Tue, 19 May 2015
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Look at Your Money Like You Do Your Time
We can benefit greatly from looking at our money the same way we look at our time. There is no way you're going to spend 25 hours in one day doing anything. You can't use more time than you have available. It's impossible.
Rest is like a savings plan. Most of us spend all the money that comes into our life. If we did the same thing with our time, we'd be in the hospital being treated for exhaustion. Honestly, that's what a lot of bank accounts need, to be treated for exhaustion.
Start with budget
We all have clocks which tell us how much time is left in our day. Once the clock strikes midnight, that's it, the day is over. Our budget acts in the same manner.
Your budget doesn't need to be complex. In fact, keep it as simple as possible, at least in the beginning.
It's not just about saving
The wealthy don't just focus on savings. They focus on earning as well.
Get rid of your debt on depreciating items
Other than real property (for most people, your home) everything else is a depreciating assets.
Homes can be a tremendous investment when you leverage your money (with a small down payment) and including the magic of compounding interest.
Self Discipline is spending less than you earn
The same rule you use for money can be used for food or other items.
This is how the wealthy are different from the rest of society.
This is how the physically fit are different from the rest of society