Building wealth and saving money

It has been said that building wealth is not about the amount of money you earn but the amount of money you save. You may earn thousands of dollars monthly and spend the same amount easily on unessential things or luxuries or earn a couple hundreds and save a few hundreds monthly.

Building wealth is about saving enough money to have enough for emergencies, for your nest egg and also enough money to make investments that will let you earn even more money. When you have saved enough money to allow you to live in comfort in your senior years then you will not have to work forever if you don’t want to. Saving money will also give you the flexibility to adapt to possible changes in your life and to grab investment opportunities that present them selves.

Money, personal finances and the creation of wealth are a deeply personal matter. Saving is the same thing. How much money you can save and how much money you want to save are all personal. A person may require only a couple of thousands in savings others may feel more secure having more. Only you can determine what will work for you and you do not have to feel guilty or sorry for the lifestyle you lead and how you spend your money kamagra oral jelly price.

The secret to saving is not in keeping whatever is left of your money after all the expenses. Usually, as long as you have the money available, you’ll find an excuse to spend it. To be able to save, you should set aside an amount for your savings, typically 10%- 20% of your earnings and limit your budget for expenses to 80%- 90%.

There are a number of ways to save money. When you have already set aside 10%- 20% for your savings then you have to find ways to make the money you have left enough for all your other expenses. To be able to do this, you can start by creating a daily expense report or diary. The list will help you determine if you are spending too much money on things that in reality you can live without. People are often surprised that they actually spend so much money on Starbucks or the more expensive carton of milk or the little “treats” they give themselves like weekly massages and other luxuries. When they make the expense diary they begin to see what areas they can spend less money on. They see that the little money they can pinch here and there when put together in a savings account will add up to a considerable amount. Savings will allow you to build your money from zero, if you keep “investing” in your savings you will notice that your money has grown in no time. Remember that money saved is money earned. Bankers and insurance agents sometimes emphasize the virtue of delayed gratification. You may not go around carrying a designer bag these days but end up spending cruises and Caribbean getaways later on.


Comments

  1. Jason HOlmes says:

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