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They started off and they made all their money in one generation. They put financial independence above all other financial considerations. They never buy new cars. If you buy a new car, you are paying $20,000 in depreciation just for the pleasure off the lot the first time. Instead, they buy cars that are two or three years old that still under warranty and that are in excellent condition.
All the money that the average person is spending and buying a new car every couple of years, they save and invest.
Self-made millionaires practice. Frugality with every expenditure. They spend the first 20 years of their earing life being cheap. And then they save and invest the money.
They spend 10 to 20 hours to invest it and grow it. They take money seriously and they become every knowledgeable and skilled in the business of money. They being knowledgeable and skilled and how to deploy their funds even when they do not have much money, people making $30,000 to $35,000 a year end up as millenaries by time they are 50 years of age just because they invested their money so carefully.
Here is the final rule with regard to self-made millionaires. The rule is become what you think about most at the time, the average self-made millionaires spend 10 to 20 hours a month studying their money. They spend 10 to 20 times as much the average person. And as a result they make better decision. They do not get into debt. They got out of debt quickly. As much be your goal as well.
Now here is the key principle for getting out of debt. Pay yourself first. The average person earns a living, takes their paycheck, pays all their bills, expends all their bills, and spends all their money and whatever left over.
What you do is your take the first money out of your paycheck and save it before your expenditures. Your goal is to save 10 to 20% of y9ur income off the top and even more over time. Whatever you do rapidly becomes a habit and you become comfortable doing it.
How many people here that time you took you job today have already doubled your income. See, you are still in debt. Increase your income does not solve your financial problems. Only getting your financial problems only, only getting your finance under control which means paying yourself first.
Start with a dollars $30 a month. That is $1 a day. And what you do is your go down immediately to you bank and you open a separate bank account and this is your financial freedom account and you can open it with $10 or $20. And from now on you deposit y9ur saving in this account go down and you put in $30, put every expected amount in this account. Once the money goes into your account never take it out.
Money only goes one way in this account. If goes in. I t never goes out except to be carefully investment where you can get the very best return.
Now another key principle in getting out of debt is to activate the laws of accumulation and attraction.
Every great financial fortune is an accumulation of money, small amount of money which accumulate to make you financial independent. If you start to make to attract more money into your life. Keep putting it into this account. You will be astonished at how much you have.
Another principle getting out of the debt is to delay, defer and put off every expenditure that you possible can. The more time you take to decide, the better decision you will make. In most cases, if you give yourself time to think about a purchase you would not like the purchase at all. You will understand that there are better things you can do with the money that you do not really need it.
So your job is to resist the natural tendency to increase your expenditure as your income goes up over time. As your income goes up. Your expenses go up. So from this point forward, you spend only 50% of your increased income on lifetime and you save the other 50%. If you do this, the most remarkable things will happen.
The best earing years of your life lie ahead. You are going to earn more money in the years ahead than entire life. If you’re just save half of the increased over year current income and let it grow with a miracle of compound interest now.
Would you like to double your income? Everybody says yes, you are going to double your income. It is inevitable if y8ou work on increasing earing ability by constantly investing in yourself. Your income will goes up at 10, 15, 20 and 25% per annum. And once you have double your income and double that again. So resolve today to be the best in your field.
Joint the to 10%. Joint the top highest money earner in the field and earn the same money that they do. 90% of the value of your contribution, you earning ability is continued in the three things that you do at your job.
Always ask yourself what are the three most valuable you do if you are in management? Recruit, train and manage. Recruit the best people, train them thoroughly manage them carefully and this the great breakthrough.
At the rest of your life become a do it yourself project for the rest of your life. Concentrate on the one skill that can increase hour earing ability faster than any other sill. So you are always working on getting better.
Three keys to lifelong learning. These three key changed life. Read 30 to 60 minutes in your field each day. So you read one book a week, will be 50 books a year, each year by simply reading 30 to 50 books that will help you in your field. If you read 50 books a year that is 500 books in ten years. At the very least, you need a bigger house just to hole your books at what you did in the first place to earn the money. If you had $100, 000 the very best investment of all is not Penney stocks or something else is to invest it in yourself in becoming really good what you are do invest it in your earing ability and getting into the top 10% of people in your field.
Now the key is to successful, do fewer things but to more valuable thing and do them more often and get better. Spend more time on the most callable things that you do and get better and better at those skinny that will give you a highest payoff in your life than simply getting better at what you so most of the time.
