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| Hajia Amuna Khadi, Borno Northern Nigeria Female Politician |
OK, it might be too
late for you to start saving young. We can’t go back. But you can certainly
teach your kids the importance of learning this trick. And I’m not suggesting
we scrimp and save to be able to save. Saving should be something we naturally
do.
I guess it’s a trick you learn quickly if you are self-employed – or not,
if you go bust. Every time you earn money you put some aside for VAT and tax.
Failure to do so means scrabbling around when the return is due and you have to
find it. If you put aside more than you need, the leftovers become the savings.
Obviously you only fail to do this once or twice before it becomes a really
easy thing to remember to do.
if you go bust. Every time you earn money you put some aside for VAT and tax.
Failure to do so means scrabbling around when the return is due and you have to
find it. If you put aside more than you need, the leftovers become the savings.
Obviously you only fail to do this once or twice before it becomes a really
easy thing to remember to do.
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“I don’t have to think too
much about it. It is a method I pass on to my children – spend half your pocket
money and save half. I hope they’ll find this an easy method to pick up, a sort
of savings muscle memory, so that they will have a quid or two when they need
it at university or whatever”
I find that it
is easier to have a ‘figure’ so you don’t have to think too much. My own figure
is 50 per cent. Anything I earn, I put half straight into a savings account. I
don’t have to think about this. I know that some is
for tax and some is for VAT and the rest is for savings. Every now and again I
transfer the balance of what’s left to a second savings account – a sort of
super savings account. From the super savings account I can transfer money to a
pension fund, ISA (Individual Savings Account) or whatever.
is easier to have a ‘figure’ so you don’t have to think too much. My own figure
is 50 per cent. Anything I earn, I put half straight into a savings account. I
don’t have to think about this. I know that some is
for tax and some is for VAT and the rest is for savings. Every now and again I
transfer the balance of what’s left to a second savings account – a sort of
super savings account. From the super savings account I can transfer money to a
pension fund, ISA (Individual Savings Account) or whatever.
This,
for me, is an easy way to save. I don’t have to think too much about it. It is a
method I pass on to my children – spend half your pocket money and save half. I
hope they’ll find this an easy method to pick up, a sort of savings muscle
memory, so that they will have a quid or two when they need it at university or
whatever.
for me, is an easy way to save. I don’t have to think too much about it. It is a
method I pass on to my children – spend half your pocket money and save half. I
hope they’ll find this an easy method to pick up, a sort of savings muscle
memory, so that they will have a quid or two when they need it at university or
whatever.
I really wish I
had (a) started saving young and (b) been taught to do so. Lots of really
prosperous people have said that they had wealth management drummed into them
from a very early age. It seems to be an essential part of prosperity gaining.
had (a) started saving young and (b) been taught to do so. Lots of really
prosperous people have said that they had wealth management drummed into them
from a very early age. It seems to be an essential part of prosperity gaining.
I am fascinated
to watch my own children learning about money.
to watch my own children learning about money.
There does seem
to be a genetic predisposition for spending or saving. We treat all of them identically
when it comes to money but one child finds it easy to save; another is a fanatic
spender and couldn’t save anything to save himself; and one is oblivious to
money either way.
to be a genetic predisposition for spending or saving. We treat all of them identically
when it comes to money but one child finds it easy to save; another is a fanatic
spender and couldn’t save anything to save himself; and one is oblivious to
money either way.
I’m a great believer in making changes to correct
basic flaws in one’s upbringing. It’s no good sitting around blaming others,
you have to change it. I have to take responsibility and train myself.
Obviously this doesn’t apply to being tidy.
basic flaws in one’s upbringing. It’s no good sitting around blaming others,
you have to change it. I have to take responsibility and train myself.
Obviously this doesn’t apply to being tidy.
From The Book; The Rules of Wealth by
Richard Templar
Richard Templar
(Read Rule
28 of Rule of Wealth tomorrow on Asabeafrika)
Read-to-Wealth Series
28 of Rule of Wealth tomorrow on Asabeafrika)
Read-to-Wealth Series
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