I love this Charlie Munger order. Concise.
"The first $ 100,000 is tough, but you must do it. I don't care what you have to do-if that means walking around and not eating anything not purchased with a coupon, find a way to get $ 100,000. After that, you can reduce some of the gas. "
The first thing we need to make extra can be the salary of each savings. Save the rest before shopping. Instead of spending first, save the rest. Where do you want to store it? So just keep it in a safe place such as:
Savings account at the bank
Fixed savings account at the bank
Money Market Accounts
Tabung Haji
ASB
How much do you want to save? There are two ways:
Save 10% of salary. This is a typical financial planner order.
Save a lot of possibilities, up to enough 100 thousand. Sort of Charlie Munger orders.
Save 10% of salary
This method has become the ‘golden rule’ in financial options. Save 10% of income. Whatever happens though, save 100 if the salary is 1 thousand. Save 200, if the salary is 2 thousand. Save 300 if the salary is 3 thousand. Then live a lifestyle of 90% of salary.
If not able to save up to 10% a month? Save as much as you can afford. And way up to being able to save distance — 10% a month.
Save until there are 100 thousand as soon as possible
This is not the usual way.
This method requires more sacrifice. Save maybe. Live like a person without money. Find part -time income. Up to enough 100 thousand in new savings relax a bit.
Why save?
Savings are fundamental in managing our finances. If there are no savings, nothing will happen.
The savings created can be used to:
Emergency use
Partly for the method of starting to invest
Emergency use
We don't know when the house's water tank is broken.
We don't know when to get sick.
We don't know when the car broke down.
Things like that. So when that happens, we don’t have to be in debt with a credit card. We can continue to take action. No need to wait any longer.
Capital begins to invest
Invest with more money. And how to make more money every month by investing. These are two very different concepts.
Investing there is a risk of losing capital. Keeping us select products that are difficult to lose capital. So, when there are large savings, then we can see a different value fall that is temporary with a calm heart. We only use part of our savings to invest.
.
Whatever method of storage we choose, it is important that we save. If the indirect is not saved, the figure is incorrect.
Then reap what you reap from its stalks; run out of a little of the portion you made to eat. Surah Yusuf, 47
Tags
BUSINESS & MONEY
