HOW TO GET AHEAD FINANCIALLY
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Here is an interesting text that I want to share you from
the original book HOW TO BECOME A MENTAL MILLIONAIRE.
To often a person may solicit advice on a thousand and one
things without regard for accuracy of the information. Personal health issues
such as diet, exercise and the newest fashion trend all account for many of the
fads that cycle through society today. However, when it comes to finances,
people often get very accurate and time-tested advice, but fail to use it. The
distant future can make financial preparation and planning seem irrelevant to
individuals that live in the here and now. This is a mistake that you can still
correct if you follow this formula.
Give yourself a chance to warm up to the concepts, and then begin
to follow the directives one at a time. Begin with making certain that you are
paying yourself first from your earnings. A suggested amount to deposit into
savings is 10% of your weekly salary. This amount is to be “untouchable” so
that it can accrue earnings when deposited in a savings account or invested in
a money market over a period of years. By paying yourself first, you are
retaining a sizeable portion of your salary for use later in life. If you fail
to do this, you are relying on luck, chance, good fortune, lottery winnings,
inheritance, or other unlikely sources of revenue that seldom materialize in
life.
It has been said that “Goals are
dreams with feet,” and when it comes to savings, dreams without observable and
measurable results are useless. By not paying yourself first, you leave your
future livelihood to chance. This is not the methodology of becoming a Mental
Millionaire. Mental Millionaires comprehend the success formulas and put them
into practice. Understanding what is needed is the first step, but nothing
happens until action is taken on what you know to be good for you. That dear reader
is the very foundation of financial planning that will place you on the road to
becoming a Mental Millionaire.
Our
financial condition is a thought first, and then a reality. If we want to
change our financial picture, we must first change our thoughts. If we choose
to change our inner thoughts…our outer conditions must change.
Everyone in the world-for that matter, wants to have
financial independence. We know that not everyone is
interested in money.
However, as long as it takes money to buy the necessities of life, we must have
it. It is perfectly alright to say you are not interested in money, but be
careful or you will find that money is not in you either. It is a pity how many
wonderful people there are who would like to do so much for mankind but have no
money with which to do it. Money is essential in making this world a better place
in which to live.
Money is like anything else. It can be used to do good
things or it can be used to do bad things. If you choose to make good use of
money…hurrah, it is good money! Do not say that money means nothing. It does.
Anyone with a little common sense knows that! Choose to use it well and you
will have no reason to feel bad towards money.
Too many people say that “money” that is the root of all
evil.” Actually, it is the “love of money” that is the root of all evil. To put
it bluntly, if a person wants money bad enough, he does not care what he does
or how he does it in order to get it. This is when money becomes “evil money.”
Money itself is not evil. It is the use of money, whether you choose it for
good purpose or bad purpose that is the problem, not the money per se.
Here is a suggestion I made sometime ago which would
eliminate once and for all the idea that money is evil. Money means “service.”
If the electric company or gas company gives good service to their customers,
they will make money. If, on the other hand, they render bad service, they
won’t make money. If a doctor gives his patients good service, he makes money,
for they will return to see him. If you give your employer good service, he
will pay you; if no, he won’t.
It’s very clear to see that when we render good service, we
will make lots of money and when we don’t, we make no money. It’s up to us to
choose in which direction we want to go. It is true that you can give great
service and not be paid for it. However, these cases are few and far between.
When the world becomes spiritually minded, then and only then would the money
stop being so important. So, for those of us who wish to bring about this
beautiful spiritual world, let us render great service with or without money.
When money loses its importance, the genuine service of man will endure.
I would like to clear up a very important point which may be
confusing to some of my students. Many of you might say, “If I were not so
‘darned’ honest, I could get somewhere.” Allen in his book, As A Man Thinketh, says that a person
does not succeed because he is dishonest, nor does a person fail because he is
dishonest. The dishonest person succeeds because he is a hard worker, a
schemer, a planner, a person with an insatiable desire to get ahead and make
money. The honest person fails to succeed because he is not willing to work
hard, is not a schemer, a planner, or possesses a strong desire to get ahead
and make money. To assure myself that you understand Allen’s statements-that you
firmly grind them in your minds-I want you to read this paragraph over
again-again and again, if necessary.
For many years I labored under the idea that if one wanted
to become financially independent, one had to first “be smart” and second “be a
big money maker.” I have however; found that they are both untrue and
unnecessary. I know, and so do you, that many people who have become wealthy
and financially independent were not “smart” and not “big money makers.” Then
you would ask, “How did they accomplish financial independence?” Well, here’s
the outline of various steps necessary to bring financial growth and financial
independence.
- PAY YOURSELF FIRST
It doesn’t make any difference how much money you make. What
makes the difference is how much you pay yourself. Suppose one man makes $100 a
week (We will call him Brown) and another fellow (we will call him Smith) is
making $50 a week. Brown doesn't pay himself anything-he lives up to the very
last cent. Smith, on the other hand, pays himself at least $5 a week. Which of
the two will be better off at the end of a year, 10 years and etc.? What a
difference between the two men! In other words, Brown was actually working for
nothing while Smith was making at least $5 a week-Smith was making more money
than Brown.
- FIND PROFITABLE EMPLOYMENT FOR YOUR MONEY
This is easier said than done, I’ll help you this. When you
have your money working for you, it is the same as having someone working for
you. So, let’s see what you can do towards finding profitable employment for
your money.
A very interesting woman told me the following story:
Realizing that her husband would never be a big-money maker, she began to save
every cent she could. Before too long, she went out and bought a house with the
money had accumulated. It was a two-family house. This allowed her to rent the
other half and still have money coming in. She lived upstairs and rented the
downstairs. She continued to save and stint until she went out and bought
another two-family house. With two rents coming in, it wasn't long before she
had saved enough money to again go out and buy another two-family house. She
went on to do that several times.
BE VERY CAREFUL ABOUT YOUR FIRST EXPERIENCES AND ASK QUESTIONS
So many people who decide to become financially independent
start out all right and then become confused in their very first experience.
This results in their taking a loss, sometimes never recuperating from it, and
remaining in “hot water” all of their lives. My mother used to say, don’t learn
to shave your own beard, learn to shave on the other fellows beard.”
Meaning-find out from the other fellow what to do and ask questions.
- DO NOT INVEST IN A BUSINESS WITH WHICH YOU ARE NOT FAMILIAR
Sometime ago a very wealthy man told his story. He had been
approached by his mother-in-law with an idea for a business that would be a
sure money maker. He was asked to invest $50’000 in this enterprise for which
he had no previous background or experience, and he did so. Two years later the
business failed and he lost his $50,000 investment. After this happened, he
stated, “I learned a very important lesson; that is, not to invest in a
business in which I am not familiar.
- DO NOT FORCE YOUR MONEY TO MAKE FANTASTIC RETURNS
It seems that almost everybody is looking for “easy money.”
The result is that the crooked elements in life are always working out plans
for just such “easy marks.” How many times has the Brooklyn Bridge been sold?
How many times do you read in the papers of people who were sold smuggled
diamonds, worth hundreds of thousands of dollars, for just a few thousand? Then
these people find out that the diamonds are worthless!
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