Saving Success Part 1

Save Over$100,000 in 15 Years or Less

SAVING SUCCESSPART 1

http://eternalspiralbooks.com/save

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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


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.


$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:

http://EternalSpiralBooks.com/save

Economy & Finance

Saving Success Part 1