Part 2:
If you want to break free from debt, then it’s going take action. Getting into debt was a process and getting out of debt is also going to be a process. A process takes time and it takes courage, you can’t carry on behaving in the same old way and expect different results.
You can’t carry on living in denial, thinking that you will face your problems another day. To break free we need to embark on a process of change. Today, I will be discussing the first of 3 steps to financial freedom.
Number one is to pay your self first, 10% of your income and invest it. This is the secret to creating wealth (see the post 5 laws of Gold). Wealth is not created in a week, a month or a year. It is built by making small continuous investments over a long period of time. Warren Buffet starting making investments at 10 years of age. Today Warren Buffet is one of the richest men in the world.
Many people delay saving, thinking they will start when they are out of debt, or when the car is paid off etc. There are a million reasons why one can put off saving.
If one is going to break free from financial bondage then drastic action is required. The first thing on your personal budget is to pay your self first 10% of your nett income. The 90% can be used for everything else that needs to be paid.
Out of every 100 people reaching retirement age in SA:
• 31% will be forced to continue working
• 47% will be dependent on family
• 16% will depend on a meagre state pension
And only 6% will be able to retire financially independent!
(Based on life assurance forecasts)
Now, what about you? Are you going to keep on delaying taking action? Are you going to be like the majority of South African’s living in denial spending all their earnings on things they don’t need?
Or, are you going to have the courage to take action and embark on a journey of breaking free from financial bondage and take the steps into financial freedom?
Are you going to speak to me afterwards and get your financial plan into gear, or are you going to leave here and put it off for another day?
"You see the difference between the haves and the have-nots is often traced back to the did’s and the did-not’s." D.O. Flynn
If you want to break free from debt, then it’s going take action. Getting into debt was a process and getting out of debt is also going to be a process. A process takes time and it takes courage, you can’t carry on behaving in the same old way and expect different results.
You can’t carry on living in denial, thinking that you will face your problems another day. To break free we need to embark on a process of change. Today, I will be discussing the first of 3 steps to financial freedom.
Number one is to pay your self first, 10% of your income and invest it. This is the secret to creating wealth (see the post 5 laws of Gold). Wealth is not created in a week, a month or a year. It is built by making small continuous investments over a long period of time. Warren Buffet starting making investments at 10 years of age. Today Warren Buffet is one of the richest men in the world.
Many people delay saving, thinking they will start when they are out of debt, or when the car is paid off etc. There are a million reasons why one can put off saving.
If one is going to break free from financial bondage then drastic action is required. The first thing on your personal budget is to pay your self first 10% of your nett income. The 90% can be used for everything else that needs to be paid.
Out of every 100 people reaching retirement age in SA:
• 31% will be forced to continue working
• 47% will be dependent on family
• 16% will depend on a meagre state pension
And only 6% will be able to retire financially independent!
(Based on life assurance forecasts)
Now, what about you? Are you going to keep on delaying taking action? Are you going to be like the majority of South African’s living in denial spending all their earnings on things they don’t need?
Or, are you going to have the courage to take action and embark on a journey of breaking free from financial bondage and take the steps into financial freedom?
Are you going to speak to me afterwards and get your financial plan into gear, or are you going to leave here and put it off for another day?
"You see the difference between the haves and the have-nots is often traced back to the did’s and the did-not’s." D.O. Flynn
