10% is yours to keep

[bukavu]

I just read a book where it said 10% is yours to keep.

I want to do that by putting 10% of my income into a UK ISA Account.

What represent the 10%? For those who read "the richest man in Babylon".

I make 100$ a month and have to pay 50$ to someone. I remain with 50$.
1. Should I keep aside 10$ or 5$ for myself?
2. And when is it fair to reinvest the money saved?

Thanks for your answer.

 

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[DaRK9]

Is something stopping you from saving $50 to save in order to invest? I'm assuming you aren't living off $50 a month.

 

[JAJT]

The idea of that kind of savings plan is to pay yourself first. So it would be $10 if that's the plan you are going with.

 

[bukavu]

The idea of that kind of savings plan is to pay yourself first. So it would be $10 if that's the plan you are going with.

Exactly what I was thinking, thank you for your answer Sir.

 

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[tafy]

I want to do that by putting 10% of my income into a UK ISA Account.

OMG! Why are you even in this forum? Invest it into your education, put those $10 into a book each month.

 

[bukavu]

Is something stopping you from saving $50 to save in order to invest? I'm assuming you aren't living off $50 a month.

OMG! Why are you even in this forum? Invest it into your education, put those $10 into a book each month.

Maybe you should understand that 100$, 50$ is to simplify the math (for me).
Did you want me to put the exact amount I get?

In UK a person who has no job and a place to sleep get minimum 1200$ a month in benefits, so...
Please understand my 100$ amount is just an example.
If you read me well I got this saving tactic from a book I bought/read.

 

[DaRK9]

Maybe you should understand that 100$, 50$ is to simplify the math (for me).
Did you want me to put the exact amount I get?

In UK a person who has no job and a place to sleep get minimum 1200$ a month in benefits, so...
Please understand my 100$ amount is just an example.
If you read me well I got this saving tactic from a book I bought/read.

Makes more sense now. I got the first part as from a book, the rest sounded like how much you actually make.

 

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[ArthurDayne]

Nevertheless, working a lousy job and saving 10% until you retire (just barely) comfortably at 65 is exactly what TMF speaks out against. You need to save some money, sure, but don't think of this as a long term solution to anything.

 

[bukavu]

Nevertheless, working a lousy job and saving 10% until you retire (just barely) comfortably at 65 is exactly what TMF speaks out against. YOu need to save some money, sure, but don't think of this as a long term solution to anything.

This is very true, and I'm working on it.
I want the 10% saved to be invested in one year and give me a higher return so that I can be a millionaire in 2 years and 5 months now that I have discovered all the possibilities and opportunities on my way.

I will be able to retire in 12 years from now and work for fun, that won't be a problem as I'm already getting an income from something I consider fun to do.

Thank you for the reminder

 

[ArthurDayne]

Sorry - 10% of your income will add up to $1 million in 2 years and 5 months, meaning you save roughly $350,000 a month?

You need to give us a greater idea of what you want to achieve. "I want to make money" isn't an investment objective, you have to think about risk.

If you make that much, why not go frugal for a few months and retire a year ahead of time?

 

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[bukavu]

Sorry - 10% of your income will add up to $1 million in 2 years and 5 months, meaning you save roughly $350,000 a month?

You need to give us a greater idea of what you want to achieve. "I want to make money" isn't an investment objective, you have to think about risk.

If you make that much, why not go frugal for a few months and retire a year ahead of time?

It's not what I keep which will get me there, it's what I do with what I keep which will do.
I already have something I will do with the saved money to get there plus I have another business making extra income without much time from me.
One eg. is a commercial property in my home Country that I plan to buy off someone in need of cash which can be sold 5 times its price, they own/share it with my partner, so it won't be sold before...

I'm also into media, digital royalties.

I want to save the 10% to be re-invested in a year (or so) to get me to the level I want in 2yr 5mhts, I would love to say it's not about making money as I'm motivated more by changing my life, my future, not struggle in old age and leave something to the children and the community when I'm gone but all that go through sound financial muscles.

One thing is for sure, it's not easy but I will do it, I wish I knew what I know now (and knew I have much space to learn anything) I was going to be... there already.

 

[tafy]

I want to save the 10% to be re-invested in a year (or so) to get me to the level I want in 2yr 5mhts

No No No No NO! Read the book again maybe?

What are you saving for? A good Idea? Raise capital, borrow anything to get it made. 2.5yrs is a long way away

Entrepreneurs wont understand your working and saving mentality, just doesnt compute.

 

[GuestUser113]

US govt can print more money than you can save.

MIND = BLOWN

 

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[ZCP]

Just tell everyone you are 'paying yourself first' ..... which is good. Then start a progress thread on a fastlane venture...... use 1/2 of your 'pay yourself first' money (and money from others as mentioned above) to get started....... why wait?