While is an old book written, or compiled as a book, in 1926, I broke down and read this a few years ago, and I loved it. It is a simple, quick read and puts the setting of the book in ancient Babylon. It is a fun story to read, although a little hard to read with the more biblical style of writing. In the end though, here are my takeaways from the book.
Key Takeaways
- Save 10%+ of your earnings
- Control your spending, use a budget and realize you will always have unfulfilled desires
- Invest and grow your savings – becoming a passive income stream
- Protect your principle that you don’t lose it in a risky investment
- Before you invest, study what you are investing in that you know it thoroughly
- Consult with wise men knowledgeable from experience in what you want to do, whose advice is freely given
- Own your own home
- Provide in advance the needs for old age and financial protection for your family
- Increase your ability to earn
Bonus Takeaways
- Overcome procrastination
- Good luck can be enticed by accepting opportunities
The 5 Laws of Gold
- Save 10%+
- Find good investments for the savings
- Protect your principle and only work with those wise in matters of the investment
- You will lose it if you are not 100% familiar in the businesses/investments you are investing in
- You will lose it if you are enticed by unreasonably large returns
This is definitely a lot less exciting that you will hear about on any financial media outlet, but in the end, this pretty much sums up the boring, simply truths we should all be following.
Photo by Sharon McCutcheon on Unsplash
Pysan 