Richest Man in Babylon

Discussion in 'Wealth Creation & Management' started by mmm....shiney!, Dec 3, 2012.

  1. long88

    long88 Member

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    i'll have a stab:

    4: listen to the people who have achieved the result (or chariot as what reno hinting at), and follow their sincere advice/follow what they do.
     
  2. renovator

    renovator Well-Known Member

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    lol yeah . I'l say... looking at them made me not want to be like them more than i actually wanted the money
     
  3. Contrarian

    Contrarian New Member

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    It's very interesting to talk to people who have been sucessfull and then have come unstuck and lost it. Gives you a good idea of what not to do, what situations to avoid etc.

    C
     
  4. long88

    long88 Member

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    first common problem:

    1. Divorce..

     
  5. renovator

    renovator Well-Known Member

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    I called it my reverse super :lol:
     
  6. GiLa

    GiLa New Member

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    the successful ones who havent fallen would not have the experience of preventing failure.
    Ive been fortunate to fail many times, all for different reasons but all having to deal with people.

    Im going to have to find my book soon

    I only remember bits and parts of the book
    as an employee learn to save 10% (someone say super) and live off the rest
    once you got enough savings then go into venture capital, I do remember him doing a trade whereby the merchant trade was virtually risk free with the potential of doubling.
    which should be around the middle of the book
    something about knowing your investments as advice is given freely.
     
  7. GiLa

    GiLa New Member

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    thats right after re-reading that 4th clue again he did do a similar investment again just that the second time was not with a brick maker who knew nothing about jewels, but with a merchant who did it as a living a he then doubled his investments.
    think that was the reason why I dont trust financial planners or stock brokers.
     
  8. long88

    long88 Member

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    you dont even try to put any money into super.. as it is all going to stock market..
    my guess is as good as any financial planner in the office sitting in front of computer.
    if i were to gamble with my money, i would be the one who place the bet.. not some dude..



     
  9. GiLa

    GiLa New Member

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    however unlike the financial planner there is no commissions for your gambling
     
  10. nonrecourse

    nonrecourse Well-Known Member

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    Its called vendor finance. It is neither illegal or difficult

    Kind Regards
    non recourse
     
  11. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    The most difficult part is getting to be a vendor in the first place. Before being a vendor you would probably have to be a debtor, or win lotto, saving alone is unlikely to get you there.
     
  12. goldpelican

    goldpelican Administrator Staff Member

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    There seems to be a plethora of sites out there spruiking vendor financing as a wealth creation tool - but lots looking to charge for the knowledge. Seems to be a pretty straightforward formula of finding a buyer that will pay rent or instalments higher than the mortgage repayments that you as the seller are liable for - generating positive cash flow on a property. Rinse and repeat.
     
  13. nonrecourse

    nonrecourse Well-Known Member

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    Yep lottsa sheeple out there willing to pay big money to learn how to suck eggs. When it comes to investing its paralysis by over analysis. Borrowing or lending just terrifies them. As the Spannish say... No hay cojones :rolleyes:

    Kind Regards
    non recourse
     
  14. Stevo04

    Stevo04 New Member

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    New to forum and overall new to investing. Been in workforce for 2 yrs and as of now I've invested mostly in only agriculture. I have a little silver and gold but rdy to do as much stacking as I can. I have 2,000 a month to invest which is roughly 20% of paycheck. I've read a good bit and after reading this forum have a lot more reading to do. My question is how should I invest. Should I go all out in gold or silver. Or should I somehow split and try to get both. I'm buying to eventually sell, not stacking for end of days. Am though keeping some for eventual collapse of dollar. Will be more informed next time I post. Thnx all
     
  15. nonrecourse

    nonrecourse Well-Known Member

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    Before you do anything read this;

    http://www.barnesandnoble.com/w/investing-in-gold-and-silver-michael-maloney/1100727436

    Kind Regards
    non recourse
     
  16. Apis Mellifera

    Apis Mellifera New Member

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    I really like this book and has some great stacking tips :)

    An audiobook is also on youtube at the moment and is superhandy during a commute.

    https://youtu.be/qmYvw7wOUQI

    Here is 'The Five Laws of Gold' (one chapter of this little book)


    1. Gold cometh gladly and in increasing quantity to any man who will put by not less than one-tenth of his earnings to create an estate for his future and that of his family.


    In other words, a person should put away 10% of his or her income for the future as a bare minimum. This rule is so incredibly fundamental, yet only a small minority even bother to follow it.


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

    If you invest your money well, your money will simply make more money. Again, a very simple and obvious rule, but one that many people never get to because they didn't follow the first rule.

    3. Gold clingeth to the protection of the cautious owner who invests it under the advice of men wise in its handling.

    This rule encourages cautious investing, or at least encourages the investor to at least be informed.

    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 who are skilled in its keep.

    This goes hand in hand with the third rule: if you invest in stuff you don't understand, you're likely to lose money. Don't buy the latest "hot stock" or "numismati" investigate and invest before you part you part your earning.

    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
     
  17. wrcmad

    wrcmad Well-Known Member Silver Stacker

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    No offense NC, I mean nothing personal in this.
    Vendor finance - It's neither illegal or difficult to be a c#@t.
     
  18. plata

    plata Member Silver Stacker

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    I say to the young people:
    -save 20%, do not touch for a long term (10years), this money does not exist for you until that time
    -give 10%to 20% to your parents, not because they need it (some will), but as a token of appreciation, just being grateful
    -you can live with 60-70%, do not be a spender.

    some of them had done it, others couldn't be bother, once the money comes in their hand they evolved a bit to greedy.

    Every one has different situations, but for the single guys is doable.
    -
     
  19. Revils

    Revils Active Member Silver Stacker

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    I aim for rent under 20% of our dual Net income (currently about 18%)
    Aim to save 80% of second income (paid roughly the same)
    Basically try to live so that if one of us couldn't work it'd just mean no savings for that period (and not eat in to savings)
     
  20. errol43

    errol43 New Member Silver Stacker

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    Start off with $10 and double it 20 times...

    Regards Errol 43
     

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