Are you worthy of 10% of your income?!
Just.... 10 teeny weeny percent???
By Ronika Haldane
April 15, 2017
For so many people, the idea of saving money is laughable. This is even more so for those that don’t save enough to pay their bills. The notion of putting down a certain percentage of one’s income in savings sounds hard for so many people.
Did you know that MOST people think that they are not worthy of a mere 10% of their income. Under normal circumstances, a worker is worthy or 20% or even more of his/her income. It is even more ironic that most people spend way more than 10% of their money on irrelevant items. By the time most folks realize that they need to save part of their income so they can live a better life it’s almost too late to make a significant difference.
Young people are resistant to this notion of saving. The idea of creating a cushion for he future but starting young is truly the answer. Saving money is worth the effort. It gives you peace of mind and more options.
WHATS IN IT FOR YOU?!
- MORE OPTIONS!
One of the biggest advantages of saving money is that you get more options on what you want to do and how you want to live. What experiences you want to have. If the economy goes crazy like it did in 2008- 2009, no big deal. You’re ready. And you can face it with peace of mind.
If you are working in a job that drains you, saving will allow you to take some time off and find something that you can do.
Imagine if, for whatever reason you need to move from your home – maybe to a ‘safer’ neighborhood. If you are financially ready thanks to a savings account you don’t have to spend more time than is healthy in that place or predicament.
If the neighborhood you are living in is an unsafe one, then the only way you can afford to move out to a safer one is by saving because you’ll need enough for a deposit on a better apartment or a down payment on a nicer home.
If you are sick and need expensive healthcare that your insurance doesn’t cover, the savings you have made over the years will come in handy in covering for your medical expenses. Even though savings doesn’t solve everything, it gives you more options in times of need which equates to Peace of Mind.
According to some reports most Americans can’t come up with just $500 upon demand. This is very alarming and will definitely cause some folks sleepless nights. Without savings, you will keep wondering how you’re going to pay the rent. And again, the same people may religiously get a $5 latte every day!
So, why is it so challenging to save money instead of latte it?! Does it really boil down to a subconscious feeling of lack of worthiness? Whatever underlying belief system is leading you in this pattern might be something you want to consider releasing! Dig in and face the inner voice giving you expensive advice! Face and silence that voice with some of the many tools out there to process your feelings and reprogram your belief system so that saving money is something you do easily.
AND THEN – MAKE MONEY OF YOUR SAVINGS!!
Aside from investments, saved money can make you extra money. In a savings account, you can earn 1% interest annually and consider inflation, it will likely reach around 2% to 3% per year.
Enough savings allows you to start saving money in a tax-advantaged retirement account. With the money saved in accounts, such as a Roth IRA or 401(k), you can invest in the stock market. If you do things right, you can earn as much as 8% annually in the long run.
Conclusion
The mistake that most people make, especially the young ones is that they don’t consider savings to be very important. By the time they realize this, they are well into their fifties, by which time it is late to hit the expected target unless you’ve got an extraordinary plan AND comfort and skill at the law of attraction to turn things around to our favor!