Saving money or the saving habits is the foundation of all financial success, including investing
Having money saved for investing is what enables you to take advantage of situations. But that savings habit comes from having the correct mindset of the rich and if you have the correct mindset you can become a very powerful individual indeed capable of generating wealth.
So what is the correct mindset? Well we often don’t save money because we think of it as being painful and going without and that’s a negative emotion. Yeah sure you might have been motivated in the past and saved for a few weeks but then the wheels fell off right. Well things went pear shaped because of the negative belief about money. You see all of our decisions we make in life are either to avoid pain or to gain pleasure – it’s really that black or white.
Have you ever noticed that people who have won large sums of money in the lottery end up with nothing or worse of financially several years later, that seems crazy but it’s because of there belief about money. They never new how to make money work for them to accumulate wealth before they won lotto so when they come in possession of a large sum of money they follow the same patters of not knowing how to make money work for them and accumulate wealth.
In order to change this belief pattern all you have to do is change the belief about money from a negative emotion to a positive emotion. So the key to saving money and to put you on a path of financial freedom and live the lifestyle you desire is to turn that old belief around from going without (negative emotion) into gaining something (positive emotion).
Pay Yourself First
Another important key is to pay yourself first because if you try put away savings after you have paid all your bills at the end of the week you will have nothing left. So you have to put aside a certain amount per week when you first get paid and it’s quite easy now days as most pays are electronic so open up another bank account and have 5-10% of your wage deposited into that account for investment purposes only, think of it as gaining something. This is going towards my ticket to financial freedom! (Insert Picture)
Just like in the book The Richest Man inBabylon“Grow your army of solders and put them to work to grow a massive army”. Even with our advancements over time that written law has not changed from all those years ago. Sounds to simple right “I’m smarter than that you say” it can’t be that easy. That’s just the thing we as humans are to smart to see the most simple things actually do work.
Make Money While You Sleep
Passive income or cash flow while you sleep will set you free of the rat race and that is you ultimate goal. This will give you the chance to break away from your 40hrs a week job and stop being a slave to someone else. Imagine what you could do with all that time! Time to live your life and work on projects and do things you enjoy.
You see you could have a 110k job but your debts are relevant to someone on 50k. They may have a bit bigger house and a new 4×4 in the drive way, which is on credit while you still have your old clunker but you still have to work 40hrs a week and that my friend is not lifestyle. You have to get out of the rat race and get financially free to enjoy the life style you want. You must think differently about money and start associating saving money as gaining something.
Being financially free starts with a decision, not so much as to change but to become better, not only for yourself but for your loved ones too.
