If you’re looking for practical tips and advice on Private Lending and how to keep your money safe as a Private Lender, then you are in the right place. But if you want to learn from my mistakes so you can avoid them, well then pull up a chair and pour yourself a drink my friend, because this podcast is just for you! 2020 is now over, and we Private Lenders have some of our own housekeeping to perform.
The First Law of Wealth (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.
Wealth comes to those who reserve AT LEAST 10% of their total earnings towards building their future financial independence/fortune.
Pothead Explanation: Start providing yourself and your family with security by paying yourself first, at least 10% of your earnings to be invested in your future.
Out of everything you earn, everything (salary, side hustle, inheritance, online bookie.com, lotto winnings, etc., take no less than 10% every payday/week/month/etc., and put it away, save it to begin and then to continue growing your estate for the future. If you make 1,000 dollars, think I only made 900!!! You find 10 bucks on the street, put 1 away for a rainy day (old age).
Why? Because the best time to plant a tree was 20 years ago. The second-best time is right now!!! So start digging and planting baby!
Today marks the first in a series of episodes that are based upon the lessons found in the book The Richest Man in Babylon written by George Samuel Clason. If you haven’t read this book, then I highly recommend you get a copy and read it immediately. Purchase or go to your local library and check it out today!
Pillar No. 1: My Money My Terms
Pillar No. 2: Never Trust, Always Verify
Pillar No. 3: ROIs
Pillar No. 4: WIN-WIN-WIN ONLY: Always Full Disclosure
Pillar No. 5: Never lend to friends or family members in need. Rather give them what you are able to give without the expectation of being paid back
Pillar No. 6: Honor the contract, but DO NOT hesitate to begin foreclosure. It can be easily stopped in case the borrower makes good