Spending Less Than Your Total Income On Non-Necessities Can Help You Become Rich.
The well-known speaker Jim Rohn talks about this along with many other financially successful people. I like the way Jim Rohn puts it. “Never spend more than 70% of what you make.” He calls it the 10/10/10 rule. 10% to charity or those you want to give in need to. 10% active investment (those that take your time) and 10% to passive investments (such as stocks, etc). I like the way he puts it. He says “Now I might have caught you at a bad time, and you’re not able to put away 10/10/10. You might have to start with 1/1/1, but that’s okay, so long as you have a plan.” A plan meaning how to gradually increase that until it is 10/10/10.
Every successful businessman (or woman) that I’ve ever read about always gives this rule. “Pay your self first 10%.” Unsuccessful people pay their bills and then if there is any leftover save. The successful pay themselves first, and then everybody else. If you wait to pay yourself last, you may never pay yourself. Again, going back to what Jim said, even if you can’t start out with 10%, start out with something, even if it’s 1%.
Have you ever gone to the Dollar Store with really nothing in mind to buy, but come out with a few bags of “stuff”? I believe that is okay if you have already gotten to the 10/10/10 rule, but if you haven’t, you will need to reevaluate your spending.
Another person’s advice that I like a lot is Bob Proctor’s. He advises to set up to have all your bills paid automatically, so you aren’t focused on the debts you have to pay, but rather you are focused on what you have and what you are going to do with what you have.
Randy Gage a very successful network marketer has a different approach. He has a folder that he has marked “Past blessings” and puts his monthly bills in that folder. That way he’s not angry in having to pay bills, but rather he’s paying for “past blessings.”
Lisa Nichols author of Abundance Now! and speaker, who went from being a single mom on welfare to a very nice lifestyle, gives us this advice: She says when you pay your bills to mark on them “Thank you.” So, for example, you pay your electric bill. You write on it “Thank you” and think of all the benefits of having electricity have given you and being grateful for it.
Robert Kiyosaki author of Rich Dad, Poor Dad and many other books says anything he wants to buy a big-ticket item that he wants, he first asks himself”How can I afford this?” He then creates or buys income-producing assets to cover the cost of what he wants.
So no matter which method works best for you, use at least one of them to help you become rich or richer.
If this blog post has helped you in implementing a savings/spending plan, please comment below and share with someone that you feel could benefit from it.
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Dexter D Black
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