Kostenloses Dokument: 5 Tipps wie Sie Ihre Geldausgaben optimieren
Grobe Voransicht des Dokuments: '5 Tipps wie Sie Ihre Geldausgaben optimieren' (Teil 7):
He needed it to make his business to grow and now his charity needs it to help
those it cares for.
Like any successful business or charity, the money we have earned is like blood,
we need it to be healthy and grow. Pay Yourself First then pay those you owe –
Create the Vacuum
Summary - The Keys to a Successfully Paying Your Self First
- Build it into your AIP so it happens at the start not the end.
- Do it! Even when you feel you might not be able to make everything
balance.
© Steve Chitty 2011
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5. Create Fat in the System
In summer a good farmer will set aside some paddocks to be made into hay. He
will store the hay away in a barn knowing he is very likely to need it at a later
date. When winter comes and feed is scarce, he goes to the barn and draws
upon the reserves he had the foresight to put aside in the good times. This hay
provides the farmer with a safety net to get him through winter.
One of the secrets to keeping more of the money that we earn is to think like a
farmer. In the same way a farmer stores away hay we must store some of the
excess we earn to create fat in the system. This fat in the system will serve as a
safety net in financial 'winters' (e.g. tight months, unforeseen expenses, tax bills,
etc).
Let's consider both Sarah and Tony;
Sarah is on a good income of $100k; she lives within her means and
has her own house. However she has not implemented an AIP nor
practices the principle of pay yourself first. As long as everything is
going smoothly her finances are ok. However, it doesn't take too
much to create unnecessary stress in her finances. Recently she
had to make some repairs to her roof and needed to find a spare
$6,000, money she simply didn't have. Unfortunately the only way
she could cover this was by making a drawing on her mortgage,
which in turn increased her debt and increased her repayments.
Contrast this to Tony who receives an income of $70k. He also lives
within his means and has his own house. However Tony has taken
the time to carefully implement an AIP. He pays himself first and has
even set up a designated savings account at another bank that he
calls his 'safety net'. Tony recently experienced a family crisis which
© Steve Chitty 2011
22
meant he needed to take leave from his work and travel to Australia
for a couple of weeks to care for his brother. Although this is
understandably stressful and financially demanding, he is very
grateful for the safety net he has built. Over the past 18 months he
has built up a surplus of $5000 which he is now able to call upon.
Tony has created fat in the system that will help him manage this
unforeseen expense.
How much is enough fat in the system?
The answer will vary from person to person, however a question you may find
helpful is …
"Could you comfortably absorb a 10-15% increase on your financial
demands?"
If the answer is no then you may not have enough fat in your financial system.
Some practical ways to build fat into our system include;
ı Regularly siphoning off money to a designated account. (Some people
like to have an account at arm's length that they 'forget about' and can't
access easily.)
ı Trim unnecessary expenses form your spending
ı Leave more than we need in our working accounts. (Only do this if you
have excellent self discipline!)
ı Have a credit card stored for emergencies only (again only for the highly
self disciplined)
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What you do will depend on your preferences, your strengths and your
weaknesses. It may take some experimentation to discover what methods work
best for you but the principle of creating fat in the system works for us all. Make it
common practice to build fat into your Automatic Investment Plan.
Summary - The Keys to a Creating Fat in the System are
- Put extra aside when times are plentiful. (Like a farmer)
- Set aside a separate account or keep an excess in your working accounts
(or a mix of both)
- Minimise your expenses
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Conclusion
Some time ago I met a couple in their 40s who both earned average incomes
and lived in a converted garage in a 'rough' part of town. When I arrived at their
place I assumed they wouldn't be very well off at all. As we chatted I discovered
that they had built up a very healthy
Grobe Voransicht des Dokuments: '5 Tipps wie Sie Ihre Geldausgaben optimieren': Teil 1, Teil 2, Teil 3, Teil 4, Teil 5, Teil 6, Teil 7, Teil 8