Fact: According to the US Department of Commerce, the average American, IF they save at all, saves less than 5% of their gross income per year.
According to self-made millionaire and bestselling author David Bach, there’s “one, proven, easy way to get rich:”
Pay yourself first.
What that means is simple, Bach writes in “The Automatic Millionaire“: “When you earn a dollar, the first person you pay is you.”
One of the biggest failings of the real estate pre-licensing process is helping agents figure out how to handle those commission checks as they start rolling in! If you’re like most agents, you deposited your check and it was spent before you could say “Clear to Close!” As the expenses came, you paid them all, but the one person you failed to pay was YOU!
This is financial suicide. A one way ticket to ‘Brokesville’ when your market shifts, the next major emergency or life changing event comes. So, why aren’t you saving? For most Americans, savings is a lost art, but when you decide to do this, you’re on your way to having your money work for you instead of you working for your money! When you decide to do this, you’ll be going against the grain of the culture. You’ll be tempted to only save when you have a big deal or make the money too accessible, causing you to pull it back to cover your next impulse big ticket purchase. How do you make saving a habit?
It’s a discipline! Like anything else, it requires a plan. On this podcast series we’ll tell you all the facts and myths about riches, profit and savings and then give you five step actionable steps you can take to get started on your own path to wealth. If you’ve always wanted to be rich, you won’t want to miss this show!