saving success part 1
TRANSCRIPT
Save Over$100,000 in 15 Years or Less
SAVING SUCCESSPART 1
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Your Mission: Saving $100,000 in 15 Years
Reaching $100,000 in 15 years requires investing $300 per month.
The best way to reach that 15-year goal is to:1. increase income2. decrease expenses;3. increase assets.
Even though the process might sound complicated or impossible, it can be easier than you think once you know how.
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Formula for Saving $100,000+ in 15 Years
Decrease DebtIncrease Income & Assets
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What is an Asset? An asset is anything that is purchased or acquired for
the purpose of generating income in the future.
For example, a car would not be considered an asset because it will lose value (in most cases) as the years go by, due to use, wear and tear and so on.
Your home might or might NOT be an asset. Did you purchase it to live in for the rest of your life?
Or will you be selling it before you can start to gain equity in the house and feel the benefit of owning versus renting?
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These are assets:
Stocks Bonds
Investment Accounts
Retirement Accounts
Owned Business
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What is Debt?
Debt is the total amount of money that is owed.
Having $1 million in assets puts you in a better position than having $1 million in assets and $2 million in debt.
The solution is to possess Net Assets.
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Calculating Your Net Assets
YourAsse
ts
YourDebt
s
Net Asse
ts
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Strategies: How to Achieve Your $100,000 Goal
Budgeting & Saving
Investing
Managing DebtMinimizing the Effect of TaxesProtecting Your Wealth and Assets
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We will discuss each of these in turn.
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Planning Ahead“If you fail to plan, you plan to fail.”
-Napoleon Hill
What things are important to YOU in relation to the kind of future you wish to create for yourself?
More material possessions; better house, car?
A college education for your children?
Early retirement?
Your goals can be your goal posts to win big.
Decide on your goals so you have a realistic understanding of how much things will cost, and set your goal: Example, $100,000 in 15 years
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Budgeting & Saving Budgeting what you have coming in will
enable you to save.
Savings can then go to work for you in a number of ways to help you meet to goals you have in life.
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Tips for Budgeting Sit with your family at the beginning of each month and fiscal
quarter (end of March, June, Sept. and Dec.) and outline projected expenditures. Pay particular attention to unusual expense such as the holidays, birthdays, summers/vacation.
Compare how the expenses will match up to income.
List expenses in descending order from most to least, essential to non-essential, so you can see which ones consume most of your income.
Start looking for ways to tackle or cut down huge expenses like your mortgage and utilities.
What are you labelling as ‘essential’ that might actually be only optional? Eg, dining out expenses-if you cooked more each week, how much could you save? What could those savings add up to over time?
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Things to Consider when Budgeting
Annualize• Consider expenses
on an annual as well as monthly basis.
Be Prepared• Budget for
emergency expenses-3/6 months in the bank.
Plan for a Bright Future
• Budget for acquiring assets. Don’t spend every penny you earn.
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Tips for Saving:$300 a month is $3600 per year-you CAN save over $100k in 15 years or less with just this modest sum IF you save consistently each month and make smart decisions with your money
Include Tax Refunds and
Windfalls
Lightens the Monthly
Requirementhttp://eternalspiralbooks.com/save
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Finding the Funds: $300 per month
Use savings that you discovered when creating your budget.
Earn extra money in your free time: Provide services for others Blog about your favorite hobby. You can
monetize that blog in many ways. Work freelance Work as a consultant
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Finding the Funds: $300 per month is $10 per day
Combine methods and focus on smaller goal of $10/day.
Earn it: Provide a service.
Take it out of wallet; add to change
jar.
Save it: Skip
eating out.
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$10 a day does not seem so difficult now, does it?
The hard part is SAVING it and not spending it later, but investing it wisely.
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Learn more in Part 2
Saving Success
Save Over$100,000 in 15 Years or Less
SAVING SUCCESSPART 1To learn more, visit:
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