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Last Updated: Feb 6, 2017 - 2:32:04 PM |
It’s amazing how people just love a good numbers game. Persons have become so enraptured by the lottery that they are mistaking it for an Assue- a local tradition where persons pooled their resources over a period of time for the benefit of each participant.
Countless persons have educated their children, built houses, purchased real estate, furniture and cars using this method of savings.
Unfortunately no matter what they tell you “playing numbers” is nothing like an Assue. You have a better chance of drowning in your bathtub or being struck by lightning than getting your money back when you play that “numbers” game.
While an Assue allows you to receive your entire contributions with the only risk being the reputation of the person “keeping” the Assue, the only time you get your money back from the lottery is “if” your numbers happened to “fall”!
The good news though is that there are five numbers that if you play them you’re guaranteed not only to win but to create wealth for you and your family. So here are those numbers.
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Give away 10%. No matter what your financial circumstances you’ve been blessed with an income therefore you should feel comfortable sharing your blessings with others. Now this may be done in a number of ways, you can either give this amount to your church or you can give it to a charity of your choice.
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Save 20%. You should be saving no less than 20% of every dollar you earn. This is the only way that you would be able to help yourself to create wealth. 5% of this amount should be placed in a savings account with an ATM card attached to it, why? You may not realize it but life happens and this account represent your peace of mind account. It allows you to take care of everyday occurrences such as a battery dying, the car braking down or even a trip to the doctor. The other 15% should be use to put your money to work and this can only be done through long-term investing.
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Keep expenses at 40%. It is very important that you do not allow your expenses to exceed 40% of your income and this is where most persons go wrong. This number represents your debt service ratio which is the comparison of your income to expenses. Whenever this number is greater than 40% you run the risk of experiencing financial difficulties.
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Spent 15% on your personal development. This again is a critical number because you’re only able to generate the income you need based on the skills that you take to the market and by developing your skills, you are able to demand more from the marketplace. So be sure to spend at least 15% of your income developing your marketable skills which in turn will enable you to increase your income.
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Spend 15% on you. Life is short so you should endeavor to enjoy your life as much as possible and this 15% of your money should be spent on you enjoying life. You will also increases the amount over time until you’re spending at least 30% of your income and enjoying life. But this will only happen after you maximize your skills and income potential
There you have it the five numbers that are guaranteed to help you to painlessly create wealth.
Copyright © 2009 - Glenn S. Ferguson
Glenn Ferguson is a Speaker, Coach and Syndicated Writer, helping you
to painlessly take control of your Money to Create wealth for you and
your family. Email to:
glenn@financialcoachingwithglenn.com
Website:
www.financialcoachingwithglenn.com
Tel: 242-327-2453 Fax:
242-327-2456
© Copyright 2009 by thebahamasweekly.com
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