"Income Earning" verses "Wealth Building"
So let me ask you a question...do you need wealth to build wealth?
Most people's answer is simply this...how can I become wealthy when I'm struggling financially already,trying to make ends meet as it is?
Do you know what the wealthy committed to doing even before they had their wealth...many were stone broke living out of their cars or sleeping on a friends couch when they made the decision to live by this principle.
The question is are you simply earning income...or...building wealth for yourself and your family?
You must decide today!
You may say what is the difference?
There is a huge difference,however a first glance it doesn't seem to be much difference...at best a slight difference.
Let me introduce you to their secret...there is no secret... it simply is committing to pay yourself first,YEP...that's right "PAY YOURSELF FIRST!"
I know it sounds almost impossible doesn't it,when we all have financial commitments and too much month at the end of our money LOL!...however if you and I don't embrace this financial principle we will never experience true wealth building in our personal lives!
So what is the equation to follow or move towards...30% of your income is allocated like this:
10%...give away to whomever, or whatever organization you choose YEP... give it away!
10%...goes into a savings account kinda like we all have heard save for a rainy day at least three months living expenses...and emergency fund beyond that we save to buy something we've always wanted...that's when the fun begins!
...then the final 10% goes into an investment fund(note never invest in anything that your original principle could evaporate....worst case scenario you still will have your original investment.
Yes then we live on the remaining 70%...I know I know it seems impossible doesn't it,however "Rome wasn't built in a day" and your personal and professional wealth won't either.
However you can start today...
Thanks for reading I would love to hear your comments disagree...agree or indifferent!