We live in an age of impatience, and when it comes to money, we need more now, not tomorrow. Whether it’s mortgage deposits or cleaning up credit cards that consume our energy for a long time after we stop enjoying the things we buy with them, the sooner the better. In terms of investment, we hope to choose easily and get a quick return. Therefore, the current enthusiasm for cryptocurrency. When Ethereum is stuck in an endless upward spiral and Bitcoin is a constant gift, why invest in nanotechnology or machine learning?
A century ago, the American writer George S Clason took a different approach. In “The Richest Man in Babylon”, he showed the world a treasure trove of financial principles-literally based on things that seem outdated today: prudence, prudence and wisdom. Clarkson uses the wise men of the ancient city of Babylon as the spokesperson for his financial advice, but this advice is as important as the Wall Street crash and the Great Depression a century ago are imminent today.
Take the five laws of gold as an example. If you want your personal finances to be healthy, no matter where you are, these are for you:
The first rule: Gold is happy and increases in quantity to those who use at least one-tenth of their income to create property for the future of themselves and their families. In other words, save 10% of your income. at the lowest limit. If you can, you can save even more. And this 10% is not for next year’s holidays or new cars. This is long-term. Your 10% can include your pension, ISA, premium bonds or any type of high interest/restricted access savings account. Okay, interest rates for depositors are currently at historical lows, but who knows the interest rates five or ten years from now? Compound interest means that your savings will grow faster than you think.
Law No. 2: Gold works diligently and contentedly for wise owners looking for lucrative jobs. So if you want to invest rather than save money, do it wisely. There are no cryptocurrencies or pyramid schemes. We focus on the words “profitable” and “employment”. Let your money work for you, but remember that the best hope for this aspect of the rainbow is long-term stable returns, not lottery wins. In practice, this is likely to mean that companies that have issued shares provide regular dividends and a steady upward trend in stock prices. You can invest directly or through a fund manager in the form of a unit trust, but before breaking up a penny, please refer to Articles 3, 4 and 5 of the law…
Decree No. 3: Gold insists on the protection of prudent owners. When investing under the advice of those wise owners, the owners should invest carefully. Before you perform any operations, please contact an experienced and qualified financial advisor. If you don’t know, please do some research. Check them out on the Internet. What expertise do they have? What kind of customer? Read the comments. Call them first to find out what they can offer you, and then decide whether to have a face-to-face meeting. Check their commission schedule. The company’s financial products are promoted under the contract. Are they independent or tied to a specific company? A decent financial adviser will encourage you to master the basics: pensions, life insurance, places to live, and then guide you in investing in emerging markets and space travel. When you are satisfied with the consultants you can find, listen to them. Trust their suggestions. However, please check your relationship with them regularly (for example once a year), and if you are not satisfied, please find another place. If your initial judgment is correct, then it is likely that you will stick to the same consultant for many years to come.
Rule No. 4: Slip gold away from those who invest it in a business or purpose that they are not familiar with or approved by their skilled technicians. If you have an in-depth understanding of food retail, you must invest in supermarket chains that increase market share. Likewise, if you work for a company that has an employee stock ownership plan, you can use it if you are sure that your company is promising. However, do not invest in any market or financial product that you do not understand (remember to crash!) or cannot be fully researched. If you really want to try currency trading or option trading, and you have a financial advisor, please contact them first. If they cannot keep up, ask them to refer you to someone who can. Most importantly, no matter how large the potential return is, please avoid any uncertainties.
Rule No. 5: Gold flees from those seeking impossible income, or those who follow the tempting advice of scammers and planners, or those who believe in their own experience. Similarly, the fifth law closely follows the fourth law. If you start searching for financial advice and wealth creation ideas on the Internet, your inbox will soon be full of “scammers and scammers”, promising you that if you will invest £999 in its “system”, it will One pound becomes 1XXXXXX Chicago Mercantile Exchange. Remember, the only person who makes money in the gold rush is the one who sells the shovel. Buy the wrong shovel and you will quickly get into debt trouble. Not only will you spend money to buy a system with no verified value; following it, you may pay a greater loss than you paid. At least you should check the real reviews of the product. Do not purchase any systems, investment tools or financial products from any company that has not been registered by a national regulatory authority (such as the UK Financial Conduct Authority).