TIP 28

START SAVING 20 PERCENT OF YOUR INCOME

       I do want to get rich, but I never want to do what there is to do to get rich.

GERTRUDE STEIN

Most people have a natural tendency to be either savers or spenders. The good news is that although you may have a natural predisposition to save or spend, you can change this—but you may need a compelling reason to do so.

My client, Lou was a big-time spender. He loved expensive antiques and thought nothing of paying full retail price for a whole new designer wardrobe each season. He didn’t really see the point of saving. Didn’t you save so you could buy something later? Savers are probably quivering at this point, but this was his basic outlook at the time. Since action follows thought, it should ...

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