The Five Laws Of Gold

“Just so it is with the sons of men. Give them a choice of gold and wisdom — what do they do? Ignore the wisdom and waste the gold. On the morrow they wail because they have no more gold.”

We get the story of Arkad’s son who wastes the gold his father gives him on foolish endeavors. Why? He failed to internalize the 5 laws of gold Arkad had etched for him in a clay tablet. His son, after returning home from is journey after 10 years, showed the 5 laws of gold, which I’ll put here:

  1. Gold cometh gladly and in increasing quantity to any man who will put by not less than one-tenth of his earngs to create an estate for his future and that of his family.
  2. Gold laboreth diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field.
  3. Gold clingeth to the protection of the cautious owner who invests it under the advice of men wise in its handling.
  4. Gold slippeth 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.
  5. Gold flees the man who would force it to impossible earnings or who followeth the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires in investment.

His son tells the expected tale that he lost his wealth, gained knowledge and was able to gain all his money back and then some. This was achieved primarily through working with those skilled in the handling of money.

Create and estate for yourself. Make it work for you and wealth will be yours. As your estate grows, so does your golden slaves who will work happily for you. The better employment opportunities you find for your slaves, the better they will work. If you are attentive, they will stay. If you are careless, they will run away. Be wise and don’t send your slaves to work in for a doomed endeavor. Do not allow the schemers to convince you that your slaves are better suited for something else.

The story somewhat focuses that, after 10 years if you are diligent, you will be a rich, respected man. I have to remember this. I’m not going to get where I am going over night. Stay humble and work towards the path of the rich man.

In Nate’s e-mail, he points out that in money twitter world, someone has probably said “If I woke up broke tomorrow, I would be back in business within a couple of months.” I always felt this was a little conceited but, those people just know the rules about money. If someone knows how money works, of course they can start from the ground up again. That’s wisdom.

Outside of retelling parts of the story, Nate makes a few points/asks a few questions about the 5 laws:

  1. Could you imagine the security every family would have if they were able to save 10%?
  2. Your dollar is worth less and less as time goes on.
  3. Finding a money mentor makes you more likely to make your gold grow.
  4. Be knowledgeable. Don’t get into investments you know nothing about.
  5. No get rich quick schemes.

And that’s it for this chapter.

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