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and give it to charity.
Charity is the act of giving back to the community. Contributing 10% is a
good amount to strive for. You can certainly decide to go larger or
smaller -- it's your plan.
This act of giving should be taught early in life. But it’s never too
late. Take a tour of a place where people are truly helpless so you can
learn to feel compassion. Once you understand what some are going through
daily, you won't have any trouble parting with a dime out of your dollar.
The reason I said you should start practicing with any extra money you
have is because you should practice while the amounts are small: It's
pretty easy to take a dime out of a dollar. But it's considerably harder
to give away ten thousand out of one hundred thousand.
I know you say, "Oh, if I had a hundred thousand I'd have no trouble
giving ten thousand." I'm not so sure. Ten thousand is a lot of money.
Start practicing with a little so you'll develop the habit before the big
money comes your way.
2) 20% to Save/Invest
With the next 20% you're going to create wealth. How? Well, there are lots
of ways to create wealth with this 20%.
Let your imagination roam.
•Evaluate the skills you’ve developed at work or through your hobbies
and consider how you can convert them into a profitable business.
•Learn to buy a product at wholesale and sell it for retail. Ebay makes
it very easy to do this.
•You can purchase a piece of property and improve it.
•Hire a financial planner and invest in stocks (make sure the financial
planner is wealthy – don’t take financial advice from someone more
poor than you).
•Speak with your banker and find a tax-free retirement program and you
can accumulate a princely sum over the years through compounding interest.
Poor people spend their money ... » read more |
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