How To Become Wealthy By Following These Five Gold Laws

In 1926, George Samuel Claisen published a book called The Richest Man in Babylon, which was based on a series of parables set in the ancient city of Babylon. The book became a classic in financial literature.

If you've never read the book, the tried-and-true lessons will astound you.

Bond Seer, a chariot builder, and Kabhi, a musician, are the protagonists of the storey. They had become the best at their craft but were poor and had no money.

So they went out to seek the counsel and wisdom of their childhood friend, Cod, who, in stark contrast, had amassed vast fortunes.

Despite spending lavishly and giving generously to charity, our Cod was Babylon's richest man.

Our Cod told his two friends a storey about how he seemed to have an endless supply of gold and how his fortune continued to grow.

He claimed to have been a poor scribe who struck a deal with a wealthy man to learn the secret to wealth accumulation in exchange for his work on a clay inscription. The wealthy man agreed and taught him a valuable lesson.

He said, "I discovered the path to wealth when I decided that a portion of everything I earned was mine to keep, and so will you." This is a powerful lesson, and it's the foundation upon which every wealthy person has built their fortune, including our Cod.

The wealthiest man in Babylon did not amass his wealth by spending more than he could afford.

He became wealthy by putting aside a tenth or tenth of his earnings and investing it in ways that would guarantee him more money.

The First Golden Rule Is To Set Aside 10% Of Your Income For Investment.

According to the book, gold will come gladly and in increasing quantities to any man who will set aside not less than 1/10 of his earnings to create an estate for his and his family's future. This law ties into the principle of paying yourself first, which is a proactive approach to financial freedom that rich people understand very well.

Many people will always complain about how little money they have, regardless of what they do.

I always have nothing left over at the end of the month, or they'll say something to the effect that I'm not getting paid enough.

Although these points are valid, if one examines where their money is going, they will discover that most of the so-called priorities, such as weekly dinners out or weekly outings, are not necessary expenditures at all and are, in fact, a significant drain on your income statement.

Instead, set aside 10% of your monthly income as soon as you receive it, before paying your bills, utilities, or mortgage. Make sure you have 10% set aside for Netflix. The sooner you start, the better off you'll be and the larger your savings and investment funds will become. Not only will you be able to benefit from compound and growth to help grow your money faster, but you will also be protected in the event of a major financial crisis, such as a large medical bill, a large car repair, or, in the worst-case scenario, a layoff.

You won't be as terrified as before.

The Second Golden Rule Is To Put Your Money To Work.

According to the book, gold works diligently and contentedly for the wise owner who finds profitable employment for it, multiplying even as the flocks of the field gold and money indeed is a willing worker the richest man in Babylon learned early on how money works and how to put his money to work for him.

He was able to keep track of his spending and learn the difference between necessities and luxuries. While many people have difficulty distinguishing between the two, the rule of thumb for luxuries is simple.

If you don't need something, don't buy it. As your savings grow, you can start looking for profitable, safe investments to put your money into. There are many options.

You can invest your money in things like real estate, stocks, bonds, and businesses; you should think of your money as little soldiers going into battle and returning with a bounty; the more soldiers you have, the more bounty and loot they'll bring back; however, before making any major investment, you must be absolutely certain about where you're putting your money; make sound investments, and your money will come back in abundance; this brings me to the third law of gold: seek first advice.

According to the book, gold clings to the protection of the owner who invested under the guidance of wise men.

You did work hard for your money, didn't you?

You should also not lose a single penny.

So why would you put your faith in your own inexperience to make sound financial decisions?

This is exactly what a lot of poor and middle-class people do; they make investments based on their gut feelings or information they've overheard from friends, colleagues, or even on the radio, and the end result is always the same: they lose their money.

Occasionally, what they thought was a sound solid investment turned out to be a scam.

Would you be able to hear that?

The rich, on the other hand, seek advice from experts in the field of money management before making any major investment, just as you wouldn't trust a cook to perform heart surgery on your chest.

You shouldn't put your trust in people who aren't knowledgeable about how to make and manage money to advise you on where to put and invest your hard-earned cash.

This Leads Me To The Fourth Golden Rule.

Gold slips away from the man who invests in businesses or purposes with which he is unfamiliar or that are not approved by those who know how to keep it safe. I believe that using my friend John to illustrate this point is the best way to do so.

So, for the past year, John has been following and practising the first law of gold, and he has amassed a substantial sum of money, totaling $10,000.

So, my friend James is a reasonably intelligent individual.

He reads a couple of books a year and watches TV and YouTube videos about investing and making money, which is his favourite subject.

Despite the fact that, as I previously stated, James is a smart individual.

In terms of investing, he has a serious flaw.

It's been dubbed his Achilles' heel.

This is the type of investment James and a lot of poor people are making right now.

They hear about a good investment on the radio or television. They seize the opportunity right away.

You've probably heard it all before, but this is a once-in-a-lifetime real estate opportunity. You can't afford to pass up this opportunity to buy or sell this stock.

It's far too important to fail after only two months. Guess what the most important rule to follow when investing is.

If you don't understand it, don't invest in it. Instead, seek advice from wise men who know how to keep and make money, as the third law suggests.

Instead of investing in bad real estate stocks, James should have done this.

Instead, he should have sought the advice of someone who is successful and profitable in real estate or stock investing.

So now my friend James is broke and only has about $500 in his bank account, but not all is lost in his misery.

He concocts a brilliant scheme to recoup his losses and then some; his scheme is simple, brilliant, and cunning in his eyes. John's trip to Vegas is unavoidable.

Yes, the gambling city placed bets on a few games in order to recoup their losses.

He was defeated.

He is absolutely certain that he will be able to recoup his investment and then some.

The Fifth Golden Rule

Gold runs away from the man who tries to force it to impossible profits, or who takes the alluring advice of con artists and schemers, or who puts his faith in his own inexperienced and romantic investment desires.

You can see this in James's attempt to recoup the funds.

When he lost, he reasoned that gambling would be the quickest and easiest way to recoup his losses, despite the fact that some people do make a lot of money gambling. James didn't have a good day.

The premise of the book is that there is no quick way to become wealthy, and the lessons that Cod taught his friends are the wealth-building habits that I believe every wealthy person has followed to accumulate their wealth.

These lessons have helped millions of people become financially stable and wealthy, and I am confident that they will help you build a solid financial foundation as well.