On The Importance of Saving At Least 10% of Your Income

It's a new year which means we all have new resolutions that we aim to live by. One resolution for me is to (re)become active on the Hive blockchain. It's been a long long time since I posted or interacted on-chain.

The past year, I've been much more of a passive observer. Now is time to get back into the swing of things.

In today's post - my resolution to save at least 10% of my income.

On The Importance of Saving At Least 10% of Your Income

Saving 10% of your income is a piece of advice that I learned from an early age from a book called "The Richest Man in Babylon".

This book has time-old investing principles laden in it. It's a must-read for anyone who's looking to build wealth in their lifetime.

There are just so many things you can learn from this book. The 1/10th of what thy earns principle is at the top of the list.

If You Desire Riches

If you desire riches, then you must start by saving 1/10th of what thy earns. If you make $10k per year, save $1k per year.

Saving this money is your "freedom tax" - as Tony Robbins calls it. It's the money that you set aside for your future self. You're investment nest egg is built by saving 1/10th of what you earn.

What if I Can't Afford to Save 1/10th?

This is the most common excuse that people have when confronted with the most basic principle of building wealth.

For some reason, we as humans are led to believe that we are always stretched too thin. We build a lifestyle for ourselves that is beyond our means and then spend all of our earnings.

Then we sit back and wonder why we can't afford to save more money.

Instead, look to the places where money is being spent frivolously.

Then, look to ways you can increase your earnings (another principle from the richest man in babylon).

Doing these two things in conjunction is how you become rich.

Even people who live paycheck to paycheck can make use of these principles. It truly is as simple as sitting down, thinking it through and then immediately executing.

No hesitation. We are hours away from the new year and if I can leave you with 2 things to resolve yourself to improve your life with, it is these:

Save 1/10th of what you earn
Decrease Your Living costs and simultaneously increase your earnings so you may save more

My name is Asteroids - well, that's my Hive name, anyways. I believe firmly in the future of Web3 technology and its potential to reshape our lives. I'm a serial entrepreneur and my aim in life is to always evolve and find new ways to leverage technology in my life.

As I continue to build things, I find new and important wisdom in all sorts of places. My goal here on Hive is simply to share that wisdom so that you can improve as well.

Working is as much about building good habits as it is about doing the actual work. Remembering this on a daily basis has changed my life for the better.

Until next time,

-A

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