This is a tough one, are you ready? Say I’ll never be broke again. Say it again this time slower and louder (yes outloud)…I’ll never be broke again…if you are in a place where you can yell and not disturb those around you….tune up them vocal chords and let it out…”I’ll never be broke again!”
Yep! That’s an accurate statement because today we are going to learn how to methodically remove ourselves from the rate race! What is the rat race you ask? It’s process of giving your time without any return. In real estate and even in investing it is called ROI which stands for return on investment. Now ask yourself why work 40 or more hours a week without a ROI? I will make this as simple as possible but remember you have to do the work consistently.
Take 2 men that have been friends since childhood. The both experience the same education, same books, same food, same neighborhood and for my religious people out there….the same church. Why is one guy poor and the other guy rich? ( no this isn’t rich dad poor dad…good book though if you haven’t read it support me and pick up here for almost nothing)…one simple thing was done. The rich friend saved 1/10 of his earnings each and every paycheck. That’s it! I could stop here! I should charge each of you $10 for the information just given out freely…okay I’m only kidding. This is Richest Man in Babylon, also available for almost nothing…yea I could use some support lol. Back to the program!
Every time poor guy got paid he spent ie wasted his money on things that weren’t necessary. He didn’t have anything left over to save. This is where most young people are! They live for the moment! It’s all about right here, right now! Instant gratification! However it is possible to have your instant gratification filled and still be able to invest your tenth. Ok walk with me, hopefully I can convey this properly in writing. For those visual learners here’s a graph:
Let’s focus on your next 10 checks. For each check you received, take a tenth and put it in a separate online savings account. For example if you make $500 a week and get paid every 2 weeks then a tenth for you is = to $100 dollars. Right? $50 for each week! Well if you’ve never a been saver you’re in for some really good news. Are you ready? Do this for 10 paychecks and you should have at least $500 dollars saved within less than 3 months.
Let me be clear, I strongly urge and recommend paying tithes and offering to your local church where hopefully you attend on a regular basis. If you have not a local church to give your tithes and offering just comment on this blog and I’ll be sure to point you in the right direction.
I tried to make this very simple, my10cents, save a tenth of all earned and invest.