“Getting the first million dollars is hard, getting the next million is inevitable”unknown
There is something intrinsically wrong with rules, they beg to be broken. The moment one hears the word “rules”, the next thing crossing their mind is, “How can I break them”. The human mind is not designed to be confined by a set of rules, it needs to be free to explore by itself and decide what works for it, one thing it fails to process is that one lifetime is too short to go through all the experiences by one’s self and decide what works and what doesn’t. Seriously, if you are someone who really wants to get wealthy, how many times have you heard the rule above. I am sure a billion times right. But why aren’t you wealthy? Because you break this rule over and over again.
You really want to be wealthy, you save money. This is putting aside a certain percentage of what you earn consistently, pundits say, “save 10% of your income” especially the King Solomon followers, The Richest Man in Babylon extract below;
“Start Thy Purse To Fattening: Pay yourself first. Save at least 10% of what you earn – no matter what. Work hard at your current job and only spend 90% of what you earn.”George Clason
I know this is a very hard rule to abide by, when one considers how Pinterest, Facebook and our neighbours play with our psyche. Is it me or everyone looks like life is working on Facebook. They are having more fun than me, travelling more than me, have marriages more solid than mine, have better houses, have better interior decor and better cars, better everything. And then Pinterest, the large houses, the large walk in closets, the gardens, the kitchens, the everything. Pinterest is a gift shop of dreams, you pick one, it will show you more and better ones. Finally, the neighbours where do they constantly get money to build, go grocery shopping in South Africa and what’s with the private schools for their kids, the holidays overseas. Honestly, when does one get a break?
Now imagine without a stronger psyche how would one cope honestly and then still be able to save at the same time. It does look like a losing battle with internet that makes shopping easier, delivery more efficient and its never ending deals but Warren Buffet gave me an idea that I thought was pure gold. He says;
- Pay yourself first.
Money for savings should not be what is left after spending, it should be removed first. Savings should not be trifled with, it should be a non-compromisable issue on your budget. Spend what is left of your income after saving.
If the most successful investor thinks this, don’t you think there might be some truth to this?
They say the best time to start saving was 10 years ago, the next best time is now.
Best wishes on your journey to becoming wealthy.