Step One To Become Wealthy

We are all looking for the short cut to accumulate wealth. We try this, pay off that bill, deal with this emergency and then pay off that car repair. We do this until 30 to 40 years later we wonder where all the time and money went.

Often out of feeling emotionally responsible to pay off debt, we put all we can towards lowering our debt as quickly as possible. Perhaps it is taxes too. Putting every penny we can towards paying down either the local or larger country government. This all leads to one thing. More month at the end of your money.

You never have a cent of your own.

We try to convince ourselves that once all the bills, taxes, repairs and what not are paid off then we will REALLY start gaining some ground. Just a couple more months and finally we will start making financial progress.

However each year, then the year after, nothing happens. It is very, very frustrating to work and never get ahead. The comforting thing is though, there is an answer. It is not glamorous and it is not going to make you a millionaire in the next 6 months but it's what all the greatest wealthy families and individuals have done for thousands of years. You pay yourself first.

Imagine if you saved 10 percent of every dollar you made for all the years you have worked. Imagine if you only made $20,000 a year and you have been working for the last 20 years. During those twenty years you have probably paid your taxes. That means that in Canada where income taxes are at 15 percent now, your government has probably made about $60,000 off you. How much do you have in your personal savings?

Do you think maybe you should have as much to show for your hard work as the government takes?

What if you paid yourself first and took 10 to 15 percent of every dollar you earned before anyone else got any, and saved it in a stable place that maybe even made a little bit of interest? Would you feel a little better each day. Maybe a little less pressured to do things that you had no interest in doing? Would you feel more free? Perhaps a little more inclined to follow your intuitions, spend time with those you love and stop to smell the roses a little more?

I understand.

Saving 10 percent of your income in not a very glamourous way to financial freedom but it is the first step in avoiding a life long sentence behind the bars of what most think is an inescapable prison.

Reading information like this and listening to audio programs on your drive to work that will increase your knowledge about the subject of money is the only way to find out about what the rich are doing, that those trapped on the money treadmill do not.

Source: FinancialKnowledgeBase