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BOOK EXCERPT
📖 Making More Money Means Nothing If You Spend It All!
Excerpted and adapted from the book Retire Before You're Supposed To Retire by Bart Smith.
Reprinted by Permission.
Keep More of What You Earn: Spend Smart, Save & Pay Yourself First!
Folks, let me ask you something. WHAT GOOD IS MAKING $100,000 A YEAR IF YOU SPEND $105,000? HAHAHA!
Seriously! You could be the most talented salesperson in town, own a profitable business, land a terrific new job, and generate additional income from several different sources. But if every dollar disappears as quickly as it arrives, how much closer are you to financial freedom? NOT VERY!
Here's something I want you to understand: YOUR FINANCIAL FUTURE ISN'T DETERMINED SOLELY BY HOW MUCH MONEY YOU MAKE. IT'S ALSO DETERMINED BY HOW MUCH YOU KEEP AND WHAT YOU DO WITH IT!
You can develop your skills, increase your earning power, create opportunities, and build multiple sources of income. Wonderful! But now we need to protect some of those earnings from the world's most persistent money collector.
YOUR OWN SPENDING HABITS!
Because nobody can spend their way to financial freedom!
EARN IT. KEEP IT. GROW IT. PROTECT IT. LIVE OFF IT!
That's the financial philosophy I want you to remember throughout my retirement book.
EARN IT! Develop valuable skills, work, sell, solve problems, and create income opportunities.
KEEP IT! Control unnecessary spending, manage debt, and retain a meaningful portion of what you earn.
GROW IT! Learn how saving and investing can help build assets over time.
PROTECT IT! Prepare for emergencies, financial setbacks, unexpected expenses, and unnecessary risks.
LIVE OFF IT! Eventually, work toward having sufficient reliable financial resources to support the lifestyle you want without depending entirely on a paycheck.
Notice something? YOU CAN'T GROW AND PROTECT MONEY YOU NEVER MANAGED TO KEEP! And THAT brings us to one of the most valuable habits you could ever develop.
PAY YOURSELF FIRST—BEFORE EVERYBODY ELSE GETS YOUR MONEY!
Most people get paid, pay their bills, buy groceries, eat out, purchase a few things, enjoy themselves, and then decide they'll save whatever remains.
HAHAHAHA! AND HOW MUCH USUALLY REMAINS?
Sometimes NOTHING!
Here's a better approach. When your paycheck or business income arrives, deliberately direct an affordable portion toward your financial future BEFORE spending it on optional purchases.
That might mean building emergency savings, paying down expensive debt, contributing to a retirement account, or saving for a worthwhile financial goal. The appropriate order depends on your circumstances.
DON'T MAKE YOUR FUTURE COMPETE WITH EVERY IMPULSE PURCHASE YOU ENCOUNTER!
Start with whatever amount you can realistically afford. Perhaps it's $10, $25, or $50 per paycheck. As your income improves or expenses decline, investigate increasing that amount. If your employer offers a retirement plan with matching contributions, learn its requirements and consider that benefit when choosing your priorities.
YOUR MONEY MOVE: Arrange an automatic transfer to a separate savings account on payday. Choose an amount that doesn't jeopardize essential bills, then increase it when your finances allow.
As I like to say:
"Don't save what's left after spending. Learn to spend what's left after you've taken care of your financial future!" — Bart Smith
FINAL WORD
Earning more money can create opportunities. But keeping a portion of what you earn is what gives you something to save, invest, and protect. You don't have to become wealthy overnight. You DO have to start treating your future like it's worth paying for!
(THIS CONTINUES IN THE BOOK)
LEARN HOW TO RETIRE SOONER THAN LATER ...
This article is adapted from Retire Before You're Supposed To Retire! by Bart Smith. Discover how to prepare financially for retirement, create your personal action plan, and make more time for the things that make life worth living.
Inside this practical, motivating book, you'll explore ways to increase your income, keep more of what you earn, eliminate costly financial mistakes, understand investing, build multiple income streams, and protect your financial future. From understanding credit and debt to creating your own retirement roadmap, you'll discover valuable lessons, real-world examples, thought-provoking questions, and actionable strategies you can start putting to work TODAY!
WHY SPEND 40 OR 50 YEARS WORKING IF YOU MIGHT NOT HAVE TO? Whether you're 18 and just getting started, 45 and trying to catch up, or approaching retirement and wondering what's next, this book will challenge you to think differently about money, work, and financial freedom. Your future deserves a plan. Your time deserves protecting. And your life deserves LIVING!
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