How to Save Money | Brian Tracy

Financial freedom comes to the person who actively takes control of their finances. Hello, I'm Brian Tracy and today I want to talk with you about how to begin saving money and take complete control of your financial future. Financial freedom comes to the person who knows how to save 10% or more of his income or her income throughout his or her lifetime. One of the smartest things that you can ever do for yourself is to develop the habit of saving part of your salary every single paycheck. Individuals, families and even societies are stable and prosperous to the degree to which they save money. Savings today are what guarantee the security and the possibilities of tomorrow. The first corollary of the law of saving and becoming a money saving expert comes from the book the Richest man in Babylon by George Claassen. It is to pay yourself first. Begin today to save 10% of your earnings off the top and never touch it. This is your fund for long term financial accumulation and you never use it for any other reason except to assure your financial future. The remarkable thing is that when you pay yourself first and force yourself to live on the other 90%, you actually promote frugal living. You'll soon become accustomed to living on 90% without any loss of convenience or anything else. Remember, you're a creature of habit. When you regularly put away 10% of your earnings, you soon become comfortable living on the other now 90%. Many people start by saving 10% of their income and then graduate to saving 15%, 20% and even more and their financial lives change dramatically as a result, and so will yours. The second corollary of the law of saving and becoming a money saving expert says take advantage of tax deferred earnings and investment plans because of high and even multiple tax rates. Today, money that is saved or invested without being taxed accumulates faster than money that is subject to taxation. Self made millionaires, according to Dr. Thomas Stanley's book the Millionaire Next Door, are almost obsessed about accumulating their funds in assets such as real estate, self owned businesses and equities that increase in value without triggering tax liabilities. Invest in company pension and retirement plans, 401k plans, Roth IRAs, education investment accounts, stock option programs and whatever else has been approved by the IRS for long term financial accumulation. Make every dollar count. I'd like to share with you two tactics you can begin to implement. Implement immediately in your life today in order to start accumulating more wealth. First, begin to put away 10% of your earnings. Set up a special account for this purpose and treat your contributions to this account with the same respect that you do your rent or mortgage payments each month. Second, become a lifelong student of how to save and accumulate money. Read the best books, take courses, and subscribe to the most helpful magazines. Know what you are doing so you can always make intelligent decisions when you invest your funds. Before we wrap up, I'd like to leave you with a thought to share with your friends and followers. Financial freedom comes to the person who actively takes control of their finances. Now I'd love to hear from you. So my question today is, what are you going to begin doing today to start saving more money for your future? Leave a comment below and I'll be sure to follow up with you. Thanks for watching. And remember, if you want to change your future, take action and take action now. Discover the five reasons why most people don't become wealthy by clicking the button on the screen or in the description and downloading my free guide. If you enjoyed this video and feel it was valuable in teaching you how to improve your finances, subscribe to my channel like this video and share this video with your friends or anyone else who might benefit from this information.