For most people they’re subconsciously trading their time for money. However, to achieve peace of mind and make real progress with your financial goals you must decide to keep a percentage of the money you earn. The “Pay Yourself First” percentage is never to be touched, except to assure your financial future. To improve your financial future, you must create the discipline to delay gratification and restrain yourself from spending all that you earn.
The first step is deciding how much from every pay check you’re going to pay yourself. When you do this you’ll always have money for yourself and your family in your future. This is a skill no matter your age for creating a money machine, and it’s one of your life’s most critical decisions that enables you to feel financial freedom.
How? By making your hard-earned money work for you. This is tapping into the power of compounding interest. Albert Einstein stated…Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.
For application;
- Decisive Action: To make the most of compounding interest; set aside a minimum of 10% of what you earn, and more if you can. Once you have decided your percentage. Automate it.
All the Best,
Dave