Stepping outside my role for a min.
In a discussion with my LO’s, we were discussing financial future.
The importance of having a savings account where you put away a certain percentage of your earnings.
Thinking about it from an investment perspective.
There’s a very famous book, from about a hundred years ago, a huge bestseller, called The Richest Man In Babylon
It has a couple of stories, parable style as if it would have happened in Babylon.
The Richest Man in Babylon gave financial advice.
The first piece of financial advice was that 10% of what you earn should be yours.
The guy asked: “what do you mean? Everything I earned is mine”
He said: is it?
Part of it goes to the house, to the mortgage, to utilities, to the grocery.
What are you left with?
So he says: 10% minimum should be yours, you take it out from the top, as soon as it comes in, and you will find that you will cover all other expenses from the remaining.
So what you need is a bank account whether its just a second bank account, or a stock market account, even a PayPal account, anything, 10% of what comes in goes automatically in a separate bank account.
Believe me on this, start this even when you are still earning very little, and your hardly making ends meet.