"Young people, nowadays, imagine that money is everything; and when they grow older, they know it."
- Oscar Wilde
Financial resource is behind every business, large or small. Money is also the power you need to provide for your family the standard of living you feel they deserve. It's power to contribute in a social context. As Norman Vincent Peale put it, "Money is simply a tool by which creative people build something."
There is money all around you. Take a drive; observe the shopping malls and some of the more spectacular homes in your community. Open your eyes! With all this around you, why is it that you should not get your share? Are you substandard or inferior? What is the exact amount of money you want to earn in the short term? You must be bold enough to stake your claim - you've got to set it before you can get it!
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Let us consider the important aspect of saving. It is without a doubt one of the most significant steps required for financial security. Perhaps the term "disposable income" in our Western society should be renamed to match the more prudent Japanese description, "discretionary income". Trapped in the rat race, most in the Western world have learnt to dispose of all their income and then turn to plastic to keep their lifestyles afloat! Unchecked, this unbridled mentality brings good people to their knees and often creates financial ruin.
John Jacob Astor, a tycoon from the early 20th century, said, "It was more difficult for me to accumulate my first thousand dollars than it was all the succeeding millions that created my stupendous fortune." I find it interesting that some people think that if they had a larger income, they would have no problem saving. Think about it - if you fail to save a few dollars out of your current income, what makes you think you will be able to save a few thousand dollars out of a larger income? What do you think is more difficult to do: to save 10 cents out of $1 or $100 000 out of a million? I have met many people who have made up to $150 000 in one year and still have nothing to show for it! It would seem as the amount of money entering their income stream grows, so too does their expenditure. Your ability to save, then, is not proportionate to your income. It is a discipline that you must start today.
"The wise man saves for the future, but the foolish man spends whatever he gets."
- Proverbs 21:20
As you designate a specific sum of money - at least 10% - and deposit it into a savings account every week without fail, you will adjust to your new level of discretionary income without too much inconvenience.
Financial destiny does not flow from just working to make money; it is also the by-product of choosing to make money work for you. You can achieve this by spending less than you earn, investing the difference and then reinvesting your returns for compound growth. It should be noted that experience has revealed if a scheme sounds too good to be true, it probably is. If considering high-return investments, definitely get a prospectus and collect receipts and records of all transactions before investing your hard-earned cash!
To be able to save you have to live on less than you earn. Within the confines of a workable budget, learn to pay yourself with the same diligence you currently pay your council rates, electricity or telephone bills.
In today's world, insurance is not just a luxury - it's a necessity. We must seek to guard not only our treasures from loss, but also our own lives. An exceptional life insurance salesman once responded to his daughter when she asked, "Daddy, would you ever leave me?" with, "Well, dearest, I would never leave you, but if the Lord should rule otherwise, at least I'll never leave you without." I wholeheartedly believe in the need for adequate life insurance to protect those we deeply care about should the unforeseen occur.
In closing this area, if you find yourself in financial difficulty, forewarn your creditors. Advise them they will definitely be paid and of your intentions to make definite, monthly installments. More often than not, they will accept your proposal before electing to bankrupt you. Should you, for any reason, be unable to make a payment, contact your lender right away and establish a feasible plan. Wishing things would get better or that they would just go away is perhaps the biggest trap that leads to foreclosure.
One other thing, steer away from being guarantor on another's behalf wherever possible. Your good intentions can put a noose around your neck - "Better a little caution than great regret."
"Earn, save, invest and give as much as you can."
- Michael J. Lowe
Financial Goal Suggestions
• Determine the amount of money you will need to save weekly in order to retire at a predetermined age.
• How much money do you need to save per week to purchase something you desire - car, boat, house, holiday?
• How much money do you want to save within the next six months?
• Perhaps you need to establish a sound budget (see mission guide).
• How about consulting a licensed financial planner?
• Do you have adequate life insurance and a protection plan against income loss through disability or trauma
• How about paying off those credit cards?
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