Becoming rich begins with a few simple rules…<\/p>\n
Pay Yourself First<\/h3>\n
The first principle the money lender teaches Arkad is: \u201cA part of all you earn must be yours to keep.\u201d<\/em><\/p>\n He goes on to explain that by first putting aside at least 10% of his earnings \u2014 and making that money inaccessible for expenses \u2014 Arkad would see this amount build over time and, in turn, start earning money on its own.<\/p>\n Over an even longer time, it would grow into a lot of money, because of the power of compound interest.<\/p>\n If you\u2019ve never heard that term before, compound interest is what happens when you earn interest on your savings, and — when left in the savings account — that interest begins to earn interest of its own. Given enough time, the earning power of that interest compounding on itself will eventually turn a small amount of money into a fortune.<\/p>\n Compound interest is one of the key reasons why paying yourself first \u2013 and starting early in life — is so essential if you want to accumulate wealth. We\u2019ll talk more about that in a second.<\/p>\n Now, the world\u2019s most aggressive savers pay themselves first and make investing money as central a part of their money management as they do paying their mortgage.<\/p>\n \n To get in the habit of saving some money every month, immediately take a predetermined percentage of your paycheck and put it in a savings account that you don\u2019t allow yourself to touch. Keep building that account until you\u2019ve saved enough to move it into a mutual fund or bond account or to invest it somewhere else.<\/p>\n \n Investing just 10% to 15% of your income will help you eventually amass a fortune. Pay yourself first, then live on what is left.<\/p>\n This will do two things:<\/p>\n Never Dip into Your Savings to Fund a Bigger Lifestyle<\/p>\n Never dip into your savings to fund your bigger lifestyle. You want your investments to grow to the point that you could live off of the compound interest that accumulates, if necessary. Only then will you be truly financially independent.<\/p>\n Keeping this idea of paying yourself first in mind, I want to leave you with a bit of homework to complete after you\u2019re done watching this video. Calculate what 10% of your income is, and commit to saving that much — no matter what!<\/p>\n To hold yourself accountable, leave a comment below with the most important thing you could start saving for. Is it your retirement? The ability to eventually quit your job and start a charity? Or maybe you need financial independence in order to start a brand new career doing work that you\u2019re passionate about. I\u2019ll follow up with you to make sure you\u2019re staying on track!<\/p>\n Paying yourself first doesn\u2019t have to stop with money. Learn how self-improvement and learning will pay dividends in your life. By improving yourself, you\u2019ll attract more and more success into your life. You can begin to improve yourself by beginning to include positive affirmations<\/a> in your life. They are the foundation for all self-improvement and positive thinking.<\/p>\n Many people spend a lot of time trying to discover the key to wealth, or how to become rich. In 1926, George Clason wrote a book called The Richest Man in Babylon \u2014 one of the greatest success classics of all time. It\u2019s the fabled story of a man named Arkad, a simple scribe who …<\/p>\n","protected":false},"author":1,"featured_media":7608,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11956],"tags":[15118,12339,15192,15193,15011,15194],"class_list":["post-7604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-articles","tag-learning","tag-money","tag-order","tag-paying","tag-thinking","tag-track"],"yoast_head":"\nHarness The Power of Compound Interest<\/h3>\n
Learn How to Invest<\/h3>\n
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Start Paying Yourself First Today<\/h3>\n
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\nsponsored by Future Builders International Academy<\/a>
\nLed by Dr.Maha Fouad<\/a>
\n![\"e5f2ef68-75e1-4678-9ffc-3479da505483\"](\"http:\/\/3alamaltanmya.com\/wp-content\/uploads\/e5f2ef68-75e1-4678-9ffc-3479da505483-300x177.jpg\")
<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"