Ok time to get off your butt and step out of whatever comfort zone you thought you had. Its now or never. In previous posts we talked about why you should be buying gold coins.
Now we are going to discuss how to actually do it.
Step 1 Determine how much you can afford to invest.
Take a look at your finances and see how much you can set aside for investing. A good rule of thumb
is the 70/30 rule. So break it down this way.
10% for saving
10% for giving
10% for investing
70% for everything else
Ouch! that sounds like a lot doesn’t it.
If you are like most people, you don’t have the 30%. But don’t give up yet. This is an ideal,not a hard and fast rule. The point to start setting aside an amount every month for saving, giving and investing. This is what we call paying yourself first.
This is not a new concept.
Most successful investors operate on similar ratios. I first discovered the concept in Robert Kiyosaki’s book “ The Cashflow Quadrant” Robert so believes in this concept that he instructed his accountant to deduct the 30% at the beginning of the month, regardless of what bills needed to be paid.
He would use that pressure of the looming bill to force him to find ways to earn the money. The accountant was very reluctant to do it, but Robert insisted. And they were always able to meet their obligations.
Let me be very clear on this. I’m not advocating not paying your bills, and neither does Robert. It is simply a matter of faith. You have to believe that you can meet your goals, and you must be willing to pay the
price to make it happen. That’s the key. By paying yourself first, you are taking action to create wealth.
Not everyone is at this level. I personally cannot do 30% yet. But I am setting aside a percentage of my income every month for buying gold coins.
In addition to the percentage that we are setting aside for investing, we are also taking a percentage out of any business income we have come in as well.
In conclusion, start taking action now. Set aside a fixed portion of your income for the 3 pay yourself first catagories. Even if you don’t enough to buy gold coins yet, by setting aside this amount, you will be starting.
I cannot stress this enough.
If you want to make a change in your life, you have to do something different.
You cannot do the same thing in the same way and expect different results That’s insanity.
In the next post we will talk about finding a reputable dealer