Sadly, this is another much violated area. Surprisingly, very few people save a penny of their income, yet this is one of the fundamental laws of wealth creation. You should save 10 of your income and you should do this every month before you do anything else. As far as you are concerned this should be money that just isn t available invest it immediately! This should form your Wealth Accumulation Bank.
Now I am going to tell you something, which will probably surprise you NEVER TOUCH THE MONEY! No, I am not crazy, but this is one of the peculiarities of life it is no good saving the money for a rainy day or emergencies, because you will find that an emergency will crop up fairly regularly you ll just never create wealth. Most people consider a birthday, Christmas, new car etc. as an emergency your funds will never mount. If you have a specific goal towards which you are moving, you should set up a separate account a new car savings account for example BUT NEVER TOUCH YOUR WEALTH BANK!
But what if you are already living to the limit, up to your neck in debt with unpaid bills. With no spare cash how are you going to save 10 of your income? If this is the case, and I ve been there myself, you have to start saving something maybe 1 of your income, or put your loose change in a jar and invest it in an interest account at the end of each month. Any time you receive a bonus Christmas, birthday money etc., invest it once again. It doesn t matter how small the amount, once you start saving and it develops into habit, good things WILL begin to be attracted to your life.
Whether you believe so or not, you can always live on less. If you re up to the limit, save some of your income at least pretend it isn t there you will learn to get by! People who have followed this law have found that after a while they begin to save 2 of their income, and then 3,4,5,10,15,20 percent. The more one saves, the more money one seems to attract into one s life try it.
Don t spend expected income: Many people, especially those in business, fall into this trap. They purchase goods on the premise of what they expect to come into the business the following month. Or perhaps, if they are in networking, they ll spend their commission before they ve actually received it. DON T! Wait until the money is in your hands. If you don t, life has a nasty habit of kicking you where it hurts, as a reminder not to act so capriciously.
Keep quiet: Keep your success to yourself. The moment you start boasting about what s going to happen in your life and how well you re doing, you can be sure something will go wrong don t ask me why but it happens.
HOW TO AVOID BANKRUPTCY!
Do you know that most individuals and companies go out of business? They start with incredible dreams, but within a year, their dream deflates like a balloon after a party.
Today we can see companies making the same silly mistakes all around us. Business can often be likened to the shape of a horn. Enter through the wide end, splashing out money on: offices, plush furniture, company cars, business dinners and brunches, hotels, excessive marketing material and paying yourself fat wages etc. can lead only one place, BANKRUPTCY!!
If you enter through the wide end of the business horn, as most do, you will find it extremely painful trying to squeeze out the other end. However, enter through the narrow end of the horn, re investing your money in your business, focusing on the long term, exercising stringent financial control and you will grow and expand with your business as the end of the horn widens infinitely you ll find your journey a pleasure. Leave the luxuries in the early days and the tempted extravagance well and truly alone. Why move into plush offices, when you can do the same work from home for example grow with your business, it has a life.
DON T LET YOUR EGO CONTROL YOUR BUSINESS LEAVE IT TO YOUR HEAD!!!!
Anthony J. Namata is a successful Internet entrepreneur and author of How to Become An International Gemstone Dealer (http://www.thegemsreport.co.uk). Check out his informative Squidoo lens on How to Make Money with SFI at: http://www.squidoo.com/tojona6
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