For my little guys

How to explain ERE, arranging family matters
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plantingtheseed
Posts: 139
Joined: Sat Mar 28, 2020 7:23 pm

For my little guys

Post by plantingtheseed »

Hey guys,

I wanted to leave you with a little something so that as you begin your journey into this fascinating world, you can have a guidebook if you will.

Remember what we talked about - plant those seeds, and make them grow! I mean this guys. :D

All the best for both of you...

plantingtheseed
Posts: 139
Joined: Sat Mar 28, 2020 7:23 pm

Re: For my little guys

Post by plantingtheseed »

1.

Money is a tool. Like a car, it needs to be maintained and looked after. A well maintained car will not strand you on the side of the road when you need to use it.

There are many things money can buy, but the most valuable of all is freedom. Freedom to do what you want and work for whom you respect.

Those who live paycheck to paycheck are slaves. Those who carry debt are slaves with even stouter shackles. Don’t think for the moment their masters don’t know it.

So get to know your tool. Understand how to use it. Maintain it well, so that it can be used in the time of need. Use the tool appropriately and honestly.

Manage the tool well so that you can give yourself the freedom to make your life, what you want it to be.

I wish you both the freedom.

plantingtheseed
Posts: 139
Joined: Sat Mar 28, 2020 7:23 pm

Re: For my little guys

Post by plantingtheseed »

2.

When it comes to money matters, always remember Proverb 22:7, that - The rich rule over the poor, and the borrower is slave to the lender. (This is my favorite quote on money matters and it also happens to come from the bible. It is a good reminder.)

Always save AT LEAST 10% of what you make, every time you have an income. Saving means exactly that - it should never be touched for everyday spending. Keep this up for life.

First, save 6 times what you spend in a month. Keep it in money market or capital growth fund. Keep the savings “liquid”. This savings is for life’s emergencies. If spending increases, be sure you have 6 times that. Don’t move on to second, until this is fulfilled.

Second, start saving for your retirement. (AT LEAST 10% or more of your monthly income) Let time and compound interest work for you. This means the earlier you start, the earlier you will be able to retire.

Third, start an investment fund, if there is money left over after second. (up to 10% or more of your monthly income) This is your dream fund. Again, let time and compound interest work for you.

Avoid credit. Credit means getting something and paying a lot more for it (3 times or more).

This is very important - BE CONSISTENT. This means like clockwork, month after month, 10% at a time.

In summary,

1. Save 6 times what you spend in a month.
2. Start saving for your retirement (AT LEAST 10% or more of your monthly income)
3. Start an investment dream fund (UP TO 10% of more of your monthly income)

Save at least 10% of what you make, every time you make it. Be consistent. Never touch your savings. And avoid credit.

Love you guys,

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