Constant Investing Over Time
Put 10% of your money away each pay and do it consistently. This is not a rainy day account. No matter what life crisis decides to creep up and smack you in the face be sure you always put one-tenth of your earnings away.
This money is not to be spent, it must be invested. A good idea for those with an employer is to ask your payroll office to transfer a fixed (roughly 10%) amount into your saver account each pay. That way it goes unnoticed... by YOU
What happens?
Well, if you put $100 per week away in a regular savings account for 1 Year at 6% Interest you will have $5,357.91. Do that for 5 Years and you will have accumulated thanks to compound interest a whopping $30,308.82 !
Okay, is it possible to get rich from a compounding savings account? No.
$100 per week over 40 years at 6% return will compound to a total amount of $796,607. Having that invested will return $47,796 before tax. Yes, you can live a frugal life of that stream of income but how can we be rich? How can we live a life full of abundant wealth? Read the rest of this entry »
- Author: admin
- Filed under: Book Review
- Date: Nov 19,2008
Rich Dad Poor Dad by Robert Kiyosaki is aimed to motivate readers to increase their financial literacy. This first book in the successful Rich Dad series first published in 1997 and Kiyosaki hopes to impart financial wisdom through simply worded dialogues with ‘his real dad’ and ‘his rich dad’.
Robert Kiyosaki background before writing the Rich Dad series spans from joining the Marines as a pilot, to selling Xerox machines and to starting his own Velcro wallet company. No doubt his story is famous enough now for me not to bore you with specifics.
Kiyosaki raises important points in an easy to digest repetitive way. He does this by putting the reader in his shoes - A young kid growing up with a real father and his friend’s rich father. His poor father said and lived by the motto - study hard, get an education, get a safe secure job where the company will look after you, whereas his rich father would say - learn as much as you can, create your own assets to generate income. Read the rest of this entry »
The following is a quick practical exercise shared by the great personal development writer Napolean Hill. It simple clears your thoughts, defines your goals and helps you take daily action towards achieving results.
Why Bother?
Napolean Hill states there are two ways to live your life. One is out of sync with your inner desires resulting in a life of penalties. The other way to live life is in sync with your desires - a life of riches.
| A Life of Penalities |
A Life of Riches |
- Ill Health
- Fear and Worry
- Indecision and Doubt
- Frustration and Discouragement throughout life
- Poverty and Want
- A Whole Flock of Evils consisting of envy, greed, jealousy, anger, hatered and superstition
|
- Sound health
- Peace of mind
- A Labour of love of your own choice
- Freedom from fear and worry
- A positive mental attitude
- Material riches of your own choice and quantity
|
Now I know I want what is in the riches column. Napolean Hill states that all you have to do to achieve riches is to consistently apply the following three steps: Read the rest of this entry »
- Author: admin
- Filed under: Mindset
- Date: Nov 2,2008
The idea of this site is to build enough passive income streams to stop working for money. Trading each hour of work for a fixed figure. Your time is a finite resource so why work when you have more satisfying responsibilities like kids, family and personal self-development.
I have found myself sitting at the office many a time asking 'What the heck am I doing?' Then like clockwork the boss scans across the floor and I get back to work. A wage slave. A nine-to-fiver. There is an answer: Read the rest of this entry »
