I grow up in a middleclass family. My dad worked as a teacher and my mom worked as a secretary for General Motors in Tallahassee, Florida. Before moving to Tallahassee, we owned a 520-acre farm. I was lucky to grow up with the freedom to run around and explore miles of open pastures with cows, pigs, and horses. The farm gave me inspiration to achieve tasks that challenged my age. I was only eight when I first started driving a tractor and eleven when driving the truck. The farm was a great way of life which taught me that hard work and consistent routines created success when doing my chores. Those same principles today have help me be successful. After moving from the farm, located in Quincy, Florida to the big city of Tallahassee, I began to get excited about money. At thirteen I started a paper route, at fifteen I was a dish washer for a sophisticated restaurant, and at sixteen I worked a summer job as an apprentice for an electrical company. I saved most of my money and bought a car. I continued to work through high school and college but for some reason I did not put any money aside to save for the future. I thought that once I received a degree from college, I would find a high paying job, and then I would start investing into my future to become a millionaire.
I can tell you; this did not happen. At thirty I was broke renting and just getting by, paying my bills. The only smart thing I did was get a college education.
If I only knew then, what I know today.
If I were only smart enough to invest in my early years, just think how it could have changed my life when it came to acquiring wealth. Well this did not happen. My advice to the readers is to save and invest as soon as you can. Which means create a plan how to reduce or pay off your debit and start immediately saving for the future. Where I failed, was refusing to save at a young age and not taking advice, from my parents. Not seeking out a mentor and not reading books on wealth creation. I also did not have a plan. I did not have any goals and did not write down a plan or road map on how I was going to achieve my goal, which was to be a millionaire by the time I was thirty. If I could go back in time, I would have read as many books as possible about wealth creation, developed a plan to achieve small goals to save money and seek advice from a mentor. I did none of these. I thought I was too smart, that I would figure it out when the time comes. I did not even understand the rule of compounding money or what an interest rate was.
Saving is the essential to acquiring what you want. Without saving you cannot establish a foundation for growing your wealth. Money is only a tool to get what you want in life to help yourself, family, or others.
Saving starts with a building a budget and then being able to control what goes in or out each month. By saving. this determines your future investments. The more you save the better chance you can have acquiring assets for the future.
Not only is it important for you to know about budgeting but also teach your children about budgeting, and how to acquire other assets. An asset is a property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies. The rich always create assets to grow their wealth. Liabilities is something in which someone is responsible, especially a debt or financial obligation. Here are some examples of liabilities, expensive toys, cars, home, and bills to maintain the home. The poor only focus on liabilities which make them struggle to get ahead.
Debt can be managed if you plan for contingencies and know the terms of what happens if you default on that debt. Wealthy individuals always build their wealth through good debt, which are assets, which starts with saving. Poor people exchange their time for money. Rich people use money to create more money. Which are You?
For more information on the rule of money you can go to www.DiverseInvesting.com or purchase The Road Map to Investing on Amazon.
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