It may be a little "cliche'" explaining money-making by using a well-known phrase from "The Godfather" but then again money-making isn't a perfected science and certainly The God Father had enough money now didn't he.
There are two things I want to emphasize by using the phrase from The God Father.
First, making money and building wealth are not always about how much cash is flowing in. I mean, if you have 10,000 per month coming in but you have 10,000 per month going out then let's face it you haven't gained any money that month. Of course not.
The fact is, that we need to gain wealth for our retirement, which means building it up. Yet not all of us are good at saving. So, lesson number one is simply this. If you have a little extra money, put it under your mattresses and forget about it. It doesn't exist. Change your mindset! It does not exist. Every time you have an extra $5.00 that is not immediately designated for something. Put is under the mattress! I don't care if you pretend that this is a dark whole that if you reach into it a monster is going to bite your hand off. Change your mindset so that you DO NOT TOUCH IT! Even if it is not drawing interest you are still saving! The key to saving is keeping money.
Remember, what I am talking about here is the key to saving....not the key to investing. Some people are horrible at saving. As soon as a dime gets in their hands, what do they do, they spend it. It burns a whole right in their pocket and VOILA.... it's GONE! And frankly, it's too easy to justify spending. But even if you put it under your mattress so it is never visible to you and in your sight all the time, then it will be there. Keep adding to it. Don't count it! Just keep adding to it and adding to it.
Second, let's take the meaning from The God Father's meaning in the book or the movie. It means, that we're willing to hit it hard, with all we've got. If it means getting a second job, we do it. If it means putting money into a Certificate of Deposit that we can't take out or we'll lose money, then we do it. If it means we invest in something long-term that we know will make us money if we leave it alone, then we do it. In otherwords, short of being illegal or immoral, we do whatever needs to be done to save that money and make it grow. If that means doing without something or eating a little less and paying ourself 10% of whatever we make each week before we do anything, then we do it.
Saving money and making money take dedication. Hey, if it were easy everyone would have a fortune.
Generally, the best thing to do each week is to pay yourself first. Pay yourself 10% of what you've made for the week, put it away and don't touch it. Invest it on something long term, put it under the mattress so there is no risk of loss, put it in a place that is not visible to you every day so that you won't be tempted to touch it. Keep enough money out only as required to meet necessary bills and costs. Be frugal! Go to the Matressesss!
Authored By:
Christopher A. Pearsall
Attorney-at-Law
70 Dogwood Drive, Suite 304
West Warwick, RI 02893
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