By Kemo Barrow
Anyone who reads one of the most fantastic and outstanding books, Think and Grow Rich penned by Napolean Hill will have come across a chapter on the Principles of Budgeting your Time and Money. The chapter nails a coffin on the rewards one reaps from maintaing the Habit of Savings. Napoleon Hill teaches us how to wisely spend time and money, which are both precious in our lives. Anyone who follows Hill’s advice will no doubt triumph. Think and Grow Rich is a masterpiece book that will generally lead you to the Road to Success.
Another book that teaches invaluable lessons on establishing, developing and maintaining a systematic saving habit is The Richest Man in Babylon. The author George S. Clason states that “the first cure for a lean purse is start thy purse fattening.” Clason is simply advising us to first pay ourselves nothing less than 10% of our income or earning. Imagine how much you will gain in twenty years if you can put aside one-tenth of your income every month. Where will you be financially? To get a good insight of this principle, be a friend of The Richest Man in Babylon.
Savings can be difficult for most of us, taking into consideration our limited income and overstretched financial obligations or commitments. However, if we follow the advice stipulated in the two books above, we will surely put to rest our daily financial struggle. There are many saving strategies adopt. So the magic lies in which one works best for you. But one of the outstanding saving programs that has taken precedence over all others is the 52 weeks Saving Challenge. Research for yourself this concept, you will be glad you did. This challenge is simple. All you need to do is to start Week One with a Dollar, Week Two two Dollars and so forth. By the end of the year (52 weeks) you will end up with $1378.00 in your savings account. Repeat this process for 10 year, you will end up with $13, 780. Imagine what can you do with that substantial amount of money! Perhaps build a beautiful retirement home in the Gambia! Supplement kids’ college fund, take vacation to Senegal or open a brokerage account at E-Trade to begin your journey to wealth accumulation. The list of choices is endless.
For more information about the 52 Weeks Saving Plan or Challenge go to www.bankrate.com/52 weeks money challenge.
You can turn to the Internet to search for alternative saving habit that suits you. You can also design your own saving plan. I love any saving format that you allows you the opportunity to monitor progress. Truthfully, any saving habit or concept requires self-discipline, consistency, and simplicity.
Saving is a habit that is as old as the Earth. Let’s make it a priority and adopt The 52 weeks Money Challenge.
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