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This is the third of 7 ways to earn extra money, based on The Richest Man in Babylon, (G.S. Clason), ‘make thy gold multiply’. So why do so many people fail?

The third of the ways to earn extra money – ‘make thy gold multiply’ – seems simple enough. Where most people fail is they follow bad advice and make poor investments. Even worse some people make no investments/savings at all. They always put off until tomorrow what they should start today.

Let’s take the example of running home Internet businesses, you may find that you get a tax refund one year. Question what do you do with the money? Remember this is extra money you were not expecting. The wise thing to do would be to invest the money. Unless you are an experienced investor you should take a low risk opportunity to start with. The vital thing is you keep the original capital you invest.

In the book there is the story of a man who decided to make a first investment that broke this rule. He loaned money to a brick-maker who said he could get a good deal on jewelery. The end result was the man lost all his money because the brick-maker knew nothing about jewelery. His next investment was with a shield-maker who needed investors to buy his metal. This type there was a good return on the investment.

What this shows is that if someone tells you to invest in a sure-fire thing and they have no experience, or access to experienced people, how can they claim your investment will be safe?

So the two fundamental rules to, ‘make thy gold multiply’, are to ensure your initial capital is as safe as possible and that you get appropriate advice on as good an investment return as possible.

I always welcome comment and different points of view.

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This entry was posted on Wednesday, March 17th, 2010 at 9:41 pm and is filed under Ways To Earn Extra Money. You can follow any comments to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.