• Saturday, May 25, 2024
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BusinessDay

Building from your paycheck…

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Majority of the working class look towards their paycheck to meet their expenses and this is the attraction for pay job. But still, many have gained financial freedom from making savings from their paycheck. So for long term financial breakthrough, do not be carried away with what you can by today from you pay check, but what you can save from you pay check for future investments.

If that describes you, experts say you will always be struggling with your finance. Unless cash just falls out of the sky onto your hand, you’ll never get rich.

As long as you spend all of the money you bring in, in just a twinkle of an eye, you will always have financially problem. If you want something different than financial struggle in your life, you have to spend less than you bring in. Not just once, either.

Experts’ advice that if you want to be financially successful, there’s really only one thing you have to do. You just have to have some left at the end of the month and then have some more left at the end of the next month. Ideally, you’ll use it for something sensible, like building up an emergency fund in your savings account or getting rid of your debts or saving for retirement.

That’s where it all starts. That’s where it all ends. There is no secret. There is no magic technique. Many people look at the money they bring in as money that’s in their pocket, that they should be spending. If you look at your paycheck solely as money to be spent, you’ll never get there.

Instead, you need to look at that paycheck as a tool to get you to wherever it is you really want to be in life. Do you want a better place to live? Do you want freedom from all of this debt? Do you want some education so that you can have a better job? Do you want the ability to give your children every possible opportunity in the world?

The only way you get there is by letting go of the idea that the money you’re paid is just money to be spent.

Instead, every money you’re paid is a tool toward that goal. Every kobo you spend on something not leading to that goal is holding you back. some of your money does have to spent on the absolute basics like food and shelter, but it’s not long before you’re spending it on things you want rather than things you need.

Every time you do that, you take a step away from whatever you want in life. Getting there isn’t easy. No one has ever claimed that a path to a better life is easy.

That path starts with recognizing that your paycheck isn’t just money to be spent on unnecessary cause. Instead, it’s a partial ticket to your dreams, and every kobo or naira you spend on something you don’t need is taking you away from those dreams.