I was suppose to have put out this article a week after part one was published but stalled or delayed due to preparations made towards Rhoda's Motivational Talk Show. You can get part one of this article here
As stated in part one, I had the privilege of speaking on How To Make Money Work For You and Not You Working For Money and this is the continuation of my speech.
Besides, I believe this article will help us all have a great start financially come 2025.
HOW DO YOU ENSURE YOU ARE PAYING YOURSELF FIRST?
What measures can you put in place to ensure you are paying yourself first or saving something for yourself against all odds. There are different measures to ensure your savings but I am going to mention the three most valuable ones for me. You can add any other method you can think of in the comment section
1. DECIDE ON A CERTAIN PERCENTAGE FROM YOUR EARNINGS : From your earnings, you can decide on a particular amount or percentage to keep for yourself before you start dealing with expenses.
In the first story told in part one, the two business men decided to work with the financial rule or formula 10/10/10/70. What this means is that the first 10% of their earnings goes into savings, the second 10% goes into investments, the third 10% percent goes into charity and tithing while 70% o their earnings goes into settling of bills and other expenses. But let me draw your attention to the third 10%.
Despite the awful financial situation these men found themselves in, they still found a way to give. In all your investments and savings, trust me, without giving, you won't get to the financial destination you so much crave for in life. Giving is one of the major ways we can accumulate wealth or create financial prosperity for ourselves and it's the best investment you can ever do.
Arkad, the richest man in Babylon, it is said of him that he was liberal with his finances to his family and to others. Meaning, giving was part of his life style. Check out the wealthy men in our society(s), they have one form of giving or the other. They always find a way to give back to society and fortunately, in PYF International, such measures are put in place where everyone is encouraged to give. Never underestimate the power of giving. Ensure to make it a part of your lifestyle.
Aside the 10/10/10/70 financial rule formulated by Robert and Kim Kiyosaki, you can decide on the formula that works best for you and that suits your earnings perfectly. It could be 20/80 rule, 70/30 rule, 95/5 rule or even 99/1 rule. The bottom line is ensuring you are keeping something for yourself by paying yourself first from your earnings to ensure your savings.
2. DIRECT YOUR SAVINGS TO A SECURED PLATFORM : To ensure you are keeping something for yourself from your earnings by all means is to direct your savings to a secured platform. Pardon me, but all I can say here is that PYF International is a secured platform to direct your savings into. It gives you the advantage and financial discipline of not touching the money until it is mature or due for payment. And by the time you receive your payment, I am sure you would know what to use it for and use it judiciously.
3. SET UP A PAYMENT SYSTEM : Another major way to ensure you are saving or keeping something for yourself from your earnings is to set up a suitable payment system for yourself. such as
a. Automatic Transfers which can be done either daily, weekly or monthly depending on how cash flows into your account. This can also be done by giving your bank a standing order to move certain amount of money from your account to a designated account dedicated for your savings and if you choose to use PYF International as your chosen platform for your savings, then the automatic transfers goes into the designated account of PYF International to ensure your savings.
b.Multiple Deposits : For instance, there are different thrifts to ensure your savings on the PYF International platform which are daily, weekly, monthly, by-monthly and others. Supposing you are on the daily thrift, trust me, you don't want to be making transfers everyday. Your best bet would be making multiple deposits to either take you for a long time before you are able to make another deposit or through out the period of the thrift. This is to ensure, your are not spending so much through bank charges just to save something.
Part three (the final part) comes up next. Stay tuned
Quote for the day - "It's not how much you make, but how much money you keep, how hard it works for you and how many generations you keep it for." - Robert Kiyosaki
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