A Better Way To Save
Estimated Lesson Time: 3 minutes
There is an age-old piece of wisdom passed from generation to generation that essentially says if you want something, save your money and buy it. We hear it all the time today. Phrases such as “I am saving up for...” or “saving for a rainy day.” To save is wise, however, the way most people save is not. Most people see their income, and income potential, as limited. Thus, the only way to start saving money is to cut back on spending. There is a better way—make more money.
When you save money by “cutting back,” you are working with very limited resources. For example, if you make $50K per year and have $10K per year as “disposable income,” this is essentially all you can possibly save. Also when you save by cutting back, you are, in practical terms, reducing your quality of lifestyle. Giving up the little luxuries in life can be damaging to your self-esteem and positive mental attitude. By making more money, you are increasing your net worth, forcing yourself to think creatively and discover new opportunities, and continuing to spend your extra money on those luxuries in life that we all enjoy so much. Most of all, you are proving to yourself that your income potential is not limited and was not maxed out.
There are many ways you can use an extra source of income as savings versus cutting back. Here are a few ways:
- Get a part time job. If you have the time, look for a part-time job. Choose one where you can learn a skill, trade, or other information that will be helpful in your life’s specific purpose. Don’t only work for money, work for knowledge.
- Start a side business. This is easier now than ever before in history. You do not need a business degree, just a good idea, persistence, and perhaps a little start up cash.
- Become an affiliate. The Internet is loaded with opportunities for people to market products from their homes without investing any money, stocking inventory, or even dealing with finances. Affiliate programs can be a great way to boost your income. You can find affiliate programs all over the Internet.
- Ask for a raise. When was the last time you’ve asked for a raise? Do you deserve a raise? Ask with confidence, and you may be surprised how often you get it.
- Find a way to increase your existing business. If you already have a business, how can you attract more customers? How can you sell your customers more product? How can you keep more of your revenues as profit? With a business, there are many ways to tap into extra income.
Realize that your income potential is unlimited, even if your boss tells you otherwise. You are in business for yourself no matter who signs your paycheck. Use your labor, skills, and/or creativity to increase your income to save for the things you desire in life that cost money.
Take Your Year To Success To the Next Level
If you like what you are reading, please consider these options in addition to this course. They include a hardcopy of the book and an intensive course with action steps, assignments, and personal coaching from Bo.
- Buy the Book. Year To Success - Available in hardcover, signed by the author. Also available in ebook, paperback, and audio from Amazon.com.
- Enroll in Bo's Life Mastery Online Course. This is a course that covers hundreds of life-enhancing topics that they never taught in school, but should. This is more than a course on self-improvement; it is a course on mastering life.
Some discussion questions (some may not apply to this lesson):
- Have you implemented this idea in your life? How has it been working for you?
- Do you have any interesting stories related to this lesson? Do tell!
- What do you admire most about this person? (success biography days)