Posts Tagged ‘save’

“Persistence and self-reliance that are keys to professional success and building wealth over a lifetime….

Every bit of wealth you save earns you more freedom….

Taking responsibility means understanding where your money comes from, where it goes, and how to put it to work. And it means building up the kind of wealth that helps you sleep well at night and have the freedom to make the choices you want to make.”

-David Eifrig

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Great Seeds

Posted: September 20, 2018 in Thought for the Day
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"If you cannot save money then the seeds of greatness are not in you." -W. Clements Stone
  • Despite the long bull market, more Americans today have more debt than money in the bank than at any point since 1962, according to Deutsche Bank.
  • American household savings levels are at levels last seen in December 2007… right before the economy slipped into a recession that spurred the global financial crisis.
  • And total U.S. consumer debt – credit cards, auto loans, and student loans – just surged by the most in two years to $3.8 trillion.
  • And government debt is creeping toward a $1 trillion deficit per year. The national debt has topped $20 trillion.

 

If these folks can’t save or make their payments in a strong economy… how will they do it when interest rates go up and the next inevitable recession hits?

The answer is that they won’t.

-Steve Longenecker

Wealth Control

Posted: June 16, 2017 in Money Matters
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“You must take personal control of your wealth… The best part is that it doesn’t really matter how much you make. It only matters how much you save…” –David Eifrig

“Many Americans – average folks working to build a comfortable life – assume the ‘rich’ have a secret.  It seems they know something about ‘how the world works’ that the rest of us don’t….  It turns out, the wealthy do harbor a secret – three of them, in fact….  And these secrets not only build wealth, they allow you to use it to live the life that you want to live….

You don’t need to be rich, though.  You don’t need to pursue money at all costs.  But having financial stability gives you freedom.  Reducing stress improves your health.  And understanding how to manage your income makes for better relationships with your family and loved ones.

Tenet No. 1: Save Religiously.  Tenet No. 2: Invest for the Long Term.  Tenet No. 3: Obsess About Risk

Only by following all three of these tenets can you successfully set yourself free from living paycheck to paycheck.  If you were to find folks with enough cash to live how they’d want to live, you’d find almost all of them followed these tenets.” -David Eifrig

“The simple reason most people will never become financially independent is because most people lack the discipline to save money.  It’s really that simple.” -Porter Stansberry

“No matter how skilled you are as an investor, upping your savings rate is more powerful to your wealth than either increasing your income or increasing your investment returns.  That’s because it’s a one-two punch… you increase what you have to invest, while decreasing what you spend.  You also learn how to live longer on less money….  Remember that ultimately, how much you save will be the difference between a lifetime of poverty… or one of wealth.” -David Eifrig