Tuesday, April 19, 2011

Emmanuel F.Kumah : Guard thy Money from Loss

I must thank you for your enthusiasm and patient in reading my series of post on the seven cures for the lean purse as culled from the book, “The richest man in Babylon”. For those who are new to this book,”The richest man in Babylon”  is a must read for anyone who would like to take charge of his financial life as it provides  ancient financial wisdom which are  very relevant today.
Most times everyone that makes enough money is tempted by opportunities that promise greater reward if only they would but channel a few of their earned money into such opportunities. In this post we look at the fourth cure for the lean purse, and don’t forget the book we are reading is ” The richest man in Babylon”
Before  entering into any investment  be it in a financial instrument or partnership , study carefully before parting with your money and be safely assured that at least  your principal can be reclaimed in case the investment go the wrong way. Before entrusting your money to any investment deal ,you need to perform a due diligence on the person or company you are parting your money with. Look at their track record, have they been able to generate a higher return on other people’s investment, what are they going to invest in and what knowledge or experience do they have in their proposed investment sector. It would be unwise to give your hard earned money to a shoe maker to buy you jewels in another country, if the shoemaker has never succeeded in buying jewels for other people which has generated a higher return. You should not give your money  to school teacher to trade in clothing for you if he has not gotten  the skill and the  experience , just because you wanted to make more money and he promised you of a higher return.All  I am saying is if someone ask for money from you to perform a trade, make sure the person has  the relevant experience in that trade.
I would suggest that before, you part with any hard money or decides to start a new business ask for advice , from people  well equipped in that field and pay the cost if you have to ,since it would say you years or regret.
The fourth cure for a lean purse is to : Guard  thy reassure from loss by investing only where thy principal is safe, where it may  be reclaimed if desirable ,and where thou will not fail to collect  a fair rental.
What Next?
You see information is what you read but transformation is what you do with the information you have received. How have this article been helpful to you? Would someone else benefit from this article? Then feel free to  share on facebook and other social media, and don’t forget to drop me your comment , I would be really grateful to  hear from you. Thanks