Are you happy with your current financial status? Honestly, I'm not...not yet. I don't have yet plenty to spare for spontaneous treats and occasional emergencies. I have so many desires in my heart for my family's sake and the welfare of others. Isn't it great to be financially blessed and extend the blessings to others? After reading this “As a man thinks (believes) in his heart (mind), so is he.” (Proverbs 23:7) it dawned to me that if you think negative thoughts… you will have a negative life overall… and if you think positive thoughts, you will have a positive life. I think positive. I try to get in the right mindset about our finances and business pursuits and BELIEVE in ourselves that one of these days we'll be wealthy! Presently, we don’t have the “right ingredients” to become financial successful and wealthy but it doesn’t mean we can’t become wealthy, does it?
I don't need 4-year business degree or a M.B.A. to start a multi-million dollar business? If I'll ask college dropouts Bill Gates (founder of Microsoft) or Steve Jobs (founder of Apple)… I'm sure they'll tell me otherwise!
To start with my way to be wealthy, let me write down few simple goals to manage our money efficiently and to keep myself accountable:
1. Put aside money for tithe (if you’re not religious you could put aside money for charity) in an envelope each month.
2. Properly pay myself at the start of each month (let me say a Sanity Allowance for me), and then use only that money for the weeks coming.
3. Save at least 10% of our income.
4. All passive income through my blog must be transferred straight to my savings card rather than straight to my wallet ( to avoid increase in spending power).
5. Review spending fortnightly, see if I’m spending under what I earn, review where to cut back if needed (I already record my expenses).6. Schedule a monthly review to see how it’s working and what needs to change.
Furthermore, we need to invest our savings to something worthwhile. A friend was considering buying into "Infinite Banking" or "Bank on Yourself", which is a sort of whole life insurance policy that allows you to borrow on your own money once you're fully vested. I think it's a really cool deal! Why borrow from a bank when you could borrow from yourself, paying yourself interest rather than the bank? Bank on Yourself is the best way to invest money, if your goal is to safely grow and protect your hard-earned money and have a secure retirement you can predict and count on.
Have you heard about this savings method? If so, would you mind sharing your thoughts about Bank on Yourself. I would love to know how this method can be used to accomplish a wide range of financial goals.
