Listening to: Be Obsessed or Be Average – Grant Cardone
We’ve always been taught to save save save. A penny saved is a penny earned. I think the idea is to not be frivolous with your spending is a great one, examine all the things we want to buy but this misses the mark by just a little bit. What we should be focused on is how we can grow grow grow. Where we should be spending our money is on ways to grow that top line. Regardless of whether it’s for a business or for yourself. Focus on getting more income first so that you can have the ability to save later. Now that doesn’t mean go out and blow your money on useless crap, but spend your hard earned money on things that will help you get more hard earned money.
Let’s say you want to save first and you’re able to save 10%, or even 20%, of your income, which is considered great by today’s metric. 20% of $59,000, which is the median household income in America, is only $11,800. Sure, $11,000 isn’t a small chunk of change for most people but if you’re goal is to become a millionaire, because why not, it would take you 90 years to reach that goal! And that’s only if you’re consistent, and even able to save 20%. Now let’s say you’re able to grow your income to $150,000 a year, and you’re able to save 10%, which is much more modest. You’re now saving $15,000 a year. It would take you 66 years to get to one million dollars, and if you can save 20% cut that time in half. Sure, you might be think “I don’t need a million dollars” or “money can’t buy happiness” and you’re right, but it can definitely give you and your family more opportunities to do the things that will make you happy. And the point of this message isn’t for you to make a million dollars your goal. If you’re happy where you are and just want a little bit more, a little bit more flexibility, a little bit more security, a little bit more nice things, then focus on growing that top line.