I thought today I should do this brief write-up on managing money and investments. I know some of you might swiftly run away from this article simply because the title has the word ‘gold’ in it. Some will say they don’t have even a single carat or ounce of gold in their possession, so why read this damn article on gold. Just for clarification, by gold I mean any productive resource you have. OK? Can we proceed then?
By the by, have you read George S Clason’s book entitled ‘The Richest Man in Babylon’? If you have not, I strongly recommend that you give it a try, and don’t tell me you don’t have money to buy the book. Being an entrepreneur, I know you will certainly get a few good things that can help you in your entrepreneurial dreams. My blog today is based on principles I got in that book, and I will share with you the basics.
So, what are the top five lessons on laws of Gold – which you need to know?
- Lesson number one: Save 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. Now, I must confess that I just love this ancient way of putting together sentences, whatever name you will give it! You simply say ‘Gold cometh’ instead of saying ‘Wealth is attracted by….. and so on, in this modern world. If you don’t like it, that’s up to you but you cannot discourage me from loving it. The message is clear – save money to be able to attract more money. I’m not going to labour on this point, because even economists today all speak about the same. Very straight forward. Isn’t it?
- Lesson number two: Invest gold. Gold laboreth diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field. Mr. Entrepreneur, I think that by the fact that you own an enterprise, you are already applying this principle of investment, but what is important is that you invest wisely. Find profitable or gainful things to invest in. It’s not just about dreaming one night and the following day you are pouring zillions of money into something you hardly know. Do you get what I mean? Money will work for you diligently, if you employ it profitably, and not with some lazy, idle and uninformed approach. OK?
- Lesson number three: Protect gold. Gold clingeth to the protection of the cautious owner who invests it under the advice of men wise in its handling. Now, this is where I have a bone to crack with some entrepreneurs. It’s good to invest under the advice of wise men. You might ask me who is wise, and I have no answer for you, but I simply use my common sense to determine who is wise and who is not. You need to make use of your six senses. Today there are many people masquerading as business consultants, yet in reality they are far from it. It only takes me a 15 minutes talk over coffee to tell that someone knows what he claims to be consulting in. Money will cling to you if you know how to manage it.
- Lesson number four: Invest gold with understanding. 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. I said in one of my previous blog post that in my opinion, knowledge is the number one thing every entrepreneur needs. It’s not monetary capital. I know you may argue with me, but both you and I are entitled to our opinion. It’s a free world. In any case people only get to know what’s in your mind if you express it openly like I’m doing. Otherwise, you can retain even the silliest or wisest opinion quietly. Isn’t it? Candidly, there are entrepreneurs who will simply stare into the unknown, if asked how they lost huge sums of money. Most times this boils down to lack of understanding, including a void in risk management.
- Lesson number five: Beware of investments with abnormally high returns. 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? Ha ya ya ya! The lesson is very clear here. Fantastically clear. Never force money to impossible earnings. Never do business with tricksters or schemers. Avoid romantic desires in business. Do you get it? Many times in your entrepreneurial journey you will come across ‘investors’ with some ideas on how your money can be multiplied exponentially in a very short time. Such would want to multiply your money and not their own money! You have got to be wise Mr. Entrepreneur. Don’t you agree with me?
So, in conclusion, I simply find the above principles that Clason wrote about, exceedingly good advice for every entrepreneur. Don’t you think so? Hold these principles close to your heart, and don’t be deceived. Save, protect and invest your gold or money wisely. Never force your money to impossible earnings. Run away from schemers or fraudsters. Avoid romantic investment ideas. I can hear you laugh at the expression ‘romantic investment ideas’, but it is reality. Whatever your mind now thinks about it, go ahead!
Till then – and with every good wish,
The Wise Entrepreneur