My favourite investment book is The Richest Man in Babylon by George S Clason, first published in 1928. Yes before even the first Wall St Crash.!
The book deals with the personnel successes of each of us. Success means accomplishments as the result of our own efforts and abilities. Proper preparation is the key to our success. Our acts can be no wiser than our thoughts. Our thinking can be no wiser than our understanding.
Babylon became the wealthiest city of the ancient world, because it’s citizens were the richest people of their time. They appreciated the value of money. They practiced sound financial principles in acquiring money, keeping money and making their money earn more money.
I will share with the reader one or two tasters that make this book so compelling.
A PART OF ALL YOU EARN IS YOURS TO KEEP….. Say that last sentence to yourself once again. “You mean that I should put a bit away, each week, each month, each year.
Easy to say, not easy to do, or is it? By starting this process a person, any person, can work their way out of darkness into the light.
George Clason describes the following:-
A person has much GOLD when they know the 5 laws of GOLD and abide by those laws.
Wealth that comes quickly without the application of these laws goes away quickly. Just think of the stories of many of our current day lottery winners.
So tell me these 5 laws I can almost hear you saying. So I don’t spoil the book for you I will include the first 3 only.
FIRST LAW…GOLD COMETH GLADLY AND IN INCREASING QUANTITY TO ANY PERSON WHO WILL PUT BY NOT LESS THAN ONE-TENTH OF THEIR EARNINGS TO CREATE AN ESTATE FOR THEIR FUTURE AND THAT OF THEIR FAMILY.
SECOND LAW….GOLD LABORETH DILIGENTLY AND CONTENTEDLY FOR THE WISE OWNER WHO FINDS FOR IT PROFITABLE EMPLOYMENT, MULTIPLYING EVEN AS THE FLOCKS OF THE FIELD.
THIRD LAW…..GOLD CLINGETH TO THE PROTECTION OF THE CAUTIOUS OWNER WHO INVESTS IT UNDER THE ADVICE OF PEOPLE WISE IN ITS HANDLING.
Written by George Critchley. Senior Partner at Pennine Wealth Solutions LLP