Lessons from The Richest Man in Babylon Pt. 3

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May 11, 2018
Lessons from The Richest Man in Babylon Pt. 3

Image Copyright Ted Grussing Photography – Used with permission

Today we continue learning the laws of money from the parables of The Richest Man in Babylon.

In previous weeks we learned the first three:

  • Pay yourself first, ahead of everything and anyone else.
  • Let your money grow through savings and investments.
  • Guard your money wisely and steer clear of scams.

The third law also has a second part, which is to secure the advice of those experienced in the profitable handling of gold. Let their wisdom protect your treasure.

The accompanying story goes like this: a young man who had saved money for investing gave his money to a friend, the brick maker, who heard that a lot of money could be made in buying jewels to sell. But the friend was sold pieces of glass by scoundrels and didn’t know the difference. So he lost not only his own, but also his friend’s money. Arkad asked the young man why he would trust a brick maker to know anything about jewels. He knows about his craft, bricks—not jewels.

This is still a relevant lesson in today’s world. For example, there are over 170 designations financial sales people can call themselves. Some of the designations require no study at all, just money to pay for the certificate.

So the investor must be educated about who is who, how the “who” gets paid and what they are telling you to do. Many people don’t feel they have the right to ask a person how many years of experience they have or for references. But, it’s important to research a potential advisor’s designations so you can know if they are legitimate and how they make their living.

If you choose someone to trust with your savings and investments, shouldn’t they be well-educated and trustworthy in their “craft”? Make sure you always do your homework to assure you secure wise advice for your money and put your trust in the right person.

If you are interested in George Clason’s book, you can purchase a paperback version on Amazon.

Have a wonderful weekend!

Source(s):

Clason, George S. 1874-1957. The Richest Man in Babylon: The Original Version