Savings and ThoughtsOctober 7th, 2019 by timgrindall
So I’ve been interested in business and investing lately. I’m reading a book called “Rich Dad Poor Dad” by Robert Kiyosaki. It’s an inspirational read and has a lot of good lessons in it about managing money and general life lessons.
The last lesson which most impressed me was “Pay Yourself First”. Robert basically is saying to pay yourself (i.e. your savings account and other assets) before you pay others (i.e. your bills, things you have to pay). So Robert is not saying not to pay your bills. He is saying to set aside money that is only for one thing (savings, investments, whatever) and then come up with the money to pay the things you have to pay. Having to have more money at the end of the month is supposed to motivate you to find more ways to earn money.
I’ve been interested in investing lately and I have a little money in a savings account, but I’ve been digging into it to pay for some things when I run out of money in my checking account. Basically, I wonder if not touching my savings account at all, but rather adding to it would be a good idea? “Of course” you say, but it’s not an easy thing to do. Somehow you’ve got to come up with the money you don’t have now (preferably having earned it ahead of time and having it sitting in your bank account). But I would like to hear your thoughts on this thing of savings accounts. I would like to invest part of my savings some day in the stock market but haven’t had the money till now (I did spend about $5000 on my first film in equipment).
Overall, I’m really enjoying this book and I’m going to give it to my neighbor who wants to read it too (we did have some discussions about the book). I’m thinking I will want to read more of Robert’s books when I have the extra money (working on that now). But I do have another book which I am reading next called “Range: Why Generalists Triumph in a Specialized World” by David Epstein. Have you read this book? I’m thinking it will probably be good but you never know.
I would recommend “Rich Dad Poor Dad” to anyone interested in money, business, or life in general. And it’s really cheap in mass-market paperback too! You can buy the book on Amazon here.
Anyways, thank you for reading. I will try to respond to every comment (which I have not done in the past) so feel free to comment on this post.