THE GOLDEN RULE: SAVE MORE, SPEND LESS, that’s a no brainer! (but easier said than done)
You remember where we left off last time with the Golden rule of the Financial Advisers and Gurus who say save more spend less?
In other words what they're saying is save before you spend - pay yourself first. When your monthly or weekly pay comes in. The first thing you should be doing is transfer a portion of your earnings (say 10%) into another savings account, even before you pay your bills. And when it comes to spending, don't spend more than you earn.
A fantastic rule really, but there’s something missing here. All the years I’ve been helping individuals with finances I would say somewhere around 90% of the people have never saved on a regular basis.
So, when a financial advisor or some other finance guru tells someone to start saving 10% of their earnings, they say ok and maybe that person or family will do it for a couple of weeks, maybe even a month, but then they go right back to their old routine of spending. Why, because it’s uncomfortable to save money and it takes us out of our comfort zone.
What I’m telling you is that trying to save money and to reach your goal of financial freedom doesn’t happen overnight and you’ll have to put some blood, sweat, and tears into it.
Just to tell you like it is, when I was a Financial Stress Coach before I would take on a client, they had to understand that it was a minimum 3 month commitment and my fee was paid up front.
First reason being I know how hard it is to break and create new habits especially when money is in the scenario. Secondly if someone has something meaningful invested (like money) they are less likely to quit after just a few weeks. Lastly it takes a minumum of 3 months (usually longer) for an individual to understand, learn, and feel comfortable with the new habits of saving.
But the good thing was they were never on their own and that is very important not trying to succeed without some guidance. I was always there to help when they ran into issues because there are some things we just can’t do by ourselves. Even the best of us need help sometimes even if we don’t want to admit it.
Everyone has problems and issues when it comes to saving money. But one thing I’ve also discovered is the younger generations (20 to 45) seem to be more adaptable to take the time to make a change to become financially free. It doesn’t seem to bother them as much that it’s going to take some time to get into the swing of things.
On the other hand, no fault of their own, I think it's harder for older generations (45 and Up) to change because most are more set in their ways and really don’t think they have the time left to start something new even if it will help in the near future. Remember that’s also the time they begin to start thinking about retirement. So, they have several other issues on their mind which can slow things down.
Either way it’s never too early or late to learn about money and how you can be set free from the bondage it creates in your life. I really wished they would teach this in elementary schools and up. It sure would eliminate a lot of stress in the world today.
So, if the #1 Golden Rule for achieving Financial Freedom is Save More, Spend Less let’s get started and setup our new savings account, okay!
Hold on a second, first I have a few questions for you.
“What Is Money To You?”
I want you to think about that question for a while and then write down what comes to mind. (What are your thoughts about money) Why do you have it? Do you have enough? Why do you want more? How much is enough and what will you do to get what you want? Legally and morally, that is.
Well, that’s it for right now but next time we’ll talk about my #1 Golden Rule (or Secret) for achieving Financial Freedom and how to start eliminating the stress money creates.
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