The MoneyBag Threshold
Today is a brisk November day and it has been a long time since I have updated my blog project team management. Like my clients, the start of the fall (or school year) tends to make the days run faster. Though I would like to say I have had excellent progress on the book, the reality is I am still holding all of the cards, but have begun to make some decision and begun to push things out the door.
My motivation today, is to explain how important it is to have savings put on autopilot (pay yourself first to your 401(k) plan, savings or piggy bank) because once you have a system set up it happens without you realizing…then the months go by faster than a blink of an eye. If you have no system in place to automatically save, then those months
have added nothing to your savings. But, if you save $100 a month on autopilot and six months have gone by in a blink of an eye, you now have $600!
Furthermore, when you do take time, like I did today, to assess how things are going, it is a perfect time to see if you should increase your savings from $100 a month to $150! That way when the next six months flies by you have now saved $900!
This type of behavior allows you to crossover your MoneyBags Threshold. To me, this is that point in time, where you suddenly see your money at work versus you working for your money. For some people, this occurred when they learned about interest and dividends. For others, it is when they see their discipline of saving money over time actually accumulate to a large sum. No matter when the crossover of the MoneyBags Threshold occurs for you, when you reach it, it mean you have become excited about saving money and begin to think of ways to save more versus spend more.
So, today make sure to stop and make a conscious decision on automating your savings, pay yourself first. If you are already committed to this step, now go a step further and twist the proverbial MoneyScrews and increase the amount you save, even if it feels tight, increase it by $5, $10, $50, or more!
Here is to filling your MoneyBags!