Four Saving Tips That Make People Wealthy
How do you become wealthy?
…one obvious answer is to have money, which means you have to save money…
…that first step of starting to save is probably the biggest obstacle preventing people from becoming wealthy…
…these are tips that will help you save so that you can finally become wealthy…
…and feel good about money =)
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Open a Separate Savings account
In order to save, you need to have a savings account.
It’s the house or the home of your savings.
The reason you should open a savings account, instead of just hoarding cash under your bed, is also so that your money is insured (FDIC will insure up to $250,000)…
…also, you will know how much you have and be able to keep track of it…
…and what you track and monitor will GROW…
…You can have more than one savings account too…
…I have a Financial Freedom Savings account, and a long term savings for spending account (at least 10% of my after tax income goes into each)…
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Get Insurance
This might seem counter-intuitive since insurance costs money, which you might think would take money away from your savings, however, insurance will SAVE your SAVINGS…
…Car insurance is vital if you drive, so that if you are in an accident, you don’t have to tap your savings to pay for repairs to your car or to pay for medical expenses…
…Health insurance is vital since you want to be able to pay any unexpected medical bills…
…in addition, be sure ALL of your family is insured with car and health insurance, especially if you would be the one to pay if they get in an accident or need health care…
…it’s one thing to have savings, however, you need to commit to your savings by PROTECTING IT…
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Contribute on a Weekly Basis to Your Savings
Every week, put aside money into your savings account…
…contributing weekly will make your savings grow faster, and make you feel good about having money…
…in addition, it’s usually easier to put away a little every week than a large chunk at the end of the money…
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Save at Least 3 Months of Income in Savings and Use The Rest To Make You Money
…ah, this is the key to how to make your Savings make you truly WEALTHY…
…let’s say that you had saved up $100,000.00 and you just kept it in a Savings account and never touched it?
…well, that wouldn’t be very fun, and your money is just sitting stagnant…
…the point of having money is so that you can be wealthy…
…well, the only way to do that is to invest the money that you save so that it WORKS FOR YOU…
…so, the first step is to save 3 times your monthly income…
…this money is to keep on hand to help for temporary shortages, so that you can borrow from yourself (and pay yourself back), instead of having to incur debt from a bank…
…after that, all additional savings goes towards INVESTING and MAKING YOU MORE MONEY…
…the key to wealth is to keep saving for the rest of your life and only SPENDING THE INTEREST/PROFIT/DIVIDENDS that you earn…
Want to learn another way to save more money?
…learn to be a top producer in your current business, and make more money for you to save…