Whether I’m teaching my staff at our Friday morning meetings or teaching “life skills” to the residents at my drug and alcohol recovery house on Sunday afternoons, the principles on how to save money are still the same. Now, everyone’s goals may be different but I usually get the same question from everyone starting out and I usually respond with the same answer. How Do I Get Started Saving Money?
Change Your Philosophy
I never realized how important my own personal philosophy was until later in life. It took me a long time to understand that it wasn’t only how I was making my money but also what type of money I was making. For example, the idea that profits are better than wages was revelatory to me. Like the great Jim Rohn says, “Profits make you a fortune; wages just make you a living.” Now that doesn’t mean quit your job at once! You can try to start working part-time on your fortune, while working full-time making a living. It’s not much fun going to work to pay the rent, but it is fun to go to work on making a fortune. What I tell my folks is to learn to do both.
Even though it’s not what you make but what you keep that’s important, I still hear everyone say, ” I don’t have any money to invest.” So, why is that?
Many people find themselves saying, “I don’t know where it all goes?” This is probably because most people (and we’ve all been guilty of this at some point or another) do not stick to a budget. I always suggest keeping a journal of every dollar spent to build discipline. I also stress the importance of credit, maintaining good credit and knowing how to repair it since …read more