One of the smartest things that you can ever do for yourself is to develop the habit of saving part of your salary, every single paycheck. Individuals, families and even societies are stable and prosperous to the degree to which they have high savings rates. Savings today are what guarantee the security and the possibilities of tomorrow.

Start With Yourself
The first corollary of the Law of Saving comes from the book The Richest Man in Babylon by George Classon. It is to “Pay yourself first.”

Begin today to save ten percent of your earnings, off the top, and never touch it. This is your fund for long-term financial accumulation and you never use it for any other reason except to assure your financial future.

Develop New Habits Regarding Money
The remarkable thing is that when you pay yourself first, and force yourself to live on the other ninety percent, you will soon become accustomed to it. You are a creature of habit. When you regularly put away ten percent of your earnings, you soon become comfortable living on the other ninety percent. Many people start by saving ten percent of their income and then graduate to saving fifteen percent, twenty percent, and even more. And their financial lives change dramatically as a result. So will yours.

Take Every Advantage
The second corollary of the Law of Saving says, “Take advantage of tax deferred savings and investment plans.” Because of high and even multiple tax rates, money that is saved or invested without being taxed accumulates at a rate of 30% to 40% faster than money that is subject to taxation. Self-made millionaires, according to Dr Thomas Stanley’s book The Millionaire Next Door, are almost obsessive about accumulating their funds in assets such as real estate, self owned businesses and equities that increase in value without triggering tax liabilities.

Invest in company pension and retirement plans, 401(k) plans, IRA’s, Keough Plans, Roth IRA’s, Education Investment Accounts, stock option programs and whatever else has been approved by the IRS for long term financial accumulation. Make every dollar count!

Action Exercises
Here are two things you can do to apply this law immediately:

First, begin today to put away ten percent of your earnings. Set up a special account for this purpose and treat your contributions to this account with the same respect that you do your rent or mortgage payments each month.

Second, become a lifelong student of money. Read the best books, take courses and subscribe to the most helpful magazines. Know what you are doing so you can always make intelligent decisions when you invest your funds.

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Copyright Brian Tracy. Reprinted with permission.

Throughout the developed world, we have moved from an era of manpower to an era of mind power. We have moved from the use of physical muscles to the use of mental muscles. Today the chief sources of value in our society are knowledge and the ability to apply that knowledge in a timely fashion. In the information age, knowledge is king, and those people who develop the ability to continuously acquire new and better forms of knowledge that they can apply to their work and to their lives will be the movers and shakers in our society for the indefinite future.

When you learn and practice the techniques for rapid learning, when you join the learning revolution, you will learn how to unlock the incredible powers of your mind. You will learn how to become smarterfaster than ever before. You will learn how to become a master of your fate rather than a victim of circumstances. You will learn how to take complete control of your present and future destiny so that you can accomplish and achieve anything you want in life.

The answer to almost every question and the solution to almost every problem in the world of work is to learn and practice something new and different. When you learn how to use the incredible power of your brain to absorb and apply new ideas and information, you will be able to lead the field and rise to the top of any profession or occupation.

Here’s another question for you: What is your most valuable asset? In terms of cash flow, what is the most valuable thing you have? Well, unless you are very rich, or have a family trust account, your most valuable asset is your “earning ability.” It is your ability to earn money. It is your ability to apply your knowledge and skill in a timely fashion to get results for which others will pay.

Specific knowledge and specific skills will become obsolete with the passing of time, but learning how to learn is a permanent skill that you can use all the days of your life. The people who join the learning revolution, and who learn how to learn faster, like those people who first learned how to operate computers, or learned how to become excellent in their fields, will be able to earn more in one or two years of work than the average person earns in perhaps five or ten years.

By joining the learning revolution, you will enhance every area of your life. You will be able to help your spouse and your children unlock and realize more of their individual potentials. You will be a better friend in helping your friends use more of their abilities. And you will be a better manager, developing the skills that will enable you to get far more out of yourself and other people than ever before.

Copyright Brian Tracy. Published with Permission

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