Pay yourself first.
Yesterday, my amazing book keeper sent over last month’s profit and loss statement.
I opened it up, took a look at the gross profit, moved the decimal one spot to the left, and transferred that number over to my internet savings account.
The habit of saving can be that easy.
Try this. Every payday, calculate 10% of gross or net income. Whichever works best for you. Move it to a high yield savings account. And don’t touch it.
(By the way, online savings accounts have interest rates of 2.25% APY and higher, which totally poops on the 0.01% APY the big banks give you.)
If saving 10% is too much right now, get started with 2.5% or 5%. The point is to develop the HABIT of saving.
And if there isn’t much left to save after paying your bills and expenses, make a switch!
For example, a few weeks ago I turned off my cable TV service and signed up for YouTube TV at only $40/month. I saved myself 120 bucks a month by making a single phone call, driving 10 minutes to return my cable box, and filling out a quick form on the YouTube TV site. Easy money.
Seriously, there’s hardly anything more anxiety-reducing than having a stack of cash stashed away earning interest. It all starts with making a decision and then dropping in that first deposit. Give it a shot!
Today on the Finance Friday edition of the podcast, Dr. John Demartini encourages you to develop the habit of saving your money before you begin investing and speculating in the market. In other words, earn your right to risk.
Today’s clip comes from Secrets to Financial Success program, available here.
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