The beginning of May marks the end of Financial Literacy Month. However, it’s always a great time to focus on the importance of having a financial education and how it can impact your life positively. Financial literacy involves understanding financial concepts like budgeting, saving, managing debt and investing. It's a vital skill that helps you make informed decisions about your money, which leads to a more secure financial future.
If you're looking to improve your financial situation, check out the book "The Richest Man in Babylon" by George S. Clason.
This personal finance book holds valuable tips on money management, financial planning and budgeting. It also tackles themes around investing, generating income, ensuring your future income, and saving up for retirement.
It basically reveals the secrets of building wealth through timeless principles that anyone can use. This book has helped people from all walks of life achieve financial success and build wealth for generations to come. Including me!
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One of the most prominent and relevant lessons from the book is the 7 Cures For a Lean Purse.
Choose your platform and check out the series of short videos I made discussing each cure:
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Facebook: https://bit.ly/3ACvlkc
These cures are tried and true principles that can help you achieve financial success. Building wealth and living a life of abundance can become your reality by controlling spending, investing wisely, and ensuring a future income.
Building wealth is more than just accumulating money. It's also about managing it wisely.
The 5 Laws of Gold come into play here. Let's take a closer look at these laws and see how they can help you achieve true financial freedom.
The 1st Law says that "Gold comes easily and in increasing quantity to the person who saves at least one-tenth of their earnings." In other words, it highlights the importance of saving a portion of what you earn, no matter how seemingly insignificant it may seem. Over time it will accumulate. This can even be set up with automatic payments.
This is the money that primes the pump.
The 2nd Law states that "Gold labors diligently and multiplies when you invest it wisely."
This emphasizes the power of investing your savings into something that will grow in value over time, creating even more income in the long run. Don’t waste your money’s potential to grow by stashing it under your mattress. Instead, you should maximize it by putting it to work and letting it do its multiplying magic through the power of compounding.
I ❤️ compound interest.
The 3rd Law, “Gold flees the person who invests it in businesses or purposes with which they are not familiar or which are not approved by those who are skilled in its keeping,” underlines the importance of investing only in things that you understand. Before making any investments, do your due diligence, seek expert advice, and engage in continuous learning.
🎶 You've got to know when to hold 'em, know when to fold 'em, 🎶
The 4th Law relates to the third, “Gold slips away from the person who trusts it to others without first making sure that they are trustworthy.” The lesson that we can all take from this is to only put our money in the hands of people and institutions we trust. Before engaging in any financial transactions, conduct research, check credentials, and verify track records.
🎶 Know when to walk away, know when to run. 🎶
Lastly, the 5th Law claims that “Gold accumulates in the hands of the person who understands the laws governing its acquisition and investment.” This law underscores the significance of financial literacy and education. Educating yourself about budgeting, saving and debt reduction will help you reach financial security.
🎶 You never count your money when you're sittin' at the table,
There'll be time enough for countin' when the dealin's done. 🎶
~Kenny Rogers, The Gambler
The 5 Laws of Gold from "The Richest Man in Babylon" offer timeless principles and lasting lessons that anybody can use.
I implemented the 7 Cures For a Lean Purse towards the beginning of my financial literacy quest.
I shifted to practicing the 5 Laws of Gold once my habits and finances could support them.
I continue to live by these cures and laws, and they serve me well. These principles are an important part of the financial education that helped me to be able to live a life that is better than anything that I dared to dream 20 years ago.
I can help you integrate these strategies into your life with my comprehensive foundational 3-Month Coaching program.
By the end of my 3-month coaching program, you’ll have a flexible spending plan, a savings plan and a debt reduction plan all based on your goals. You’ll also develop a working knowledge of the financial services industry so that you can use the same strategies that they use to benefit you.
Schedule your no-obligation exploratory call to find out if working with me is a fit. https://www.bankonitfc.com/contact