The 5 Laws of Gold— First Law
The Most Important Law of Money You Will Ever Learn
Most people think money is finite. Meaning there is a limited amount of wealth in the world. However, this is a lie. It is all lies.
In fact, everything you have ever learn about money is a lie. Lies. Lies. Lies. Unless you have been retaught by someone who did not lie to you. Someone who realizes that money does not exist and “they”, whoever you choose to insert here is fine by me, made this whole money system up.
Money is not finite, it is in great abundance, but it also doesn’t exist (This is a paradox, I know. But I didn’t make the rules up, so it is not my fault). At all! You are literally stressed by a system that has not existed for more than a few hundred years, and by the rules of the winners who made this entire system up.
Nevertheless, I am still going to teach you how to make this “money” stuff your slave! Money should be a tool that works for you and not you work for it. It should be a tool that promotes freedom, not a tool that creates debt by its mere formation and enslaves you.
One of the greatest books in the world that exist on this topic is the “Richest Man In Babylon”, by George S. Clason. In this book, he lists 5 Rules of Gold. I am going to share them with you and then break each one down for you. Money is your slave! Fear it no more.
The 5 Laws of Gold
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.
No one and I mean no one is more important than you. It is your birthright to live in prosperity and you will never get there if you spend 100% of all the money you make. Think about this for a second, what if you would have saved 10% of all the money you have made or received since you were a kid, how much money would you have saved today?
Furthermore, I hear people complain about how they don’t make enough money to save. This is both untrue and backward thinking. It is untrue because you don’t need to make a certain dollar amount to save 10% of your income, it is something you just do with discipline. It is backward thinking because if you try to save the 10% after you spend all your money and take care of all your bills and expenses, you will never have 10% left to spend. Those who save the 10% first always make room for the 10%. Those who do it last, always make room for poverty. These are facts, it will always be this way. Saving 10% should never, ever be an option, regardless of your current income.
Of course, someone will rightfully think, “If I save 10%, I won’t have enough money left for my bills!” This is a very common thought that is cured with one simple task— live inside the means of your income. As a rule, you should never spend more than 70% to 80% of your income. If your cost of living costs anything more than this, you are living outside your means and you to need to cut— fast. Cut your internet, even if you have to go to the public library. Cut your cable, even if you have to read books. It doesn’t matter what you do, the goal is to cut many things now so you never have to cut anything for as long as you live.
Here is a rule I live by and teach others to live by as well: 10-10-10-70 or 10-20-70. Let me explain, 10% of your income should go to charity/religious giving, 10% should go to yourself— in an investment vehicle of some sort, 10% should go to paying off your debt, and you should live off 70%. In this 70%, all your joy money, rent, mortgage, car note, etc., should come out of this 70%.
If you do not have debt to repay, then 10% of your income should go to charity/religious giving, 20% should go to yours, and you should live off 70%. In this 70%, all your joy money, rent, mortgage, car note, etc., should come out of this 70%.
From everything you get, pay yourself first. No one, and I mean no one, is more important that you!
This is the First Law of Gold and the most important. Wealth grows wherever men exert energy! If you learn this law, you will most certainly master the other four. Remember, everyone cannot understand what is written here, but the law does not require understanding for it to work. It will work, even if you do not believe. A law is a law, it does not require belief to be used or misused. This will work!
The fight is always against poverty, and passionately for prosperity.