TrueNorth Savings

TrueNorth Savings Passionate about helping Canadians reach financial freedom by steering you in the right direction to begin, and continue to protect your family's wealth.
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Law #5"Gold flees the man who would force it to impossible earnings or who followeth the alluring advice of tricksters ...
06/25/2024

Law #5

"Gold flees the man who would force it to impossible earnings or who followeth the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires in investment."- The Richest Man in Babylon

The fifth principle in managing your wealth is to be cautious of unrealistic promises and schemes, and to avoid trusting your money to inexperienced or untrustworthy individuals. Investment fraud is a common occurrence and it is important to be vigilant to protect your wealth.

Be wary of companies or individuals who offer unrealistic returns or who use high-pressure tactics to entice you to invest. With the rise of the internet and cryptocurrencies, it is more important than ever to be aware of the potential for fraud.

This principle serves as a reminder to be patient and not to rush into investments with false expectations. It also advises to be cautious of anyone approaching you with a business proposal, and to be mindful of your own inexperience and emotions when it comes to investing.

Remember, building wealth takes time and it is important to safeguard your earnings by being cautious and informed about your investment choices.
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Law #4"Gold slippeth away from the man who invests it in businesses or purposes with which he is not familiar or which ...
06/25/2024

Law #4

"Gold slippeth away from the man who invests it in businesses or purposes with which he is not familiar or which are not approved by those skilled in its keep.
This golden guideline is accompanied by a word of warning."- The Richest Man in Babylon

The fourth principle in managing your wealth is to be familiar and knowledgeable about the investments you make. It is important to avoid investing in businesses or ventures that you are not familiar with or that have not been vetted by industry experts.

Before entering into any investment, it is crucial to seek advice from those who are experienced and knowledgeable in the field to reduce the risk of significant financial loss. Ignoring expert warnings and recommendations also puts your wealth at risk.

To become more familiar with different investment options, it is recommended to do your own research. This may include reading books, watching documentaries, visiting websites, taking online courses, and consulting professionals in the field.

To ensure the growth and preservation of your wealth, it's important to thoroughly research any company or venture before investing in it.
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Law #3"Gold clingeth to the protection of the cautious owner who invests it under the advice of men wise in its handlin...
06/25/2024

Law #3

"Gold clingeth to the protection of the cautious owner who invests it under the advice of men wise in its handling." - The Richest Man in Babylon

The third principle in managing your wealth is to exercise caution and seek professional advice when making investments. It is important to be mindful of potential risks and not to be swayed by promises of quick profits without fully understanding the investment.

Avoid falling prey to scam or fraudulent investment schemes by consulting with financial experts before making any decisions. It is essential to seek guidance from individuals who have a deep understanding of the subject matter and avoid those who lack knowledge and experience.

By following this principle, you can reduce the risk of loss and protect your assets from fraudulent investments. It is better to be safe than sorry and seek professional advice to ensure the growth and preservation of your wealth.
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Law #2"Gold laboreth diligently and contentedly for the wise owner who finds for it profitable employment, multiplying ...
06/25/2024

Law #2

"Gold laboreth diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field." - The Richest Man in Babylon

The second principle in building wealth is to use your savings to generate more money through investment. This means finding profitable opportunities to grow your wealth, much like how flocks of sheep multiply.

There are many investment options available, such as stocks, real estate, and commodities, each with varying levels of risk and potential return. It's important to do your research and understand the potential outcomes of different investments to make informed decisions about where and how to invest your money.

By making wise investment choices, your wealth has the potential to grow exponentially. However, it's important to remember that this principle builds on the first, which is consistently saving and setting aside money to invest in the first place.
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Law #1"Gold cometh gladly and in increasing quantity to any man who will put by not less than one-tenth of his earnings...
06/25/2024

Law #1
"Gold cometh gladly and in increasing quantity to any man who will put by not less than one-tenth of his earnings to create an estate for his future and that of his family." - The Richest Man in Babylon
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To establish a secure financial future for yourself and your family, it is recommended to consistently save a portion of your earnings. One strategy is to set aside at least 10% of your income to build a nest egg. This is often referred to as "paying yourself first" and is a key principle in achieving financial independence. Another approach is to implement a budgeting system like the 50/30/20 rule, which encourages allocating 20% of your income towards savings. Another rule of thumb to consider when saving for retirement is the 4% rule, which suggests that you save 25% of your annual spending to retire comfortably. This means that if you need to have 1 million annually to retire, you should save 250,000. The exact amount and time frame of savings will vary depending on individual financial circumstances.
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