It’s not how much you earn – it’s how much you keep

All wealth books talk about paying yourself first. Put aside money whenever you receive any income. Make that amount a set percentage every week, every month and whenever you receive money ad hoc. 

For years after I first read those books, I nodded and agreed but did not take action. Months go by and if you don’t put anything aside, the money is whittled away. By the end of the month, you have nothing left (or for many people, you have minus nothing left with credit card debt).

When I finally decided to start paying myself first and putting that money aside BEFORE paying bills, I realised how powerful an action it really is. 

If you want to kickstart your wealth and your freedom, you MUST pay yourself first. 

It goes like this: 

  • Money comes into your bank account 
  • Immediately move 10% of that into an account that you call “Cash” or “Abundance” or “Freedom” or whatever you want – but make sure you only put money INTO that account. You can move it into investment and wealth creation accounts, but it is not for paying bills or spending. It is not a Savings account that you will spend on a holiday. 
  • Pay bills from the balance. Do not dip into that account. 

You may say you can’t afford it – but actually, you can’t afford not to do it. 

It is not about how much you earn, but how much you keep. 

If I earn $500 per week and put away $50 per week, I will have $2600 in that account at the end of the year. Maybe that is all the wealth I have, but I have that. 

If I earn $2500 per week and put away nothing, but I spend it all on having fun, buying stuff and going out a lot, I end up with nothing at the end of the year. The person who earnt less, but who kept more is the winner. 

Add on the interest on that account, and that money will grow. 

I am now fanatical about my 10% account – it has become a habit I will not stop. In just over a year of doing this I have seen how effective this approach is.

This blog is about sharing with you what works when it comes to wealth and success.

Well, this does work. So please try paying yourself first this next pay cheque, put that money aside and start your wealth account.

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2 Responses to “It’s not how much you earn – it’s how much you keep”

  1. Make more money: 6 ways to generate income online « The Wealth Success Student Says:

    […] The Wealth Success Student Hunting down knowledge and inspiring you to action! « It’s not how much you earn – it’s how much you keep […]

  2. No B.S. Wealth Attraction for Entrepreneurs: Dan Kennedy « The Wealth Success Student Says:

    […] happens when income turns into equity. Income is spent. Equity is invested. [Related post here: Its not how much you earn, it’s how much you keep] […]

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