The law of savings

Financial freedom comes to the person who saves ten percent or more of his income
throughout his lifetime.
One of the smartest things that you can ever do
for yourself is to develop the habit of saving
part of your salary, every single paycheck.
Individuals, families and even societies are stable and prosperous to the degree to which they have high savings rates. Savings today are
what guarantee the security and the possibilities of tomorrow.

Start With Yourself
The first corollary of the Law of Saving comes from the book The Richest Man in Babylon by
George Classon. It is to "Pay yourself first."
Begin today to save ten percent of your
earnings, off the top, and never touch it. This is your fund for long-term financial accumulation
and you never use it for any other reason except
to assure your financial future.

Develop New Habits Regarding Money
The remarkable thing is that when you pay
yourself first, and force yourself to live on the
other ninety percent, you will soon become
accustomed to it. You are a creature of habit.
When you regularly put away ten percent of your
earnings, you soon become comfortable living
on the other ninety percent. Many people start
by saving ten percent of their income and then
graduate to saving fifteen percent, twenty
percent, and even more. And their financial lives
change dramatically as a result. So will yours.

Take Every Advantage
The second corollary of the Law of Saving says,
"Take advantage of tax deferred savings and
investment plans." Because of high and even
multiple tax rates, money that is saved or invested without being taxed accumulates at a
rate of 30% to 40% faster than money that is
subject to taxation. Self-made millionaires,
according to Dr Thomas Stanley’s book The
Millionaire Next Door, are almost obsessive
about accumulating their funds in assets such
as real estate, self owned businesses and
equities that increase in value without triggering
tax liabilities.

Action Point.
Cash accumulation plan
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Cooperate saving plan.
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Children Education plan
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