By Mark Reinert
Previously, Arkad, the wealthy subject of George Clason’s “The Richest Man in Babylon” espoused the advantages of home ownership in his Fifth Cure. His eager students were hanging on his every word as he shared his wisdom on wealth with the group.
In the sixth of “The 7 cures for a lean purse”, Arkad instructs his understudies to “Provide in advance for the needs of thy growing age and the protection of thy family” to which, he is referring to saving for retirement. Arkad points out that “the life of every man (and woman) proceedeth from his childhood to his old age”—unless he is called to “the world beyond” prematurely. It therefore “behooves a man (and woman) to make preparation for a suitable income in the days to come, when he is no longer young, and to make preparations for his family should he no longer be with them to comfort and support them.”
While this essential planning endeavor may seem obvious, it is often overlooked—until it is too late. Arkad shares the experience of his friend the scandal maker who wisely invested “two pieces of silver” each week for 8 years and was amazed at the growth of his initial investment. Given the power of compound interest on top of small payments made in regular intervals, “no man can afford not to insure a treasure for his old age and the protection of his family.” Conversely, “a lean purse to a man no longer able to earn or to a family without its head is a sore tragedy.”
Wouldn’t it be nice to know that your plan is in place and you are financially on track?
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Reinert Wealth Management: Creating financial recipes since 1989!
Mark Reinert, CFP®, RICP®, MBA
Reinert Wealth Management
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.