From: Max More (max@maxmore.com)
Date: Sat Feb 16 2002 - 14:29:30 MST
This stuff should be basic, but there are quite a few young folks (by my
current standards!) on the List, so it's worth giving out this information:
Saving and building wealth does not have to be difficult. One very simple
principle that works tremendously well is "Pay Yourself First". If you
tell yourself that you will save whatever you have left at the end of the
month, you will never save. Wants always exceed means. What this principle
(from the first recommended book below) says is that when you get paid,
*immediately* put 10% (that's a minimum, not an iron rule) into a separate
account that is ONLY for saving. Then pretend that the remaining 90% (X%)
is your real income. This takes advantages of the psychological phenomenon
of "mental accounting" to your advantage.
Two excellent basic books:
The Richest Man in Babylon
by George S. Clason
http://www.amazon.com/exec/obidos/ASIN/0451165209/qid=1013894745/sr=2-1/ref=sr_2_1/102-0102181-1906575
The Motley Fool: You Have More Than You Think: The Foolish Guide to
Personal Finance
by David Gardner, Tom Gardner,
http://www.amazon.com/exec/obidos/ASIN/0743201744/qid=1013894783/sr=1-1/ref=sr_1_1/102-0102181-1906575
Or, free:
http://www.fool.com/school/13steps/13steps.htm?ref=SchAg
Onward!
Max
_______________________________________________________
Max More, Ph.D.
max@maxmore.com or more@extropy.org
http://www.maxmore.com
Strategic Philosopher
President, Extropy Institute. http://www.extropy.org <more@extropy.org>
_______________________________________________________
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