107: Money Habits You Need To Develop

How are your “money habits”? Are there moves you’ve been meaning to make to ensure your financial future? No matter where you are in your business, whether you are brand new or have been at this for years, there are money habits you need to cultivate.

We all have differing opinions on what to do with our money, but today’s show offers advice that anyone can take and implement right away. Jim Rohn wrote an article for Success magazine titled “3 Money Habits that Separate the Rich from the Poor,” which offers specific advice on saving money. Let’s discuss the highlights from Rohn’s article.

What you’ll hear in this episode:

• You need a wealth plan vs. the “broke mentality”
• Follow the 70/30 rule
  • Pay your taxes first
  • Live on 70% of your remaining income
  • Allocate the remaining 30% to charity, investments, and savings (10% to each)
• How you allocate that 30% portion depends on your ultimate goals, so consult a financial planner for more help
• Savings will give you peace of mind for the inevitable “rainy day,” so save more if you can!
• Following Rohn’s “Give, Invest, and Save” advice will help guarantee your financial success for the future
• It takes discipline to follow good money habits, so start slowly and build these habits that will yield long-lasting benefits for the future. Good money habits are a big piece to game-changing your business!