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The Law Of Savings by Ogar2005(m): 9:43pm On Jan 10, 2017 |
The law of savings Financial freedom comes to the person who saves ten percent or more of his income throughout his lifetime. One of the smartest things that you can ever do for yourself is to develop the habit of saving part of your salary, every single paycheck. Individuals, families and even societies are stable and prosperous to the degree to which they have high savings rates. Savings today are what guarantee the security and the possibilities of tomorrow. Start With Yourself The first corollary of the Law of Saving comes from the book The Richest Man in Babylon by George Classon. It is to "Pay yourself first." Begin today to save ten percent of your earnings, off the top, and never touch it. This is your fund for long-term financial accumulation and you never use it for any other reason except to assure your financial future. Develop New Habits Regarding Money The remarkable thing is that when you pay yourself first, and force yourself to live on the other ninety percent, you will soon become accustomed to it. You are a creature of habit. When you regularly put away ten percent of your earnings, you soon become comfortable living on the other ninety percent. Many people start by saving ten percent of their income and then graduate to saving fifteen percent, twenty percent, and even more. And their financial lives change dramatically as a result. So will yours. Take Every Advantage The second corollary of the Law of Saving says, "Take advantage of tax deferred savings and investment plans." Because of high and even multiple tax rates, money that is saved or invested without being taxed accumulates at a rate of 30% to 40% faster than money that is subject to taxation. Self-made millionaires, according to Dr Thomas Stanley’s book The Millionaire Next Door, are almost obsessive about accumulating their funds in assets such as real estate, self owned businesses and equities that increase in value without triggering tax liabilities. Action Point. Cash accumulation plan http:///2iIoPSd Cooperate saving plan. http:///2hZq0vP Children Education plan http:///2ji6Mn2 |
Re: The Law Of Savings by PRISTINEMUSCLES: 10:11pm On Jan 10, 2017 |
I quite agree with you. Savings is good but it does not end there. You need to save, then invest. It's all about money getting more money. Remember that our currency is nothing to write home about as regards stability. So it is advisable to save or pool funds to invest in something profitable enough to yield good ROI. |
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