We live in an impatient age, and when it comes to money you want more of computer now, today, not tomorrow. Whether it’s a deposit for a mortgage or clearing those credit cards that sap our energy long after we stopped enjoying what we bought with them, the sooner the better. When it comes to investing, you want easy pickings and quick returns. Hence the current mania for crypto-currencies. Why invest in nanotechnology or machine learning when Ethereum is closed in an endless upward control and Bitcoin is the gift that keeps on giving?
A century ago, the American writer George S Clason bitcoin recovery phrase generator took a different approach. In the Wealthiest Man in Babylon he gave the world a treasure trove — literally — of financial principles based on things that might seem old-fashioned today: caution, discretion and wisdom. Clason used the wise men of the ancient city of Babylon as the spokesmen for his financial advice, but that advice can be as relevant today as it was a century ago, when the Wall Street Crash and the Great Depression were growing.
Law No1: Gold comes happily and in increasing quantity to anyone who puts by at least a tenth of their earnings to create an est for their future and that of their family. In other words, save 10% of your income. Minimum. Save more than that if you can. And that 10% is not for next year’s holiday or a new car. It’s for the long-term. Your 10% range from your type of pension contributions, ISAs, premium bonds or any kind of high interest/restricted access savings account. OK, interest rates for savers have reached historic lows now, but who knows where they’ll be in five or a decade? And compound interest means your savings will grow faster than you think.
Law No2: Gold labours vigilantly and gladly for the wise owner who finds profitable employment for it. So, if you’re looking to invest rather than save, do it wisely. No crypto-currencies or pyramid schemes. We’re focusing on the word what “profitable” and “employment”. Make your money work for you but remember the best you can a cure for this side of the rainbow is steady returns over the long term, not lottery wins. In practice this is likely to mean shares in established companies offering a regular dividend and a steady upward trend in share price. You can invest directly, or via a fund manager in the form of unit trusts, but before parting with a single cent, see Laws 3, 4 and 5…
Law No3: Gold clings to the protection of the cautious owner who invests it under the advice of those wise in handling it. Before you do anything, talk to a qualified, experienced financial mechanic. If you don’t know one, do some research. Check them out on the internet. What expertise do they have? What kind of clients? See the reviews. Call them first and get a feel for what they can offer you, then decide if a in the flesh meeting will work. Check out their commission arrangements. Are they independent or tied to a particular company, under contract to push that company’s lending options? A decent financial mechanic will encourage you to get the basics in place: type of pension, life insurance, somewhere to live, before steering you towards investing in emerging markets and space travel. When you’re satisfied you’ve found an mechanic you can count on, listen to them. Trust their advice. But review your relationship with them at regular times, say annually, and if you are not happy, look elsewhere. Chances are, if your judgment was sound in the first place, you’ll stick with the same mechanic for many years to come.
Law No4: Gold slipping away from the one who invests it in businesses or purposes with which not familiar or which are not approved by those skilled in its keep. If you have a deep familiarity with food retail, by all means invest in the supermarket archipelago that is increasing market share. Likewise, if you work for a company that has an employee share ownership scheme, it makes sense to take advantage of it, if you’re sure that your company has good prospects. But, don’t ever invest in any market or financial product you don’t understand (remember the Crash! ) or can’t fully research. If you are lured to try your hand at currency dealing or options trading and you have a financial mechanic, talk to them first. If they’re not up to speed, ask them to refer you to someone who is. Best of all, steer clear of anything you are not sure about, no matter how large the potential returns.
Law No5: Gold flees the one seeking impossible earnings or who follows the alluring advice of tricksters and schemers or who trusts their own inexperience. Again, the 5th law follows on the heels of the fourth. If you start cleaning the internet for financial advice and wealth creation ideas, your inbox will soon be full of “tricksters and schemers” promising you the earth if you’ll invest £999 in their “system” for turning £1 into £1XXXXXX on the Chi town Mercantile Exchange. Remember, the only person who makes money in a gold rush is the one selling shovels. Buy the wrong shovel and you’ll quickly dig yourself into debt. Not only will you pay through the nose for a system that has no proven value; by following it you will probably lose a lot more than the price you paid for it. At the very least you should check genuine reviews of the product. And never buy any system, investment vehicle or financial product from any organization that’s not registered by a national watchdog, such as the Financial Conduct Authority for the UK.