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?
Call (785) 272-3900 or email us mark.reinert@lpl.com today to schedule your conversation!