This week on The Wealthy You; being a collector of wealth, but not all the money you earn is yours.
Despite having an income that is 100%, that is you take home every dollar that is owed to you from your work, not all the money you earn will be yours to keep. Because you have a house or apartment that you pay a mortgage or rent to live in, the mortgage lender or your landlord will be having conversations with you if you don’t pay them. Same thing for transportation costs, and car loans. They expect to be paid for giving you their service and that is when your income starts to be divided, paying your bills for those companies service (money is a means of exchange). We all want to live in a structure to be protected from the elements and have a place to eat and sleep every day. We want lights and heat in the winter and cool air in the summer. We want entertainment. We want and need all kinds of things for us to not suffer in life. We afford these things by going to work or a job and providing a product or service for people who could benefit from those products or services. We are rewarded by our customers when they make a purchase. In a simple example; customers purchase a product or service from you or the company you work for, this puts money in your hands and pockets or the company you work for hands and pockets (then you get paid), then you collect for yourself first from that money that the customers paid you, then the rest of that money goes to paying your bills. The rest of that money is the money that is earned by you but isn’t yours. The money that you keep for yourself or pay yourself first and foremost is the money that is yours to keep forever. The rest will go to paying your bills so that you do have a place to live, sleep and eat every day and anything else you want to exchange the rest of your money in for.
Paying yourself first is the most important thing you will do financially in your life. You are your most important bill and your greatest asset. Without you, nothing in your life will ever get done. Reward yourself first for the things you do get done in life. Then use the rest of what you earn for your lifestyle. The greater your service is to society (provide them with something that is useful and beneficial), the larger your financial rewards will be. And the greater your financial rewards are, the more you should be paying yourself.
What could help is viewing yourself as a collector of wealth and value. Collectors, by their inherent nature, do not get rid of the things they collect. They usually put it on display and put a tremendous amount of time, energy and work to making it look nice and keeping it nice. Whether it is done for the public to view or just their family and friends to look at is a mute-point. The point is they acquire what is collected and keep it from being eroded, lost, stolen or taken away in some form. You can do the same thing with money, wealth and value. Don’t save money; collect money and wealth. Put your name on it and take ownership of it and collect it throughout your entire life. Saving money sounds boring, but collecting wealth is exciting and fun and is something you can do literally every day of your life.
Next week; make it a habit.
Become The Wealthy You!