We are continuing our series this week on The Richest Man in Babylon. As you will recall, we are studying the universal laws of money through the “cures to a lean purse” outlined in 1925 by George Clason in his famous book The Richest Man in Babylon. We have talked about #1 start thy purse to fattening, #2 Control thy expenses and #3 make thy gold multiply.
Logically follows Cure #4: Guard thy treasures from loss. With this cure, Arkad teaches the importance of guarding your money wisely by not getting lured into “too-good-to-be-true” investments. This is so relevant in today’s world. All kinds of advertising and get-rich-quick ideas tempt you, and even pressure you, into investing your money into something you plainly don’t know about or understand. Wealth is not achieved by reckless, impulsive investing. It takes a wise man to stay away from “sure deals” and instead acknowledge his need for professional help in guarding his money.
That is the second part of cure #4, securing the advice of those experienced in the profitable handling of money. Arkad’s example to his class was the story of a young man who had saved money for investing and gave it to his friend, the brick maker. His friend had heard that a lot of money could be made in buying and selling jewels. You guessed it! They both wound up being sold pieces of glass by scoundrels and didn’t know the difference! They lost all their money! Obviously, the young man should not have trusted a brick maker to know anything about jewels – he knows about bricks not jewels. If it sounds too good to be true, you can bet that it is!
Securing wise advice for your money is exactly what this ancient principle is about – guard thy treasures from loss. Today, with over 170 designations that financial sales people can use to refer to themselves, you really have to choose financial advice wisely. Some of these designations require no study at all, just money to pay for the certificate. Don’t be afraid to ask for credentials, references and years of experience when seeking financial advice. As Certified Financial Planner™ professionals, we have the knowledge, continuing education and experience to hold the most recognized and distinguished designation in the nation. Arkad was using the same principle, do your homework and make sure you are getting sound advice. Next week: Make of thy dwelling a profitable investment.
Have a great weekend!
Sources: https://www.debtfreedr.com/the-richest-man-in-babylon-summary/
Clason, G. S. (1926). The Richest Man in Babylon. New York, NY: New American Library.