The Three Laws to Becoming Rich- That You Aren't Taught in School (Law 3)

The first Two Laws to Becoming Rich That You Aren't Taught in School

So far, we have learned that the first step to developing riches is to be disciplined enough to save 1/10th of what you earn. (Read Blog Post Here)

As our savings grow, our confidence and belief in ourselves will also grow. Society, and the pressures will take us to a place where we want to flex.

We will be tempted to want to spend on the things we never thought we would be able to afford.

What will differentiate us, and make us be one of the few who make it to financial freedom, is whether we give in to these temptations.

If we are strong enough to stay away. If we are disciplined enough to follow the guidance to law number two, we will slowly start to learn about what money can do for us.

We learn in law number two that we should slowly start to invest our money into things that will give us safe returns. Then we should re-invest the returns we make, as we continue to keep 1/10th of what we earn. This will start to exponentially increase this pot that we have planted. (Read Blog Post Here)

We have all heard, “knowledge is key,” but is it really? The greatest asset a person can have is not knowledge itself. The greatest asset is applying that knowledge, since knowledge without application is useless.

Mistakes of Every New Investor

Early in my investing journey, I realized that I was investing and doing a lot of self study, but I wasn’t confident because I didn’t have too much guidance.

I had a friend that knew a lot more about investing than me, yet, I would refuse to ask his opinions or ideas because I didn’t want to be a bother. I made a lot of mistakes, which were good lessons, yet, lessons that could have been avoided.

When I put my pride aside and decided to run my ideas by him, a lot changed. I would listen to his tactics and techniques used in researching and identifying good investments. It was a game changer for me.

Seeking out advice from those who are where I wanted to be in the next five to ten years, has really put me on the right path.

It is Only in Asking, That We Can Get The Answers We Seek

Simply asking for help has given me ideas, and information about money management, investing, business growth and so much more. It has helped me to avoid mistakes that could have cost me a lot.

My confidence in the projects I choose to invest in has grown significantly. I run ideas by the people I know have the knowledge because of the proof in their success and management. I asked a lot of questions and studied their patterns and methods of doing things.

I no longer feel like a bother, especially because I have also seen how open they are about sharing their ideas.

Would You Ask a Carpenter About Baking Bread?

I am very selective of these people because I understand that they need to be people, either online or in person that have been where I am, and are willing to share their knowledge.

I cannot ask someone who hasn’t achieved what I want to achieve. They won’t have the answers to the questions I seek.

I had to choose people who are wise in the ways of money. People with a track record that I can trust. Their expertise had to be obvious.

The Last Law That Brings It All Together

Seek the advice and guidance of those experienced in the field you wish to pursue, those who have been successful in earning and maintaining wealth.

After you start investing, you will find that you are drawn to particular investments, real estate, stocks, bonds, crypto, gold, creating a business and many other things.

You will also realize that there is a lot to learn about it.

In order to ensure that you are successful, find someone that can mentor you and guide you along the way.

Many times, we are embarrassed to ask for help, not realizing that those who have the knowledge that we are seeking, are willing to offer it to people who are serious about learning.

Following these rules over a period of time, and learning how to implement them into our lives, will be the way that we learn about money. We will learn what it can do for us. We will learn how to give it the respect that it deserves. This will help to make sure that so that it doesn’t find itself in the hands of someone who respects it more.

The Challenge

Identify a person that can mentor you in the process of developing wealth. Evaluate the person’s tactics and approach, and ensure that he is someone that is open to it. Then approach them, and start asking questions.

These laws were learned from the book, “The Richest Man in Babylon” by George S. Clason. A book that has changed my approach to money. If you would like to listen to it yourself, you can click Here, to access the free audiobook on youtube.

Listen, then share with others so that they too may be exposed to the laws that take a person from poverty to riches.

“The men who are able to learn these rules, and abide by them, are the ones who will be able to amass great wealth.” George S. Clason.