In the never-ending quest to save more money, people are constantly looking for innovative strategies. From tight budgets to the latest internet-inspired life hacks, the pursuit of financial security is a constant race.
money thieves
If your goal is to establish a solid financial future, millionaire and renowned author David Bach has outlined a simple formula on his blog to set you on the path to wealth.
Jump to
- What did Mr. Bach advise?
- What are Mr. Bach’s three rules?
What did Mr. Bach advise?
According to Bach, the key is to prioritize paying yourself first, saving just one hour of your daily income, a strategy that can pave the way to prosperity.
The New York Times bestselling author and self-made millionaire suggests saving at least 14 percent of your income.
Unsplash/Representative image
“You are going to work 90,000 hours (about 35 years) throughout your life. It would be best if you kept at least one hour a day of your income,” he wrote on his blog.
What are Mr. Bach’s three rules?
He shared three rules for becoming an automatic millionaire and detailed the process on YouTube:
Pay yourself first. Pay yourself the first hour a day of your income. Make it automatic.
According to Bach, paying yourself first means that you are the first to receive a share of your earnings.
shutter
Explains the “one hour” savings rule by considering various expenses such as taxes, housing, healthcare, groceries, credit card payments, and transportation. After covering these costs, many people struggle to have money to save.
Mr. Bach says, “I want you to keep the first hour of your income day. So from 9:00 a.m. to 10:00 a.m., that time is for you.”
And he explained: “You are going to work 90,000 hours (about 35 years) throughout your life. Most Americans reach the age of 60 and have nothing to show for it. You will have at least a million dollars in your retirement account yes First you pay yourself, one hour a day of your income.”
For more trending stories, follow us on Telegram.
Categories: Trending
Source: vtt.edu.vn