by George Clason (1926) - 144 pages
One of the most powerful lessons, I believe, actually came in the foreword;
Our acts can be no wiser than our thoughts. Our thinking can be no wiser than our understanding.
A hat-tip to life-long learning. Continuously educate yourself and level up your thinking.
Keep 10% of all you earn and invest it
Don’t labour for others and forget to pay yourself. Every dollar you earn is a slave to work for you so pay yourself first.
This is the fundamental lesson from the book.
Don't short change the future to 'live' in the present.
In the same vein, control your spending and learn to separate necessity from luxury. Practice delaying gratification.
"Confuse not the necessary expenses with thy desires." "All men are burdened with more desires than they can gratify."
Educate yourself, but be careful when receiving advice
Advice is freely given but know how to separate the wheat from the chaff and only take that which is worth taking. Don't listen to the bricklayer for advice on your finances.
"Every fool must learn, but why trust the knowledge of a brickmaker about jewels? Would you go to the breadmaker to inquire about the stars? Advice is one thing that is freely given away, but watch that you take only what is worth having."
"Counsel with wise men. Seek the advice of men whose daily work is handling money."
Buffett & Munger often say "Make friends with the eminent dead." It's no mistake. That doesn't mean take advice from everyone older than you and do as they say, it means, find people who you relate to and who appear to be doing things right - people who are prominent in your field or who are living life in a way in which you aspire to live - and attempt to emulate them - or as Guy Spier would say - clone them.
Keep your goals simple and cultivate desire
Take it one step at a time.
Opportunity precedes luck
"To attract good luck to oneself, it is necessary to take advantage of opportunities."
- Invite serendipity into your life. Say yes to new things, take risk. Put yourself out there.
"Good luck, we do find, often follows opportunity but seldom comes otherwise."
Don't ignore wisdom from those who came before you.
But as said before, learn to separate the useful from the misplaced.
"Just so it is with the sons of men. Give them a choice of gold and wisdom - what do they do? Ignore the wisdom and waste the gold. On the morrow they wail because they have no more gold."
This advice is particularly useful in financial markets, where most things are cyclical in nature.
The most beautiful quote in the book is in relation to this notion;
Peace ✌️
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