30 Aug 2024
Seven cures for a lean purse: Getting Rich
- Posted by Dejan Pekic BCom DipFP CFP GAICD, Senior Financial Planner
Berkshire Hathaway Inc. this week reached a valuation of US1 trillion dollars for investors.
A big congratulations to Warren Buffett and his co-PM (Portfolio Manager) the late Charlie Munger.
How was this done?
Well, in 1926 George S Clason first published a famous series of pamphlets on thrift and financial success using parables from ancient Babylonian clay tablets.
These pamphlets were latter incorporated into his book, The Richest Man in Babylon and the following seven cures for a lean purse are from that book.
- Start thy purse to fattening
- Control thy expenditures
- Make thy gold multiply
- Guard thy treasures from loss
- Make of thy dwelling a profitable investment
- Insure a future income
- Increase thy ability to earn
Buffett and Munger, even if they had not read the book would have definitely applied these seven cures as professional PM.
This is why talent, specifically having the right PM working for you is the key to achieving above index performance.
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At Newealth we are always looking to support and promote our clients wherever possible and if you have any ideas or comments, please feel free to email me or to call me on +61 2 9267 2322.
