Yesterday we talked about increasing your profits, and decreasing how much money was going out.
Today I wanna talk to you about what to do with the money that you DO have. However much money is coming in, we’ve got to have a plan for that money and where it’s going to go.
So I want to teach you something that I’ve learned from a variety of mentors. A lot of people out there are using this plan, and I think it’s going to work for you too!
It’s the 70 / 10 / 10 / 10 Plan.
Here’s the basic outline: You’re going to live on 70% of your bring home pay. You’re going to use that to cover all your bills, including mortgage, car payment, credit card (whatever that minimal amount that they require each month is), your food…all your living expenses on 70%.
10% – You’re going to give it away! If you’re a religious person, maybe you call that a tithe. If you’re just a good person and you want to give that away for philanthropy, it could be to a charitable trust, a foundation, or maybe just to a family down the street that you know who needs some help. That says, “Money has no power over me; I have power over my money.”
The next 10%, you’re going to pay yourself! That’s the money that I want you to use toward maybe buying a book that’s going to advance you, or a course of study. (Maybe even coaching or a seminar)
And that last 10% is going to be extra money that you can apply toward your debt.
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