The Second Law of Wealth

Hello Lender nation and welcome to episode 120 of the Private Lender Podcast! I’m your host, Keith Baker and I’d like to thank you for sharing your time with me today. 

If you’re looking for practical tips and advice on Private Lending and how to keep your money safe, then you are in the right place. But if you want to learn from my mistakes so you can both avoid and profit from them, well then pull up a chair and pour yourself a drink my friend, because this podcast is just for you!

In today’s episode, we continue the lessons taken from the book The Richest Man in Babylon: the second law of Gold. These are old-world principles that have remained relevant and true through the centuries, no matter the currency, and no matter the politics.

But before we dive into the Second Law of Gold, I need to perform a little housekeeping:

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“Let’s get down to the Brass Tacks”

In the book, the RMiB, there are 7 cures for a lean purse, and 5 laws of Gold and today we will discuss the 2nd law of gold, which is simply: 

Gold laboreth diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field.

“Gold, indeed, is a willing worker. It is ever eager to multiply when opportunity presents itself. To every man who has a store of gold set aside, opportunity comes for its most profitable use. As the years pass, it multiplies itself in surprising fashion.”

There is an old cliché that says: “work hard for your money, but then make your money work harder for you”.

I like to think along the lines of the flocks in the field or even raising children. There is usually a great deal of labor to bring your savings to life (see what I did there?) and to give your money the ability to multiply and bring more savings into the world and into your account. 

Or your savings are like widgets or little robots that make money and produce more robots to make you money – but you have to oversee all of this.  This goes back to you taking control of you money, your finances, your future, your family legacy.

Don’t let complacency creep up on you, and never trust your money is working for you – you must verify that it is working hard for you.

You are shepherd of your money – a steward if you like

You are the CEO of your money – act like it!!

Work hard for your money but make your money work harder for you!

Teach this mantra to your children. Teach them how to raise their wealth, and the position of their...