The Fourth Law of Gold
Hello, Lender nation and welcome to Episode 133 of the Private Lender Podcast! I’m your host, Keith Baker and I’d like to thank you for sharing your time with me today.
I hope everyone is enjoying their 4th of July observance the day this episode goes live, and to the other 194 countries not named the united states of America, then I hope you have a good Monday!
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If you’re looking for practical tips and advice on Private Lending and how to keep your money safe, then you are in the right place. But if you want to learn from my mistakes so you can both avoid and profit from them, well then pull up a chair and pour yourself a drink my friend, because this podcast is just for you!
Today we continue with the lessons taken from the book The Richest Man in Babylon: the fourth law of wealth. This is but one old-world principle that has remained relevant and true through the centuries, no matter the currency, and no matter the political climate.
But before we get to the brass tacks, I would like to perform the housekeeping:
1 – Have you joined the Private Lender Podcast Facebook group? Well, why not? Head over to the show notes for the link or simply search Facebook groups for the Private Lender Podcast.
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2 – And most important of all, the Private Lender Academy is launching in just a few weeks and if you would like to get on the list for pre-launch bonuses like discount codes, then head over to PrivateLenderAcademy.com and click on “Apply Now”: provide some background on your investing experience and goals
The Private Lender Academy is slated to launch after July 4th, 2021.
OK, the housekeeping is finished and now it’s time to get down to the brass tacks of today’s episode: the 4th Law of Wealth (Gold).
In the book, the Richest Man in Babylon, there are 7 cures for a lean purse, and 5 laws of Gold (wealth) and today we will discuss the 4th law of wealth, which is simply:
“Gold slips 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.”
“To the man who has gold, yet is not skilled in its handling, many uses for it appear most profitable. Too often these are fraught with the danger of loss, and if properly analyzed by wise men, show small possibility of profit. Therefore, the inexperienced owner of gold who trusts to his own judgement and invest it in businesses or purposes with which he is not familiar, too often find his judgement imperfect, and pays with his treasure for his inexperience. Wise, indeed, is he who invests his treasures under the advise of men skilled in the ways of gold.”
The lesson here is simple: seek the advice from those who have a successful track record of investing theirs, and other people’s money, to help ensure your success. Gather opinions and seek counsel from proven investment strategies.
Do not get caught up in the swell of a bubble market when “everyone is doing it” or “it’s so easy, why aren’t you doing it?” Do not bet your treasure on the shiny object.
But rather seek friendship, fellowship, counsel, and advice from those skilled in successfully handling and investing money. Let them help guide you beyond the wolves and the hype of speculation.
Remember, you’re net worth is equal to your network. No go out and find such people to help stay safe and invest with logic rather than emotion.
Ok, the sermon is over. Thank you for listening.
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It doesn’t take that long and it’s a small price for the value I try to provide – for free.
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That’s gonna do it for Episode 133 and I’d like to provide you with a few final thoughts:
1 – Join the Private Lender Podcast Facebook Group
2 – Remember, the http://privatelenderacademy.com/ will launch in July 2021. Head over to http://privatelenderacademy.com for more information. And to be eligible for discounts and other pre-launch goodies like group coaching calls, then click on “Apply Now”
So, as I sign off I’d like to say in addition to self-awareness and mindfulness, I wish you safe and prosperous Private Lending.
I’ll catch you on the next episode.
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