The Five Golden Rules

We live in a time of impatience, and when it comes to money, we want more, not today, but tomorrow. The sooner you can stop enjoying what you are buying, the sooner you will be able to clear your mortgage deposit and those credit cards. When it comes to investing, we need easy choices and quick returns. So the current mania for crypto-currency. Why invest in nanotechnology or machine learning when Ethereum is in a never-ending cycle and continues to offer bitcoin?
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A hundred years ago, the American author George S. Clason took a different approach. He gave the world treasures of prudence, discernment, and wisdom – financial principles based on what seems to be old-fashioned in the wealthy man of Babylon today. Klausen used the wise men of ancient Babylon as spokesmen for his financial advice, but this advice is as relevant today as it was a century ago when the Wall Street disaster and the Great Depression were looming large.
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Take, for example, the Five Golden Rules. Wherever you are in your life, if you want to get your personal finances on the right track, these are for you.
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Law No. 1 ወርቅ comes with joy and abundance for the gold they save to create at least one-tenth of their income for the future and for their families. In other words, save 10% of your income. Low. Save more if you can. And 10% is not for next year’s holiday or a new car. It’s been a long time coming. Your 10% can include your pension contributions, ISAs, premium bonds or any other high interest / limited savings account. OK, the interest rates for savers are now at an all-time low, but who knows where they will be in five or ten years? And integrated interest means that your savings will grow faster than you think.
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Rule 2 ፡ Pure Gold is a wise owner who works diligently and satisfactorily for a profitable job. So, if you want to invest instead of saving, do it wisely. There are no crypto-currencies or pyramid schemes. We are focusing on the words “profitable” and “work.” Make your money work for you but remember what you can hope for on this rainbow side are long-term returns, not lottery winners. In practice, this means stocks in the established companies that offer regular dividends and continuous stock price updates. You can invest directly or through a fund manager in the form of a unit trust, but before you split for a penny, see Rules 3, 4 and 5 …
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Rule 3 ፡ Pure Gold adheres to the prudent owner who invests in the advice of wise men. Talk to a qualified financial advisor before you do anything. If you do not know one, do research. Check them out online. What profession do they have? What kind of customers? Read the reviews.
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Call them first and find out what they can offer you, then decide if face-to-face communication will work. Check out their commissioning process. Are they independent or affiliated with a company to push for financial products of that company? A good financial advisor will encourage you to get the basics of retirement, life insurance, and housing before you invest in emerging markets and space travel. Listen to them as they tell you that you have found a trusted counselor. Trust their advice. But review your relationship regularly, talk every year, and look elsewhere if you are not happy. Luckily, if your judgment is primarily healthy, you will stay with the same counselor for many years.
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Rule 4 ፡ Extra gold is far removed from anyone who has invested in businesses or purposes for which they do not know or do not know. If you have a deep knowledge of food retail, invest in a growing supermarket chain by any means. Similarly, if you are working for a company with a shareholding plan, it is a good idea to use it if you are sure that your company has good prospects.
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However, you should not invest in any market or financial product that you do not understand (remember the crash!) Or that you cannot fully research. If you are tempted to try your hand at trading or trading and you have a financial advisor, contact them first. If they are not fast, ask them to refer you to someone. Above all, stay away from anything you are not sure about, no matter how big the chances of recovery.
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Rule 5 ፡ Fresh Gold seeks out the unsuspecting earner or follows the advice of deceivers and deceivers or trusts in his own inexperience. Again, the fifth rule follows on the fourth heel. If you start searching the Internet for financial advice and wealth creation ideas, your inbox will soon be filled with promising “scammers and scammers” if you invest £ 999 on their “system” to convert £ 1 to X 1XXXXXX. Chicago Trader Exchange. Remember, the only way to make money in a hurry is to sell a shovel. Buy the wrong shovel and you will quickly plunge yourself into debt. It’s not just about paying through the nose for a system that has no proven value; By following it you will probably lose more than you paid. At the very least, you need to make sure the reviews are accurate. And never buy any system, investment vehicle or financial product from a company that is not registered with a national regulator, such as the British Financial Conduct Authority.