Page 11 - EQ Mag-issue 5

OPEN PASSBOOK SAVINGS ACCOUNT RESOURCE
IS IT A MINDSET?
A HABIT? OR BOTH?
By Julius Cartwright
he reality of the situation is most Americans
desire to save money. The fact of the matter is
Tthere are 2 main reasons why saving sufficiently
and successfully doesn’t always occur:
1) The first reason is debt. If you have monthly debts
that position you to living paycheck to paycheck
without extra reserves to dissolve any unexpected
expenses over and above the monthly expenses, then
saving becomes a no go.
2) The second reason is a lack of personal income to
meet the obligations at hand and have extra to put
aside.
These two reasons are the primary drivers of disrupting
savings goals.
The next components are either a lack of mindset to do
make the necessary commitment or developing the
proper habits to do so. Saving money is not
overratedit’s a fundamental principle that allows you to
live differently in an attempt to be less stressful. Please
remember that debt paralyzes you while savings
provides a parachute to escape out of an unexpected
10 | www.equitymovement247.com
hole while others spiral out of control creating more
debt in most situations.
We don’t have a magic pill for this but rather a series of
suggestions to aid remedying the problem. The first is
to create your own mindset about saving because no
one else can do it for you. The new Rule of thumb is 20%
of your income which is strong. The old rule still applies
10% of your income. Also, nothing has changed relative
to building an emergency reserve.
There is no question that there will be random
emergencies often that will affect you. So it is virtually
important you build that emergency savings plan for
short-term and long-term goals.
The second is to open multiple savings accounts is a
secret tactic used to save money with a regular
p a y c h e c k . T h i s i s c o m m o n l y u s e d b y
entrepreneurs that earn income from different
can be smartly allocated to these accounts. A tiny
portion of income that you credit in these
accounts in prosperous times will surely help out
in rough financial times.
The saving habit allows you to give more, saving
more and live more. A habit can be created or
broken and often times we all have experience
both. If money is flowing so is savings but
whenever it stops or alters our habits follow the
same.
Third, we are kicking off our series of conference
calls for member to gain knowledge of various
savings challenges, in addition to interacting with
groups to create good savings habits. This keeps you
accountable as well as those around you. It’s Totally
Free.
Join The Movement at
www.equitymovement247.com.