Friday, November 4, 2011

The Golden Rule Part Three - Accumulation of Savings

By "Paying Yourself First" or setting aside a set percentage of your take home pay, you will be taking the first and most important step towards building your financial future. As simple as this may sound, it is often the most difficult step towards building future wealth.

As previously mentioned, you may have to give up some of the luxuries that you have become used to enjoying in the past. As the old workout saying goes NO PAIN, NO GAIN ! In today's society, everybody wants everything NOW and they will even go into debt to get it NOW instead of waiting until they can afford it.This step is all about discipline and developing a good savings habit.

Because of the many temptations and distractions of everyday life, it is also imperative that any money you save by "Paying Yourself First" be placed in a separate savings account and never touched. At least never touched until you put those funds to work for you. I will discuss ways to utilize these funds in later posts.

For now, accumulate the savings in a separate savings account, preferably at a separate bank from your daily spending accounts. Also never , ever ever get a bank card for this account ! Don't Touch This ! Leave it alone and let it Grow.

You will from time to time be tempted to use these funds. You will say to yourself "I have the money for this or that" but Don't Touch This  Pretend that it doesn't exist otherwise it won't. !

This concludes my series on The Golden Rule. I hope you enjoyed this topic and please share this advice with all your family and friends. The whole world could use this advise in today's turbulent times. Please send them to this site as there will be much more good stuff to come.

As always, I would appreciate your feedback and comments on any posts and welcome any requests for topics you would like me to cover in the future. Stay tuned for further posts as I intend to post new material every Tuesday and Friday.

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