21 Feb 2020
The Five Laws of Gold
- Posted by Dejan Pekic BCom DipFP CFP GAICD, Senior Financial Planner
In 1926 George S Clason first published a famous series of pamphlets on thrift and financial success using parables from ancient Babylonian clay tablets.
These pamphlets were latter incorporated into his book, The Richest Man in Babylon and the following five laws of Gold are from that book-
The First Law of 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. This law always sayeth that the more Gold I accumulate, the more readily it comes to me and in increased quantities.
The Second Law of Gold
Gold laboureth diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field. Gold indeed is a willing worker. To every man who hath a store of Gold set by, opportunity comes for its most profitable use.
The Third Law of Gold
Gold clingeth to the protection of the cautions owner who invests it under the advice of men wise in its handling. Gold, indeed, clingeth to the cautious owner, even as it flees the careless owner.
The Fourth Law of Gold
Gold slipped 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. Therefore, the inexperienced owner of Gold who trusts to his own judgment and invests it in business or purposes with which he is not familiar, too often finds his judgment imperfect, and pays with his treasure for his inexperienced.
The Fifth Law of Gold
Gold flees the man who should 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. Fanciful propositions that thrill like adventure tales always come to the new owner of Gold.
If you substitute the word Gold for Money, has anything really changed in the 8,000 years that have elapsed since ancient Babylon times when it comes to accumulating wealth?
At Newealth we are always looking to support and promote our clients wherever possible and if you have any ideas or comments, please feel free to email me or to call me on +61 2 9267 2322.