Sunday, October 12, 2014

Are you saving any money

Are you saving any money?

Let me ask you that question again are you saving any money?  Lately I have heard many different outlooks on “should you save money.” 

Use your money to make more money

Some people say you should use every extra cent you have to make more money.  For example if you are in a home business, then invest your money in marketing.  If you want your money to work for you, then get into real estate or investing and etc. 

All that being said with real estate and investing you need a significant amount to get started.  Any way you cut it you need that initial capital to get the ball rolling in real estate or investing. 

That all being said, it’s my current perspective that the only way to go from being absolutely busted broke to getting a sizable amount of cash to work for you is by starting a home business. 

There are ways to get into real estate or investing using other people’s money, or OPM, but being honest I just don’t have to confidence at this point to use someone else’s money so what do I do, I focus on generating my own.

So what does this have to do with saving money? 

Well whatever your current budget is, you want to save money.  You can either slice a percentage out of your current steady income sources, which is fine.  You can also (what I recommend) slice 10% out of your current steady income and find ways to make more and save 10% out of the new money you make.

The idea is to maximize your situation to save and make as maximum amount of money as possible.  We will do all this by also having our money work for us in the form of paid marketing. 

Should you be saving money?

Zig Ziglar suggests saving 10%, investing 10%, and giving 10% (donation, charities, etc) and if you do that eventually you will become financially free
I try to save 10% out of all monies I generate.  I invest 10% of all monies into some form of marketing for my business and I try to give 10% away. 

Notice I said try.  All you can do is make a strong effort.  Over time as I am making more money with my home business, then that will go into saving for retirement.

I’m using “I” a lot to illustrate that if I can do this, then you can do this for yourself. 

I have been really undisciplined with my money and being 33 years old, at the time of writing this, I’m making up for my past financial fooling around.

When I got out of the Marines, I remember talking to a guy who was 27, had over $30,000 in savings, paid off 2 vehicles, and was set to get out of active duty.  I remember thinking “WOW!!” and I felt like a bum because I never educated myself as far as finances go.

I thought well I could just make more money and that’s true I can, however if I’m undisciplined with $1000 per week then what makes me think that $10,000 per week will do me that much better?

If you are making $100 per week or $100,000 per week, then establish financial discipline and start saving.  It almost doesn’t matter how much you make, but what you do with it is what matters most!

Rob Fraser

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