The Retelling of The Richest Man in Babylon – Chapter 5

The Retelling of The Richest Man in Babylon – Chapter 5

Nov 25, 2014

Chap 5

Chapter 5 talks about the second law of money. This is a very important law because sometimes when we get too excited about making money, we may go astray. We may get into something that we don’t fully understand, just thinking of the profit that we can make just because it’s the latest trend, or we see others make a lot of money out of it.

It’s also possible to just listen to any Tom, Dick and Harry who’s teaching about something, giving advice left and right, without checking out their credentials. This is even more dramatic now because of the internet. We have totally broken down barriers to entry when one can just put up a blog and start advising. As they say, “Talk is cheap.”So the next time you hear someone talking to you about investing, this and that business, or other matters, ask the question: Does he know what he’s talking about? Does he have enough experience and credentials that I should listen to him? The proof of the pudding is in the eating. Has that adviser already reaped the rewards of what he’s teaching? Remember: Seek advice only from competent people.

Chapter 5 is an interesting twist in the life of the book’s main character Arkad. Now that he has learned how to pay himself first, Arkad embarks on the “investing part” of this financial journey. But will he be successful?

Let’s find out as we listen to Marvin Fausto, the founding president of the Fund Managers Association of the Philippines, as he reads Chapter 5. Marvin has been in the finance industry for over three decades and has managed the country’s largest and best managed funds. (Disclosure: He happens to be my husband a.k.a. The Honey.) Chap 5