Brian Tracy presents a short lecture on achieving financial freedom by practicing frugal living and disciplined saving. Core claims: pay yourself first by saving at least 10% of earnings (and often increasing to 15–20%); place these savings in a dedicated, long-term account and avoid touching them; use tax-deferred or tax-advantaged vehicles (401(k)s, IRAs, Roth IRAs, Keoghs, education accounts, stock option programs) because untaxed investments can accumulate ~30–40% faster; and become a lifelong student of money to make intelligent investment decisions. The talk closes with a brief call to action to like and subscribe.
Questions this video answers
10% (or more) of earnings
Company pension/retirement plans, 401(k) plans, IRAs, Keogh plans, Roth IRAs, education investment accounts, and stock option programs
Approximately 30% to 40% faster
Chapters
Everybody wants to achieve financial freedom sooner rather than later. And here's the truth.
Financial freedom comes to the person who.
Saves 10% or more of his income throughout his lifetime. It's the key to becoming the richest man in Babylon. As the book says, 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 have high savings rates.
Savings today are what guarantee the security and the possibilities of tomorrow. The first corollary of the Law of Saving comes from the book the Richest man in Babylon by George Claassen. And 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.
Now the remarkable thing is that when.
You pay yourself first and force yourself to live on the other 90%, you will soon become accustomed to it. You are a creature of habit. When you regularly put away 10% of.
Your earnings, you soon become comfortable living.
On the other 90%.
Many people start by saving 10% of.
Their income and then graduate to saving 15% and 20% and even more. And their financial lives change dramatically as a result, and so will yours. The second corollary of the law of Savings says take advantage of tax deferred savings and investment plans.
Because of high and even multiple tax rates, money that is saved or invested.
Without being taxed accumulates at a rate of 30% to 40% faster than money that is subject to taxation. Self made millionaires, according to Dr. Thomas Stanley's book the Millionaire Next Door, are.
Almost obsessive 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, 401 plans, IRAs, Keogh 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 now here are two things you can do to apply this law immediately. First, begin today 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.
And second, become a lifelong student of money.
Read the best books, take courses and.
Subscribe to the most helpful magazines.
Learn what you are doing so that you can always make intelligent decisions and when you invest your funds.
Thank you for viewing this video on the Law of Saving.
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