Save More Money
A person's ability to save money is part of the holy trinity of wealth building. You see, we must all be able to make money, keep money (save), and multiply money. These are vital and even one of these is not done a person has a diminished chance of ever building wealth. Today I want to talk about saving. Why? Because America's savings rate is a dismal 3.6%. The top 1% of historical wealth in our country's history have always saved 40% or more of their gross income and on average we are barely even doing 10% of that number. So here are a few ways to save money:
1. Earn income: Too many times I meet with clients who are so focused on saving but they don't earn enough income. We are taught from a very young age that "starting early" and "the power of time" are the keys to saving money. I'm here to confront that today and tell you it's wrong. The key to saving is earning. I can't save what I don't have. Earning income is the chief and most critical focus and it must always be increased. Earn income to cover your base expenses and taxes and then above and beyond that number attempt to earn an additional 40% to save every month. You may need to get a second job, join a direct sales company, start a part time business, or even make a career change. Pay the price now so you can pay any price later.
2. Take time and thought out of the equation: Enroll in a savings plan that automatically deducts your monthly savings amount and deposits that amount into a sacred account. THIS SHOULD NOT BE A 401k, IRA, OR EQUIVALENT. My personal favorite and what I use for myself and my clients is a Bank On Yourself Dividend Paying Whole Life Insurance policy. It is a supercharged savings plan that is unmatched in its arena. Click here to learn more about it. Our lack of speed and our considerations are what cause us to not save money and to spend it on other things. Using this method forces you into a commitment which is the only way you will save real cash.
3. Set a target: Determine what you are saving for, how much it costs, how much per month is needed, and when the deadline is. Don't save for a rainy day. That's a terrible goal and one of the primary reasons the average American has less than $1,000 in the bank. Save for things you are excited about like an investment, a trip, a personal development course, or an event you'd like to attend. Bottom line is that you will never miss your target and if your target has been nothing that is why you have saved nothing!
4. Safeguard your money: Your cash should go in a locked down account. I personally use an account that is less accessible than my bank and has slight disadvantages to accessing my money before my goal date. Why? So, I don't use it on something else. (Again, this is where Bank On Yourself comes in handy for me.) You should be able to set and forget. With consistency in saving and also consistency in not using your funds you will build up a wad of cash quick! This is key: you must be consistent not only in saving, but also in not accessing your funds. That is how you build enough cash to make a difference.
I trust that provides clarity on the topic of saving money. Remember these keys, implement them, and enjoy having large quantities of cash at your disposal to fuel your life by design.
By the way, if you'd like to guarantee an increase in your savings rate by the end of the year, click here to speak with a Wealth Coach!
Own Your Potential!
Jerry Fetta
Jerry Fetta is a husband, son of Yahweh, Entrepreneur and owner of 5 privately held businesses. Jerry lives in Alaska with his wife and 2 dogs. His no-nonsense approach to business, finances, and life speaks truth and provides clarity to his clients and followers. His personal mission in life is to empower millions of leaders to own their God-given, ultimate potential.
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