The Five Laws of Gold

The Five Laws of Gold are based on the book The Richest Man in Babylon by George S. Clason.  The book was originally written in 1926, however, the principles taught in this great literary work are still applicable today.  When you decide that you want to create wealth for yourself and your family, it is imperative that you understand money and how it works.  It is no coincidence that there is only a small percentage of the world who are considered wealthy.  These individuals have taken the time to learn and understand the principles of money, and they have applied those principles to create their wealth.  In Clason’s book, he provides several lessons on how to accumulate wealth and also how to maintain it.  Below is one of the lessons in which the five laws of gold are explained.

1. “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 is a fairly easy concept to understand.  It is to simply save one tenth of whatever you earn.  So if you have income of $2,000 a month, then you should be saving $200. Leaving you with a sum of $1,800 to live on.  Although this concept is simple, I can attest that it is much easier said than done.  However, I can also think of more challenging task in life than living off only 90% of your earnings.  This rule translates in today’s society as, “PAY YOURSELF FIRST.”  The next rules explain what to do with the earnings that you accumulate as you continue to pay yourself first!

Related: 7 Ways to Save all Summer 16

2. “Gold laboreth diligently and contently for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field.”

I’ve read that those who have reached financial independence don’t work as hard because they let their money do the heavy lifting.  This was true in the prosperous days of Babylon. The same holds true today in America, where there is an increasing number of first generation millionaires.  Money loves to be around more money. The more the merrier! In order for this to happen, you must find employment for your money, so that it can earn and gain more money.  Today, millionaires invest their money in stocks, franchises, and real estate.  And venture capitalist, like Tai Lopez, invest in startup companies that have the potential to be profitable in the future.  Investing your hard earned money can be very risky, so you should do your homework and invest wisely. 

3. “Gold clingeth to the protection of the cautious owner who invests it under the advice of men wise in its handling.”

If I were to break my leg, I can assure you that I wouldn’t be able to repair it myself and would have to see a doctor.  The same rule applies to investing. It would be wise to seek someone who invests money for a living.  If you wanted to invest in real estate, it would be wise to seek an experienced real estate investor. It’s ok not to know everything in the world about investing your money. However, as the 3rd rule says, money will cling to you if you invest under the advice of those who are wise in its handling.  I don’t know about you, but I definitely want money to cling to me!

4. “Gold slippeth away from the man who invest it in business or purposes with which he is not familiar or which are not approved by those skilled in its keep.”

Perhaps the most successful investor in our time, Warren Buffet, stated in a letter to his shareholders that he does not invest in any business which he does not understand.   This is another simple rule to understand.  As much as I admire @ElonMusk, I probably would not invest in his company SpaceX (was funded by venture capitalist)  because I am not a rocket scientist and I’m not knowledgeable in rockets and the science applied to them.  Although I have to admit, it does sound interesting.  I would however invest in WingStop, (ticker symbol: WING) because I know chicken wings very well!  Too often people invest in things that sound cool or because they heard Jim Kramer say that it was a great stock.  If you’re going to put your money into an investment, it would make sense to understand the company.  Another good example is Subway, as I often dine at Subway for lunch. I know that if you were to franchise a Subway (must franchise, privately held company) the likelihood of you going out of business is slim to none.

5.  “Gold flees the man who force it to impossible earnings or who followeth the alluring advice of tricksters and schemers or who trust it to his own inexperience and romantic desires in investment.”

The last law is very important, especially in today’s day and age.  Before I disconnected my cable, one of the shows that I often watched was CNBC’s American Greed.  If you’re not familiar with the show, it is about white collar criminals who normally deceive people out of millions of dollars, commonly known as Ponzi Schemes.  The show usually shows the persons demise due them being greedy. One of the most notorious Ponzi Schemes was orchestrated by Bernie Madoff.  Madoff, currently in prison, deceived many investors of nearly 65 billion dollars!   Unfortunately, in our world today, we have to be cautious of whom we invest our funds with; and in most cases, if the investment sounds too good to be true then it most likely is.

If you are looking for Quality Content in regards to the financial domain, you can contact the Alston Collab. We develop specific content by market (financial education, self-improvement, and entrepreneurship ) to increase the level of engagement by channel. 

5 Ways to Make a Great First Impression

They say that you should always make your first impression your BEST impression.  After all, you only get one opportunity to make a first impression.  They are many things that you can do to assure yourself that you leave a positive imprint on all those that you can encounter.  We have put together a list of 5 things that you can do to make a Great First Impression. 

Smile Often

It has been proven in numerous studies that people who smile often are more likeable.  Smiling is one sure way to make a good first impression.  It will allow the other person to put their guards down, be more inviting, and also help the person to be more receptive.  Smiling will give you more confidence and at the same time make you more attractive.

Remember Their Name & Use it

This can sometimes be challenge for many of us, in remembering someone’s name.  Believe it or not, there is an art to remembering peoples name.  It helps to repeat their name back when the person introduces themselves and repeat once more in your head.  It was said that President Franklin R. Roosevelt could call 50,000 people by their first name!  One successful power connector even goes to the extent to carry pen and paper and write down the individual’s name, some facts about the person, and if he is unsure on the spelling he would ask for the person to spell it out.  Remembering people’s names is one sure way to win friends. 

Related: 6 Ways Successful People Make Good First Impressions

Listen!

The best and most effective communicators are always good listeners.  If you are able to master the art of listening, you are probably headed toward success.  A good way to make a great first impression is to actually listen to what your party has to say.  Being genuinely interested in someone and listening to them will in most cases leave that person with a positive experience.

Use Touch Appropriately

When I first read about this technique, I was a little skeptical.  I mean the concept of touching strangers or someone you don’t know very well can seem a little awkward.  However, after reading further and more so actually starting to to utilize the power of touch, I was amazed at the impact that it had on my interaction with individuals.  When done properly, the appropriate use of touch can make for a positive interface. One example is when you meet someone, to shake their hand firmly, and add a light touch on the back of their shoulder with your left hand, at the same time while shaking their hand.  Another example is that when you meet people or when you are about to part ways, shake their hand, lean forward toward them and also put your left hand on the top of the hand that you are shaking, meaning both your hands are gripping their one hand.  These techniques work much more effectively if you also smile during the interaction.

Related: 8 Ways to Make a Great Impression at an Interview  

Ask Good Questions

In order to to utilize this step, you must first master step number 3.  It will be difficult to ask good questions if you are not actively listening.  By asking good engaging questions, you get will get the person talking and they will likely also become interested in the conversation. The person is also likely to be more receptive when you share information about yourself.  Be sure not not to play a game of 21 questions, as you don’t want to become too intrusive.  Do not forget to continue listen actively as they continue to answer your questions and share information.  You never know when you will have the opportunity to reference something from a previous conversation, which will show the other person that you were genuinely interested.  

If you are looking for Quality Content in regards to the financial domain, you can contact the Alston Collab. We develop specific content by market (financial education, self-improvement, and entrepreneurship ) to increase the level of engagement by channel.