Develop the Mindset That Transforms You Into a Millionaire | Jim Rohn | Big Money Investing Review

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did you know that American Airlines saved about forty thousand dollars just by removing olives from the first class lunches and Bank of America’s financiers by reducing the paper density of ATM checks by 20 managed to save over 500 million dollars a year by doing so these are some great examples of how saving the little things allows you to accumulate capital think about it there was a lot of money lurking in such a small change you’d be surprised but the average person can also find thousands of dollars in their pocket all this thanks to the secrets I will reveal in this video today welcome to the main channel on finance subscribe right now if you want to find out all the financial secrets when thinking about economizing and saving your money you should clearly understand what you were doing it for to do this it’s better to set goals of course giving up a cup of coffee or a cake you can’t save up for a house but you can buy a smartphone or go on a weekend trip so the goal should be achievable it will be even better if your initial goals are so simple that you have to save and set aside only a couple of weeks or a month to achieve them after all such small victories will only encourage you to move on towards something bigger so right now share in the comments some easily achievable goals and in a couple of weeks if you succeed like your comment it will also be right to understand the reasons behind saving after all some of us believe that the end does not always justify the means and some are simply not ready to give up small expenses today and afford something big tomorrow there are three main reasons why you should economize and save up first it’s your safety cushion a great example would be the period from 2020 to 2021 the whole world literally froze while Ultra successful entrepreneurs clung to their savings look back on these events there is a lesson to be learned anything could happen and it’s good when you don’t have to worry about finances second remember more money means more freedom of choice in this case it is worth thinking about all areas of your life after all we are constantly choosing between working for yourself or for your boss taking a vacation on the islands or out of town and in each of these aspects our finances play a crucial role so your freedom of choice will absolutely equal your savings and last but not least saving is about the future it’s about securing your children’s future as well as a prosperous retirement then having outline goals are armed with reasons to save up the question is where do I start with controlling your income and expenses of course financial literacy should be your foundation for building a saving system the first obstacle may be thoughts about the complexity of the process but these days it’s a lot easier than it might seem you don’t have to write anything down or keep any records there are a lot of apps that can help you with this you only need to enter data about your income and the program will analyze your possible expenses also start paying for small purchases with a bank card on which you previously set the spending limit for the day all this will take you a few minutes and the result will not take long another thing is the fear of denying oneself anything some see saving for the future as limiting themselves in the present the American behavioral Economist benarzi known for his research on retirement savings has long tackled this problem he invented and developed the save more tomorrow strategy the bottom line is very simple a step-by-step increase in savings every time you get a bonus or a raise you save more simply put as your income increases so does your savings percentage your expenses in turn remain at the same level so you’re not limiting yourself while gently increasing your savings the only downside of this strategy of course is that your income may not increase and you still want to save money in that case it is worth resorting to a financial philosophy popular speaker and business coach Jim Rohn once said the philosophy of a rich man differs from that of a poor man in the following ways the rich man invests his money and spends what’s left the poor man spends his money and invests what’s left don’t keep all your finances in an envelope properly invested money generates passive income it is also worth understanding that passive income is not only a replenishment to your budget but also money that will work for you when you are no longer able to work having such an income is a great goal but the question of investing money should always be well thought out it is equally important to turn the boring and emotionally difficult process of saving into something more enjoyable and simple to make saving more fun you need to set and Mark Financial Milestones along the way for example if you’re trying to save twenty five thousand dollars in an emergency fund you might consider breaking it down into five thousand dollar pieces then you should have a glass of champagne or enjoy a nice dinner reasonably of course rewarding yourself for achieving each piece depending on your goal saving money can take a long time so add some fun along the way by rewarding yourself each time you reach the Milestones rewards aren’t the only things that can make saving up fun though sometimes all you need to do is trick your brain into doing the simple thing of global results pull the five dollar trick this method was revealed by Amy Spencer thiemen who blogs about personal finance her best friend shared a money-saving trick with her every time she got five dollars whether it was changed from shopping or tips from her bartending job she would put it in a container in her house no matter what she said if she got five dollars it went in the container at the end of the year she had four thousand dollars there Spencer thieman says she started doing the same thing and within three months she had twelve hundred dollars it’s funny how when you do something as simple as putting away a certain dollar amount there’s a psychological trigger in your brain you don’t think you just do it it’s almost a game she says the point is to pick out the small bills you get for Change and instead of spending them put the bills in an envelope or piggy bank no matter what the denomination is I assure you that after six months you will set aside a large sum of money if you don’t have any fears and saving is something you enjoy you can resort to more radical methods shell Singletary a financial advisor for the Washington Post introduced the term Financial diet she developed it as a way to get rid of credit and learn how to budget its Essence is very simple a person pays only for the essentials food medicine utilities at the same time excluding all unnecessary expenses any paid entertainment expensive and unnecessary products going outs visits to beauty salons new clothes and shoes trips by car or cab gifts for holidays any other purchases you can easily do without of course the method is too radical and not everyone will like it but Michelle herself claims that the financial diet should last only 21 days this period is enough to form the right financial habits do not forget that you should approach Financial issues wisely because radical methods can play a cruel joke on you you need to squeeze to the best of your ability and if there is nothing else to save look at the problem from another angle the question of your savings directly depends on your basic earnings and additional income it is everyone’s Choice whether to cut back on the expenses or to rely on their income and the process of saving and accumulating in any case it is a great struggle with yourself with your desires and whims the main thing is to come to the idea that without a lack of self-discipline you cannot achieve some kind of financial literacy you have to constantly step outside your comfort zone learn to clearly form goals and desires not to stop on the way to their realization control your income and expenses try different methods and strategies praise yourself for small victories and avoid significant defeats and good luck it’s the main channel on finance subscribe and get rich foreign

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