SUCCESS LESSON 4: Save for the future

Dear Mr. CEO,

Let’s say you provide good services.  You have a good location which people know about.  You advertise well for your service. Your customers are pleased dealing with you. You have a sound plan to operate yourself. You are doing well. Seeing your neighbor doing well financially, you might wonder how your finance can be improved.

There are three cases when it comes to your finance:

  1. You spend more than you earn. In other words, no matter how much you earn, you are in debt.
  2. You spend all you earn. You have nothing left.
  3. You spend less than you earn. You have some savings.

Your company like any other company needs new equipments from time to time in order to stay productive and cope with changes. This equipment can be in many different forms: new knowledge that you must equip yourself with (books, seminars, workshops, classes), new vehicle to transport you, new clothes, …. If you spend more than you earn, you will not have any money left to buy what you need in the future when you need it. It’s wise then to put away a little money so that you will have enough to spend on things you need.

In addition, your financial future does not depend on how much you earn but how much you save. The more you save, the wealthier you will become. By having enough money to invest in new equipments that can earn you more money, you will be able to save more and become richer. Remember what Warren Buffett teaches: the more you learn, the more you’ll earn.

Benjamin Franklin wisely taught that a penny saved is a penny earned. When looking at your financial future, a penny saved is a penny invested.

To help you further, you can follow the instruction below to develop a good saving habit:

  1. Pay yourself 10% of what you earn. Let’s say you earn $1000 per month, put aside $100 into your saving. Whenever you receive a paycheck, immediately put 10% of that paycheck into a saving account.
  2. Look for investment opportunities to invest your savings.
  3. Only take money out of your savings when you absolutely need it.

Your business will prosper as you keep investing in new equipments that make you more productive. So save now for the future need.

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See you in the next lesson.

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PS: I addressed you as a CEO because You are really a CEO. You are the CEO and president of your own personal service corporation. You are the president and CEO of your own life. If you work for someone or some company, you provide your services to them in form of employment. If you are a business owner, you provide services to your customers. No matter what you do, you provide services. You are responsible for every aspect of your own company, yourself. And if you read my post, you are really capable of your own title as president and CEO of your own life.

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