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27 - Saving Money

Saving money is one of those things most people don't find sexy. It's sexy to spend money on a new apartment, car, or house. But is it sexy to earn money and put it in the bank without spending it? The obvious answer is no. But you must confront this question yourself. How can I make saving money sexy so that I have money when I need it. It's easy to spend money. It feels good to spend money. To get something new can change your life for a day or two. Even longer if you get a new car for example. You must recognize how spending and saving money makes you feel. For some people, they will feel really good spending money. For other people, they get less of a dopamine kick. If you are a person who gets a big dopamine kick from spending money, you must recognize this and quell it every time you find yourself spending money. Because if you don't, you are going to save little and when you hit a rough patch, which is inevitable, you are going to be in trouble.


I also like this saying save <40% it will be hard to become rich. Save 60-70% to invest to become rich. Save 75%+ and you are a cheap skate. Don't worry about labels people might give you. Most of the time, people are just jealous of what they aren't or don't have. In this case it's the discipline to save and invest their money. You need to be frugal to have money, there is nothing wrong with being frugal. Hopefully your focus is on your work and not your paycheck. When this is the case, it's easy to save money.


If you want to talk about saving your money this is something I have thought about deeply. I practice saving 95% of my business income and taking out 5%. I know how important saving is to make something profitable and sustainable. Please don't hesitate to reach out if you have questions regard saving money or operating a company. The more you are able to keep in the business, the faster you can grow that business. That is why I recommend keeping as much in as possible.

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