3 Saving Laws from Money Experts - Brian Tracy - Ask The Rich

Tuesday, February 27, 2018

3 Saving Laws from Money Experts - Brian Tracy

Financial expert Brian Tracy summed up his life experience, his advice to major corporations, and his study of the reasons and results of getting money in 21 laws to make money, manage it and achieve financial success. 
In this article, we have chosen three laws on saving skill.
3 Saving Laws

   1- Saving Law.

Financial success is achieved for those who are used to saving 10% or more of their monthly income throughout their lives. 

The welfare of individuals and the prosperity of societies increase the more they save, saving today is the guarantee of the safety and responsibilities of tomorrow.

When you save even a fraction of your income, it quickly becomes a habit that grows.

Open a special bank account for these ten percent, and make sure not to approach them in the expense of spending, but to invest in and develop.

If you find the 10 percent a large percentage, start at 1 percent and when you get used to it, increase it to 2 and then stop 5 when you are comfortable with it.

   2-Posession Law.

What determines the future of your financial life is how much money you can keep without spending, not how much money you get.

It often happens in one's life to let down money he did not expect, or enjoy a commercial boom that results in an increase in his material income, But this breakthrough is not the true measure of your financial freedom,How much of this money you managed to keep, and how much you spent it, is the real indicator sincere.

Successful people avoid such increases to pay off debt, investment and savings, and to prepare when conditions change and the financial resource dries up.

   3. The Parkinson's Law.

Costs rise consistently to offset any increase in your income.

Despite its simplicity and its simplicity, it does explain why many people work for the rest of their lives, and eventually retire poor and destitute.

For them no matter how much money they get, they instinctively tend to spend it whole and increase.

So the first key to achieving any financial success, is breaking this law, out of this spiral.

We all win more today than we did at the beginning of our work, but perhaps some were better off then, because they did not burden them with debt, purchases, expenses and expenses.

If you want to be better off than you are now, you have to resist the instinctive desire to spend any increase / bonus. 

You have to make the rate of increase in your expenses always less than the rate of increase in your income.

The difference that is achieved then must go to savings and investment. In other words, place a big barrier between increasing your income and increasing your expenses...

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