1. You can save money
2. You can get out of debt
3. You can invest
4. You can earn more money
5. You can "change" your relationship with money"
(excerpts from Jim Britt, "Do This Get Rich")
You can’t invest money to create wealth if you don’t save enough money to invest. Sometimes, even the wealthy (especially the wealthy!) look for new ways to save their hard earned money.
“Knowledge will not attract money, unless it is organized, and intelligently directed, through practical Plans of Action to the definite end of accumulation of money.” Think and Grow Rich, Napoleon Hill
Have you heard about The rule of Seventy-two?
The Rule of Seventy-Two is a simple means to determine how long it will take an investment to double:
3% Doubles every 24 years
5% Doubles every 14.4 years
10% Doubles every 7.2 years
“What if I’d saved just one penny every day” What would it be worth today if I had used the theory of compound interest!… hmmmm something to ponder isn’t it?
Along those lines, I wanted to share with you some helpful savings tips I found from the 50’s – and they’re still applicable today in our “buy and discard” world... Here are some of those tips:
• A visit to the grocery store should be made only after eating, turns out shopping for food when you’re hungry will make you spend more money. Likewise always eat a little before you go out to eat, you will eat less and spend less money.
• Make a budget that is actually what you are currently spending and a budget identifying how you can cut back on your spending and save more money. Get out of debt and save money for the purpose of investing. This is one of the ways to create wealth and generate financial security for yourself and for your family.
• If you use a freezer in addition to your refrigerator, keep it full. Your freezer will run in an energy efficient manner by using less electricity. You can fill the freezer with food or you can freeze plastic bottles of water or other beverages for year around use. Your plan to create wealth does not always involve cutting back or having less.
• Included in your plan to create wealth strategies, you must plan to get rid of clutter. Everybody has some clutter that they are better off without. Clutter not only clutters your physical surroundings clutter clutters your mind. Have a garage sale and or give useable items to charity.
• Always save your receipts, cancelled checks, bank statements and put file them in your income tax folder. Even if you are automated, you never know what the IRS will require if you are audited!
• If you want to create wealth, you’ve got to learn how to document.
• Always mail in the rebate
• Always save the coupons and check out the weekly sales
• Don’t buy it if it’s not on sale unless it’s an emergency
• Always pay your bills on time and avoid paying a late fee
• Never go into debt! OR Get out of debt quick as you can!
• You can even create wealth when you shop. Always buy for next year this year at annual clearance sales. Fashion doesn’t change that much and you will never be wearing the same outfit as anyone else. Shopping this year for next year really works for children and household items like linen. You can save hundreds of dollars every year just by shopping for sheets and towels only at clearance sales.
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