The Richest Person In CryptoLand - The Five Laws Of Wealth
The richest person in CryptoLand is one who can accumulate crypto assets most effectively while avoiding losses.
If only there were a path any of us could follow to become that person...
Fortunately, the challenges we face nowadays are the challenges of the ages, and the wisdom from the past is available for us to tap into and guide us.
That wisdom is present in the book 'The Richest Man in Babylon' by George S. Clason, published in 1929, and has been used as a foundation for the writing of this article.
Important notice: Do your research.
The content in this article is intended to be used and must be used for informational purposes only. It is not intended to provide investment, financial, accounting, legal, tax, or other professional advice. Researching and verifying any information in this or any other article is essential.
The Five Laws of Crypto Assets Wealth
We have slightly adapted the 'Five Laws of Gold' described in the book to resonate better with Crypto Assets holders.
The book may describe:
'Gold (accumulation) is reserved by those that know its laws and abide by them'.
But in our minds, we can easily adapt this wisdom to the cryptocurrency landscape and think, for example:
'Bitocin (accumulation) is reserved by those that know its laws and abide by them'.
Once again, what we are writing next is a lightweight adaptation of the book, so if you find this article interesting, consider reading 'The Richest Man In Babylon' for a much more enlightening experience.
While we highly recommend acquiring, reading, and re-reading the book, some online alternatives exist for those who cannot purchase the book. Like the YouTube video below.
For the 'Five Laws of Gold, ' start listing at 2:14:00
The First Law: Crypto wealth comes gladly and in increasing quantity to anyone who will put by at least one-tenth of their earnings to create an estate for their and their families' futures.
The First Law emphasizes the importance of setting aside a portion of your earnings for savings (10%) before spending on other expenses and investing wisely.
''Any man who will put by one-tenth of his earnings consistently and invest it wisely will surely create a valuable state that will provide an income for him in the future... The more gold I accumulate, the more readily it comes to me and in increased quantities.''
The Second Law: Crypto assets work diligently and contentedly for the wise person who finds profitable employment for the assets, multiplying as the flocks of the field.
The Second Law advises individuals to put their earnings (the 10% mentioned in the first law) to work by making smart investment choices. One can multiply one's wealth over time by seeking opportunities for growth and returns.
''Gold, indeed, is a willing worker. It is ever eager to multiply when the opportunity presents itself. To every man who hath a store of gold set by, opportunity comes for its most profitable use.''
The Third Law: Crypto assets stick to the protection of the cautious owner who invests it under the advice of men wise in its handling.
The Third Law stresses protecting your wealth by making informed and prudent investments.
The bricklayer had convinced the protagonist that he could buy rare gemstones in this distant land and sell them on their land, earning a considerable profit.
However, the brickmaker was deceived and was sold only colored glass beads instead of genuine gems.
When the protagonist realizes that his hard-earned gold is used to buy worthless colored glass, he is devastated.
But, through this experience, the protagonist realized the importance of acquiring wisdom and knowledge about what he invested in.
''He who takes advice about his savings from one who is inexperienced in such matters shall pay with his savings for proving the falsity of their opinions.''
The protagonist trusted his gold to a bricklayer to invest. And while the bricklayer knows about bricks, he does not know about buying and selling gems.
The internet is full of influencers (the opposite of wise men) who, in their ignorance, promote colored glass tokens. Beware and do not forget about the third law.
The Fourth Law: Crypto slips away from the person who invests it in business or purposes with which the person is unfamiliar or not approved by those skilled in its keep.
The Fourth Law emphasizes the importance of exercising informed financial investments to prevent unnecessary risks and potential losses.
''To the man who hath gold, yet is not skilled in its handling, many uses for it appear most profitable... businesses or purposes with which he is not familiar, too often finds its judgment imperfect, and pays with his treasure for his inexperience.''
The protagonist invested his gold into 'valuable' jewels, which he knew little about. Unfortunately, the same happens nowadays in the Crypto Space, where many people invest their savings (and sometimes loan money) in coins and tokens they know little about.
And many times, the results are tragic.
The Fifth Law: Crypto flees the person who would force it to impossible earnings, who follows the alluring advice of tricksters and schemers, or trusts it to his inexperience and romantic desires of investment.
Every year, thousands and thousands of people lose their crypto assets (their principal) to poor investment choices: chasing fast returns through meme coins, following the advice of influencers who share their 'knowledge' to pump and dump the latest sh*t coin to their followers,...
- Do you know what rug pulls or pumps-and-dumps schemes are and how thousands of crypto users lose their investments yearly?
- Do you know how to protect your accounts from hacks and scams targeting crypto asset holders?
- What is the point of accumulating wealth over months and years if it will be wiped away in seconds due to a hack or scam?
''Forget not the rich men of Nineveh who would take no chance of losing their principal or tying up in unprofitable investments.''
Please beware of crypto influencers and scammers who promote impossible results.
Before you continue to the last section, here are some wise words from wise man Jim Rohn:
Will You Be The Richest Person In CryptoLand?
The short answer is NO.
The richest person in CryptoLand is Satoshi, estimated to have 26 USD billion by the end of 2023.
You may get close enough, but you may get short by a couple of billion or so... like CZ.
Jokes apart, you may be able to accumulate wealth over time if you apply sound principles like regularly setting apart a portion of your earnings and putting those earnings to work for you by investing them wisely.
But please, be extremely careful because the path to financial freedom is full of dangers, and you don't want your wealth to disappear due to a hack, scam, or accident.
Do not focus only on accumulating wealth; dedicate some time to learning how to preserve it over time.
_____________________________________________________________________________________________
This article has not been one of our traditional 5-minute crypto and digital safety power-ups, but 'The Richest Man in Babylon' contains valuable insight about accumulating and preserving wealth that we think is of high value for our readers.
What do you think? Let us know your opinion.
_____________________________________________________________________________________________
Congratulations on completing this 5-minute crypto and digital safety power-up.
We hope this 5 minutes read was worth the time and that you have learned some valuable information.
