Financial Principles & Core Beliefs

Below is a collection of 10 of the top financial and 10 of the top spiritual principles of author and Attorney LaFoy O. Thomas III, Esq. All of the following are explained in greater detail in his book Life Wisdom for Young Adults: Tips for Happiness, Alignment, and Generational Wealth.

Financial Principles

  1. “Gold labors 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
  2. Although jobs serve an important purpose in our society, they are not a viable long-term solution to the problems faced by those seeking financial independence and generational wealth. A job should be used to develop your work ethic, master your craft, and save money to start your own venture.
  3. Forming a limited liability company to either build a business or to act as an investment holding company to protect assets from creditors is sound risk management.
  4. A Roth IRA should be used for those with employment income to ensure tax-free income in retirement. Assets in a Roth IRA grow tax deferred and can be withdrawn during retirement tax free after age 59 1/2.
  5. Equity crowdfunding opportunities, such as those listed on, should be considered when allocating investment assets. Although large, multi-national companies typically have the smallest chance of failure, startups with proven product-market fit and fast growing sales create better opportunities for generating astronomical ROI (return on investment).
  6. Privately owned businesses, stocks, real estate, and intellectual property that can by monetized, such as books or music publishing, are the foundations of generational wealth.
  7. It is important to track expenses, create a budget, and intentionally live beneath one’s own means. Discretionary income should be used to invest in assets, such as stocks and real estate. However, for the man or woman aware of his or her purpose, the best investment is in your purpose.
  8. Building and managing your credit profile creates the opportunity to use OPM (other people’s money) and build wealth at an accelerated pace.
  9. Term life insurance from reputable organizations should be considered to reduce the chance of economic catastrophe in the event of loss of life to key earners or contributors.
  10. The best companies and real estate in the world can make bad investments if purchased at horrible valuations. Valuation is key, especially when expecting prolonged holding periods. Buying quality assets, such as stocks and real estate, during recessions and bear markets improves long-term returns exponentially. Although buying assets during economic expansions can be prudent as well, the valuations are usually not nearly as reasonable as when people are panicking during temporary downturns. 


Spiritual Principles

  1. “Knowledge is consciousness of reality. Reality is the sum of the laws that govern nature and of the causes from which they flow.” – Ancient Egyptian Proverb
  2. “Man must learn to increase his sense of responsibility and of the fact that everything he does will have its consequences.” – Ancient Egyptian Proverb
  3. “The half-wise, recognizing the comparative unreality of the universe, imagine that they may defy its laws—such are vain and presumptuous fools, and they are broken against the rocks and torn asunder by the elements by reason of their folly. The truly wise, knowing the nature of the universe, use law against laws; the higher against the lower; and by the art of alchemy transmute that which is undesirable into that which is worthy and thus triumph. Mastery consists not in abnormal dreams, visions and fantastic imaginings or living, but in using the higher forces against the lower-escaping the pains of the lower planes by vibrating on the higher. Transmutation, not presumptuous denial, is the weapon of the master.” – The Kybalion
  4. “Every Cause has its Effects. Every Effect has its Cause. Everything happens according to Law. Chance is but a name for Law not recognized. There are many planes of causation, but nothing escapes the Law.” – The Kybalion
  5. “When there is no enemy within, the enemies outside cannot hurt you.” – African Proverb
  6. “Happiness does not depend on what you have or who you are. It solely relies on what you think.” – Buddha
  7. The universe has a law that LaFoy describes as the law of balance. Living balanced is not an option, but a law, and violating the law is a transgression. Getting rich by perpetually neglecting your family, health, or spiritual responsibilities, for example, is a transgression similar to a person getting rich by robbing a bank.
  8. Although the Most High is the ultimate creator, we must acknowledge that we are all alchemists and have the power and responsibility to co-create our own realities, and harmony is determined by the sum of our thoughts, intentions, and deeds.
  9. Meditation is essential for optimal physical, mental, and spiritual health. Meditation strengthens the mind’s ability to focus, eliminate unwanted thoughts, and also helps re-align one with one’s true self and divine purpose.
  10. LaFoy has observed in the universe what he describes as the law of karma and mercy and he believes that karma and mercy are not mutually exclusive. LaFoy believes that a person can experience mercy while simultaneously being awakened disharmoniously by a karmic event. Considering that mercy should never be taken for granted, consciously taking care of your karma is prudent and is a form of self-respect and self-love.