The One Thing Every Smart Person Knows About Money

The One Thing Every Smart Person Knows About Money


There about 24 banks in my country and I’ve
been in love with one for a long time. The reason why I loved this bank is that they
are smarter than every other bank. They come up with innovations before any other
bank. However, in recent time, I shifted my loyalty
to another bank and that is because this my new bank’s app makes it easier for me to auto-save
my money to another account number which I do not have ATM card for. You see, when it comes to money, most people
are not smart and because they are not smart with money, they are broke. Today’s video will show you the one thing
every smart person knows and do with their money. If you’re new here, consider subscribing so
that you won’t miss other interesting videos like this. The World Where Everyone Loves Complexity
About 93 years ago, in the year 1926, a man by the name George S Clason published a simple
book. It was titled, ‘The Richest Man in Babylon’
and the lessons in that book are simple, but nobody pays attention to them. The very first lesson in the ‘Richest Man
in Babylon’ is, pay yourself first. The one simple secret every smart person knows
about money is that you can’t be rich except you pay yourself first. One would assume that this simple lesson would
be embraced by every human since we all love so much but the opposite is the case. An average human being unknowingly loves other
people more than themselves or shall we say that they allow other people to scam their
money away from them via advertisement. You see, I can tell you something you won’t
like about the present world and that is, many people are out there looking for your
money and the best way these people can get your money is by convincing you that your
life isn’t fun or meaningful except you use what everyone is using. Hence, you’ll work hard to make them rich. Here is the thing; everybody who is smart
about money knows that they have to pay themselves first, no matter how little they earn. The argument of little income
I’ve heard so many people making excuses that the reason why they are not able to save or
invest is that they don’t make enough money. There are three things I want to share with
you here. First, paying yourself before spending your
money on other people’s product is not important because you can save a million dollars but
because you need to build the habit of keeping a part of what you earn. This is very important because if you cannot
save a dollar now that you earn 20 dollars, you won’t save 1,000 dollars tomorrow if you
earn 50,000 dollars. If you argue with this, you just have to see
a lot of people who make ten times what you are making now and they are still broke. The second thing you have to understand is
that even little savings can rescue your future from poverty. I know a friend who works for like a little
above average income in my country. Yes, this guy didn’t make a lot of money and
he couldn’t have been able to save a lot of money either. So, because he couldn’t save a lot of money,
he spends it all. He bought the furniture that is as expensive
as his 4- month salary, he bought a nice TV set, spent the money he didn’t have on his
child’s birthday and live in a nice home. However, one day, he got a business idea and
he told me that he needed money to finance it. The money he mentioned happened to be about
three months of his salary but he doesn’t have it. Now think about it. My friend did not save because he thinks that
he didn’t earn enough but now, he needs the money that’s just about his three-month salary
to start a business he believed could help him quit the job he hates but he couldn’t
finance the business. The lesson here is simple. Even if you think that you’re not making enough
money, saving only 10% of whatever you earn can save your life in the future when you
have inspiration for a business that needs only a little amount of money. The best investments are cheap
Warren Buffet said, “The investment in yourself brings the best result.” Whenever I hear people saying the reason why
they don’t save is because they don’t have enough money to invest, the first thing that
came to my mind is that, well, the best investments are cheap. Let me tell you a story to illustrate this. In the year 2008, I wanted to start a business
so I went to one of my sisters with the hope of getting some cash from her. She gave me some amount but it wasn’t up to
what I needed. Since the money I got wasn’t up to what I
needed, I went to a bookstore and use more than 70% of the money to buy books. When I returned home and started reading those
books, I came across some ideas which eventually led me to know how I can negotiate to get
the resources I needed and that was how I got the money I needed to start the business
I wanted. So you don’t have a lot of money you can invest? That’s not a problem. Can you invest 20 dollars every month? Then, you can get the $200,000 you need. If you invest $20 every month in books and
you read those books, very soon, you’ll acquire enough skills to help you get the $200,000
you need for a business. Another argument I have heard from people
is; why should I suffer myself today because I want to be rich tomorrow? Well, that’s like saying, why should I keep
some food for my launch and supper when I can eat everything I have for breakfast? Well, if you eat everything you have for breakfast,
you’ll not only suffer in the afternoon you’ll as well suffer in the evening. How does it make sense that people want to
live large today at the expense of living at all tomorrow? It doesn’t make sense to me. Pay yourself first, no matter how small your
income. Even if you can only pay yourself a dollar
every month, pay yourself first. Thank you very much for watching our videos. We’ll like to give you another interesting
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