F-O-R-T-U-N-E Personnel Job Ads Removed Quickly The 40 Percent Rule

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The 40 Percent Rule

What is the 40 percent rule? Well, for starters it’s a game changer when it comes to building wealth. I have read over 100 books on investing and personal finance. I don’t remember coming across the 40% rule. I discovered the rule by reading The Millionaire’s Handbook by Grant Cardone.

I got excited when I read it. It offers a different perspective on wealth creation. An aggressive game plan to help you become a millionaire. One concept is saving to invest. Don’t save to save. That’s where the 40% rule comes into play. Save 40% of your gross income and put it into yours “Sacred Accounts” until you’re ready to invest it to create more income. Sacred accounts are accounts where you never touch the money.

40% of your income is some major cheese from your salary. This is a huge lifestyle change, especially if you live paycheck to paycheck and are heavily in debt. This will leave you broke most of the time, but that’s how the rich build their wealth. This is how the rich stay… RICH.

Rich vs. Rich

There is a difference between rich and wealthy. You get rich before you get rich and as Chris Rock said, “The ball player is rich, the guy who pays the ball player is rich.” Bruckminster Fuller said that wealth is measured in time. How long can you not work while your assets produce income? Wealth produces more wealth and can weather economic downturns. Look at how many people stayed rich during the past recession.

How to make the 40 percent rule

First you decide that you are going to start building wealth. It’s simple not easy. Take baby steps. At first, I couldn’t save 40% and was already investing 20% ​​of my income to pay off my debts. So I started with 4%. It was manageable and I went up gradually. Now it’s automatic and I don’t even miss it.

If you read The richest man in Babylonby George S. Clauson, then you know, “A part of everything you earn is yours to keep”. Save 10% of your income and 20% to pay off your debts. Now increase your savings up to 40%. As I said before, it’s a game changer.

Sacred Accounts

Remember this is building wealth. You’re saving so you can invest in income-producing assets. This will take time. Use your time wisely. Look for investments that will produce multiple streams of income. I chose real estate because it’s not a fad and it depends on technology. People need to shop, eat and live. Real estate takes care of that.

Emergency fund

I suggest you have an emergency fund. Start with $1000. It’s for emergencies only. Life always brings a crisis several times a year. But since having an emergency fund I haven’t had any financial emergencies. I have had this for several years. I’ve never had to dive into it. This is not an investment. It’s money to take care of the unexpected.

Your income increases

Set aside all your bonuses, raises, and income increases. Put it in your sacred accounts. You don’t want expenses to increase to meet income. Continue to drive a wedge between expenses and income. Put all your raises into the sacred accounts.

Press the trigger

After some time you will have enough to start investing. I don’t know how long it will take you. I know my mentor saved up for 8 years before pulling the trigger. He turned that investment into a $5 million dollar profit a couple of years later. He pulled the trigger after feeling confident and made sure he could get his money back. This is not gambling.

He got a great deal because he had access to cash. Money loves speed and when you are liquid you can seize opportunities. There are fantastic deals every day that people lose because they don’t have access to capital. This is why saving to invest is so important.

Just get started

Here’s what you need to do now:

1. Open your sacred accounts. (I have one for real estate and business investments). Choose accounts where you won’t have instant access to the money. Online savings accounts are great and pay higher interest rates.

2. Decide how much you will save. Start with your first salary, commission or any other income. Even if it’s 1%, it’s better than nothing. It’s easier if you have automatic deductions. That way you won’t miss it.

3. This is a lifelong business. Continue until you die.

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