Give yourself the gift of financial success.
If you wait to see how much money you have left at the end of the month to put toward savings, the answer may be zero. So, set up an automated monthly transfer from your checking to savings account. Once you lock into that commitment, you'll be forced to scale back spending to make ends meet.
Story: Warren Buffet: Warren Buffet showed an entrepreneurial spirit at an early age.
First Entrepreneurial Venture
By the age of 13, Buffett was running his own businesses as a paper boy and selling his own horseracing tip sheet. His entrepreneurial spirit was alive at a young age. He had given himself the gift of business success.
In 1942, Buffett's father was elected to the U.S. House of Representatives, and his family moved to Fredericksburg, Virginia, to be closer to the congressman's new post. Buffett attended Woodrow Wilson High School in Washington, D.C., where he continued plotting new ways to make money. He continued making money in creative ways. He and a friend purchased a used pinball machine for twenty-five dollars. After a few months they bought additional machines. Buffett owned machines in three different locations before he sold the business for twelve hundred dollars.
Higher Education and Early Career
Buffett enrolled at the University of Pennsylvania at the age of sixteen to study business. He stayed two years, moved to the University of Nebraska to finish up his degree, and emerged from college at age twenty with nearly ten thousand dollars from his childhood businesses.
Moral of the Story: Building financial success involves possessing the gifts of creativity, entrepreneurship, and insights into the workings of money and finance.
Action Plan: Put away ten percent of your income at the beginning of each month. If you wait until the end, you will not be inclined to keep your spending within reach. Ask yourself three questions:
- What am I willing to give up so I can save money?
- Into which account can I put that money?
- How can I emulate Warren Buffet and become a money magnet?
Practical application to your life
Do you value yourself enough to save money? What is your view of finances? Do you acknowledge your self-worth when it comes to finances?
Weekly Take Away: The Bible has over two thousand verses on money. Money is not the root of all evil. The love of money is the root of all evil.