Having read “The Richest Man in Babylon”, last semester for AC302, the temptation to just turn in my old paper was great. There was, however, much material that I wanted to write about, but couldn't, for the lack of space.
Arkad asked the question “If a rich man builds him a new palace, is the gold he pays out gone?” He answered “No”, and explained that the craftsmen and artisans who contributed to the construction of the palace are all enriched, and yet, the value of the house is not diminished. I once read an article by a former employee of Donald Trump (I can't remember who it was), where he told the story of his job interview. The author said that The Donald told him that his (the interviewee's) job was to make The Donald a billionaire (this was a long time ago), and that Mr. Trump's job was to make the author a millionaire. What I take from this is that getting rich is a team sport: you can't get rich without making other people rich. For those of us who are employed by others, if we do our best to make our bosses successful in their jobs, they will return the favor. On the other hand, stepping on toes and back-stabbing will only lead us down a dead-end street.
Arkad also said that more luck and opportunity come to those who have gold than to those who don't. This is because the wealthy have the broadest array of investment opportunities. The rich also have more disposable income, wherewith to invest, than the rest of us. This allows them to take higher investment risks at a lower relative cost. This also allows a person to seize opportunities that the goddess of good luck grants.
Arkad advised his students to seek wise counsel of those who have knowledge about money. This means that if you want sound financial advice, you should tap the knowledge of learned people in the financial sector. Successful people are more than willing to share their knowledge. They, including Mr. Trump, have much to give and are...