Many years ago a man named Classen wrote a book called the richest man in Babylon. This book become a worldwide bestseller, Sold millions and millions of copies in every language and it has one basic principle in the book which is not very large which says '' Pay yourself first'' resolved today that you are going to save and invest at least 10 percent of you income throughout your working life take 10 percentage of your income off the top of your paycheck each time receive one pay yourself first and put it into a special account for financial accumulation
The fact is that if you save just one hundred dollar per month throughout your working lifetime and you invest that money in an average mutual fund that grows at 8 to 10 percent per annum you will be worth more than 1 million dollars by the time you retire my good friend David Batch wrote a book- it said that if you simply spend one latte less 5 dollars a day and he call it the latte factor and saved the money $25 a week you will save $100 a month and you will become financially independent he's been on the half the television shows in America explaining that by saving a few dollars each day and saving it you can achieve all your financial goals what this means is that anyone even a person earning minimum wage if he or she starts early enough and saves long enough can become a millionaire over the course of his or her working lifetime and that includes you developing a lifelong habit of saving and investing your money is not easy .
It requires tremendous determination and will power you have to set it down as a goal you have to write it out you have to make a plan you have to work on it all the time but once this practiced locks in and becomes automatic your financial success is virtually guaranteed the key for you is to practice frugality..frugality...frugality...in all things be very careful with every penny especially at the beginning of your working life question every expenditure delay or defer important buying decisions for atleast a week if not a month the longer you put off making a buying the better your decision will be and the better price you will get at that time a major reason that people retire poor is because of impulsive buying they see something they like and they but it with very little though they become victims of what is called parkinsons law
which says that expenses rise to meet income this means that no matter how much you earn you tend to spend that much and alittlle bit more besides as a result you never get ahead and you never get out of debt ahead and you never get out of debt your job is to break parkinson's law. you don't have to be a victim of parkinson's law but if you cannot save 10percent of your income start today by saving one percent of your income in a special savings and investments put it away at the beginning of each month even before you begin paying down your debts learn to live on the other 99 percent of your income as you become comfortable living on 99 percent our savings goals to two percent and live on 98 percent then 3 percent and 4 percent and so on . wihin one year you will be saving 10% and maybe even 15 or 20 of your income and living comfortable off the balance at the same time your savings and investment will start to grow you will become more careful about your expenditures and way your debts will begin to be paid off one after the other within a year of starting saving 1% a month your financial life will be under your control and you will be on your way to become a self made millionaire.