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money mistake
By Ron Kule of sales training services inc.
I made a mistake over a number of years that I have to live with now. You don't have to make the same mistake, especially if you are young and have a career ahead of you.
My hope is that this article will help you never to make the same mistake. Here it is in a nutshell: I never saved at least 10% of everything I ever earned for a rainy day and then never touched it. I spent what could today have amounted to a tidy sum saved which would get me and my family through the current economic downturn easily. Who knew the world would turn upside down financially? Truth is, even if we cannot know the future those of us who plan for anything at all happening adversely come out the wiser. In other words, it doesn't matter what might happen - you cannot know what it will be until it happens - save at least 10% of what you earn and never touch it. Let it grow for you. One might say you've got to tap that reserve; nothing could be farther from the truth. A growing reserve acts as a catalyst toward never having to tap into it. Reserves properly cared for build capital upon capital through interest rates and compound interest over time. Tapping the accumulated wealth but not the principal or saved amount is possible, and going into the actual saved funds will not only deplete your cushion, it will change your whole attitude toward finances...and not for the better. No matter how hard life seems at times do not touch your reserves. You can make it through tough times by simply earning more money or cutting down expenses. When good times return you will have that reserve fund a little larger than before, and it will help you emotionally. If you are young, begin saving right now and do not touch it. When you are older you will see the wisdom of your ways more than you might today. If you are older and have not saved, begin saving today even though it may seem pointless. Time knows not what age you are, and interest rates on savings are better than having zero funds at all. Having money delivers to you a certainty that you can grow and keep prospering beyond any obstacles; lacking money saps the energy right out of you, not to mention your confidence level. In good times and bad cash is king, albeit in many forms. Whether saved as coins, gold and silver, stocks and bonds, or plain old cash...money works. Having no money never works. Trust me on that. For an easier life in both good times and for sure in bad times, save a cushion like 10% or more of all money you earn or obtain in your lifetime, and never fall back on it. Spending less than you earn builds confidence now and in the future, too.
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Contributor's Note
heralding the message of saving for a rainy day, a brief look into what not to do...
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This is probably the most important piece of advice anyone can give. I admire your courage for admitting it and for stating in public so that it may help others. It seems a little weird when one is saddled in debt, but I will pay more attention to saving from now on. Thank you!
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