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Saving Your Way to Success : About The Author : How To Order : Contact Us
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Book Excerpt
Saving Your Way to Success is your textbook to reaching financial success. It is 208 pages packed with money saving tips, ideas and strategies that will help you save your way to success.
Do you want to learn more about Saving Your Way to Success? Then read the following excerpt from Chapter Two: Reaching For Your Savings Potential:
Savings can be sorted into hundreds of categories. To make things easier, all these possibilities of savings can be first grouped into two categories. To maximize your savings potential you need to know and understand these two categories of saving:
- Saving when you earn.
- Saving when you spend.
There is no other time when you can save money.
This basic concept of putting saving into two groups also means twice as many dollars can be saved. Two different possible groups of saving give you the chance for twice as many saved dollars. You save not once, but twice! You can save when you earn money and when you spend money.
Besides, you will never be able to get out of debt, accumulate wealth and become financially independent just by saving money when you spend money!
How does this system work to save twice as much? Many people believe erroneously, that you can save money only when you spend money, i.e. spend to save. If you thought this was true, you
will quickly double or triple your savings accumulation by following the directions on how to save before you spend.
If the only time you could save money were when you buy something, you would hardly be able to save your way to success. It would be very difficult to save 20-50% of your net income this way. This is why there are two distinct times to save money. When you begin a plan of systematic savings with every paycheck, you increase your savings dramatically. When you save $.20-50 of every $1 you earn and add the $.50 you saved with every $1 you spent, you automatically double or triple your savings. That is how you save twice as much when you save when you earn and save when you spend.
Begin an automatic savings of 5% (or more) of every paycheck. Even by starting small, your savings will start growing. By how much? Analyze the How Your Savings May Grow Chart and see just how much your savings can grow!
By developing a plan in which you automatically save a portion every time you receive your paycheck, you take an important step forward in reaching success through saving. By reducing how much you have to spend (because you automatically save a percentage of every paycheck), you force yourself to live on less income. Once you are accustomed to spending less, you will be able to increase your savings from 10% to 15% or 20%. Rather than try to force yourself to spend 50% less, work toward your goal in increments. This is a crucial step in the creation of your savings program. You can reduce how much you spend and can begin saving immediately just by saving a portion of your paycheck.
Believe me—this savings method is a great money-saving technique. When you create the habit of saving a portion of every paycheck, you develop a consistency that will transmute yourself from a spender into a saver. When you begin thinking like a saver enormous benefits will begin to appear. Once you see the benefits, you will not want to stop saving. Start saving and you will continue saving.
An automatic savings of every paycheck—or, simply put, “paying yourself” out of every paycheck—is a great method for saving money. You can begin your journey to success through saving by beginning your savings immediately. How do you do that? By creating, right at this moment, an automatic savings plan. Begin right now! Stop reading (for a moment), grab your billfold, purse, or wherever you keep your money, and begin an automatic savings plan by removing 10% of whatever is in it. Even if this amounts to only a few dollars, do it anyway. Now stick your money in an enveloped marked, “savings” and put it somewhere safe. Congratulations! You are now on your way to saving your way to success!
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Are you struggling over trying to save even 5% of your paycheck each week? You need to find the Spending Leaks holding you from reaching your savings potential!
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Saving Your Way to Success : About The Author : How To Order : Contact Us
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