, see Laws 3, 4 and 5 …
Law No. 3: Gold clings to the protection of its prudent owner, who invests in its management on the advice of sages. Talk to a qualified, experienced financial advisor before doing anything. If you don’t know one, investigate. Check them out online. What experience do they have? What kind of customers do you have? Read reviews. Call them first and find out what they can offer you, and then decide if a face-to-face meeting will work. See Commission Agreements. Are they independent or are they bound by a contract with a particular company to push the financial products of that company? A good financial advisor will encourage you to prepare the basics before directing you to emerging markets and space travel: retirement, life insurance, a place to live. Listen to them when you are happy to find a counselor you can trust. Trust their advice. But review your relationship with them at regular intervals, say it every year, and look elsewhere if you’re not happy. Chances are, if your judgment is sound in the first place, you will remain loyal to the same counselor for many years.
Law No. 4: Gold moves away from investing in businesses or purposes that are not approved by those who are unfamiliar or have experience in the business. If you know the retail of food products, invest in a supermarket chain that increases market share. Similarly, if you work for a company with an employee share ownership scheme, it makes sense to take advantage of it if you are confident that your company has good prospects. But you shouldn’t invest in any market or financial product that you never understand (remember the accident!) Or that you can’t fully explore. If you want to try your hand at currency trading or option trading and have a financial advisor, talk to them first. If you don’t have enough speed, ask them to point one of them at you. It’s best to avoid anything you’re not sure about, no matter how great your potential income.
Law No. 5: Gold avoids those who seek impossible gain or follow the attractive advice of swindlers and swindlers, or rely on their own inexperience. Again, the fifth law follows the heel of the fourth. If you start looking for financial advice and wealth creation ideas on the internet, your box will soon be full of “scammers and scammers” who promise you the earth if you invest £ 999 in their “systems” to turn 1 pound into 1XXXXXX. Chicago Mercantile Exchange. Remember, the one who makes money in a hurry in gold is the only one who sells shovels. Take the wrong shovel and you will quickly fall into debt. For a system that doesn’t have a proven value, you won’t just pay through the nose; you will lose more than you pay for it. At the very least, you should check the original research of the product. And never buy any system, investment vehicle, or financial product from a company that is not registered by a national watchdog, such as the UK’s Financial Conduct Authority.