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The Ancient Secret to Saving Money

Money, currency, gold coins and silver coins are far from new concepts. We as modern day beings can struggle a little to master our finances personally, however, this is not a new problem that the people of the world are facing. The secret to saving money must be quickly learnt over a lifetime. If you look around you while travelling to work and even within your own extended family you will likely see the alternate levels of which different people have mastered this skill at. If this secret is not revealed or learnt within your early professional/working life, the opportunity is missed. Habits are a basic attribute to human beings that are as old as humanity itself.

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Think of a group of cousins perhaps, or family friends who enjoy life in a stand-alone and grand house in the suburbs of Manila or the young, recently married couple who were handed a brand new condo in Makati or central Quezon City as a wedding gift by their in-laws. Yes it is fact that a small number of people inherit money from relatives who have passed away, however, this is a common misconception that is much easier to admit than: “they are simply better at managing money than I am.”

The Ancient Secret to Saving Money

So, what is the secret to saving money?

The very first secret that every wealthy person or family masters is so simple that it is overlooked and likely dismissed as being too simple. If you have not consciously attempted to master this secret than you have probably failed to know and conceive it because of bad habits and living a lifestyle that outweighs your salary.

The 10% Rule.

Do not read the next few lines and laugh at it for its simplicity, because it is so easy to understand and the secret to saving must be more difficult than this! However, ask yourself after reading the rest of this article…”Have I been able to master it?” If the answer to that question is yes, than you have mastered the first and most important secret to saving money. Also, if you answer yes to that question than every working year you must add another P34,300 to your savings each year. Therefore, if you have been employed for 5 years you already have P171,500 or more in savings or if you have been employed for 10 years, you have over P343,000 in savings.

Now, ask yourself again: “Have I mastered the secret to saving and therefore, do I add P34,300 to my savings account every 12 months?”

In 2013, the median salary in the Philippines was Php30,000 per month. The annual savings per year above have been calculated as an example only, and it is based on keeping and saving just 10% of your ‘after-tax salary’ every month. You might earn less than Php30,000 per month or you might be earning more, the example figure is not as important as the principle itself. To find out the figure that you must save every month, calculate what is 10% of your take home salary (after tax BUT before living expenses). Saving and keeping 10% of your take home salary every month and year is the foundation and main principle of The 10% Rule. We did not invent this principle, it has literally been documented and practiced by wealthy people for thousands of years. If you want to read into this with more depth and examples (and we suggest that you do!), find a copy of the book titled ‘The Richest Man in Babylon’ by George Samuel Clason.

The approximate P34,300 that you save each year is not going to make you wealthy all by itself. However, ensuring that this money continues to work for you and generate more money for you, along with every additional monthly P2,638 (This is a 13 month year to include 10% of your 13th month salary). A pile of money can grow by itself. This growth is the true fruits of your labor. Your P34,300 savings each year is your tree, your tree then starts to fruit and seeds fall to the ground and become their own trees. This continues and continues with the 10% rule for as long as you are alive.

Putting your savings to work must only be done by secure investments that have been proven over the almighty test of time. Real estate and property investing is one method, the stock exchange is another. Time Deposits from your bank are a basic but safe way to house your savings until you are ready to safely invest it into other avenues. Business investments are ‘high risk’ and you should not use your 10% savings for business ventures. You can do that with some of the other 90% of your salary if you wish. A car is definitely NOT an investment. Gadgets, computers, clothes, holidays, etc, are not investments.

Does this sound too simple? If it is so simple, then why have you not done it? And if you have then: congratulations. You must be on the road to a wealthy future.

We are not financial planners or investment gurus. We encourage you to speak to a professional about investing your savings and having your money work for itself and grow by itself. One more thing; only take advice from people who have obviously taken their own advice. So when speaking to people on how to make your savings work for you, be sure they have done the same thing with success.

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