By Mark Reinert
We have stepped way back in time to the ancient days of Babylon. Arkad, the wealthy sage in George Clason’s “The Richest Man in Babylon,” has shared his seven cures for a lean purse. In this final cure, Arkad advises his eager students to look within for ways to improve their financial positions. He was referring, of course, to one’s ability to increase his or her own earnings by first increasing his or her knowledge. “That man (or woman) who seeks to learn more of his craft shall be richly rewarded.”
Moreover, having the desire to earn more is vital to success, and the more specific the better. “General desires are but weak longings. For a man to wish to be richis of little purpose. For a man to desire five pieces of goldis a tangible desire which he can press to fulfillment.” And so, by studying our own craft, improving and becoming wiser, we not only have improved our own value and earning power, but we have also strengthened confidence in our own ability to achieve our goals.
Installing a wealth plan is a great place to start, but the magic– is in its execution! Thinking very specifically about just how much wealth we will need to accumulate before were finished working provides that tangible desire to which Arkad refers.
Arkad got it. He understood, through the tough consequences of his own poor decisions, he eventually found the proper course in these seven cures for a lean purse:
- Start thy purse to fattening
- Control thy expenditures
- Make thy gold multiply
- Guard thy treasures from loss
- Make of thy dwelling a profitable investment
- Ensure thy future income
- Increase thy ability to earn
What’s stopping you right now from fattening your own purse?
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For more information on diversification and other helpful planning tools, visit http://www.reinertwealthmanagement.com/resource-center/investment/a-look-at-diversification
Reinert Wealth Management: Creating financial recipes since 1989!
Securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC As an independent advisor with LPL Financial, Mark serves clients through financial planning and investment advising. Mark became a financial advisor in 1989 and obtained his CERTIFIED FINANCIAL PLANNERTM designation in 1995. He obtained his RETIREMENT INCOME CERTIFIED PROFESSIONAL®
Mark is a former adjunct faculty member of Baker University where he taught graduate and undergraduate finance and economics courses for nearly ten years and worked in the banking industry for five years. He has been featured in several publications regarding financial advice and is a regular speaker with various civic and academic organizations.
Mark received his and MBA from Pittsburg State University in 1988 and undergraduate degree from St. Mary of the Plains College in 1984.
Mark Reinert may only discuss and/or transact securities business with residents of the following states: AL, AR, AZ, CA, CO, FL, IL, KS, MO, OK, TX, and WY.