How to Build a Cash Reserve
What is your net worth? If you had an emergency or wanted to make a major purchase, how much cash could you raise?
If you can save money, your chances of succeeding in the future are much greater.
A cash surplus has many advantages. For example:
For most people, saving money is very difficult. Your immediate need is more stressful than your future need. You do not have enough to cover current bills. You like to enjoy your money now.
Even if you manage to save some money, you end up spending it. You have an emergency. You find something you really want to buy. You promise yourself you'll pay it back, but you never do.
Saving money takes more self-discipline than most people have. It is very difficult to put money aside each month into savings.
The Key to Saving a Surplus of Cash
"When a surplus is made part of the 'need' by disguised outgo, a surplus occurs. Only then will it occur. It will not happen otherwise." - L. Ron Hubbard
You make it into a bill. You disguise a savings plan as a bill.
For example, you buy a house with a mortgage. A small part of your house payment goes toward the purchase and is "saved" in the real estate. Unfortunately, a large part of your house payment is interest.
Another example is to arrange a monthly debit from your checking account into a saving account. Any bank can set up a savings plan for you.
Certain credit card programs allow you to make monthly payments into an investment account, such as savings accounts with banks or insurance companies. The amount you authorize is automatically charged to your credit card each month.
You can sign up for your company's payroll savings plan or retirement plan. You tell your employer how much to save for you. Your savings is withheld just like your tax payments.
You can pay money toward a future purchase by making an agreement with the group you want to buy from. For example, some colleges allow you to freeze the tuition if you make monthly payments.
Summary
Find one or more ways to disguise a savings plan into a bill or debt. By making the monthly payment to this "bill," you build up your savings and your future prosperity.
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