Now the ultimate question: how are you going to spend that money?
I am quite sure you are now thinking really hard how you would spend that money.
- What are going to purchase?
- How much are you going to spend?
- Where are you going to spend it?
- I am quite sure that you will take it very seriously but why?
Now I have some good news and bad news. The bad news is no one will be depositing any extra money in your bank account. However the good news is whether you are male or female, rich or poor, young or old, you are given 86,400 seconds to spend, invest or waste. But most people don't look at it as anything valuable.
I'm not any fortune teller but I can predict one's financial future. If you tell me just two things:
- How you manage your Time and how you manage your Money, I can predict your financial future.
Vilfredo Pareto was an Italian economist who made a discovery about 100 years ago. He observed that 20% of the Italian people owned 80% of their country's accumulated wealth. He suggested that principle is at work that applies to money, people and time. Some people call it the 80/20 principle. This principle teaches us that when you practice the right priorities, 20% of the effort gets you 80% of your desired results.
20% of your habit contributes to 80% of your wealth. Think about it, if you drink coffee every morning and that costs you $2 every single day. Just by bringing coffee from home and stop buying them outside, you will potentially save $60 a month which equivalent to $720 per year. Imagine saving $720 per year and investing it at 10% interest rate per year for 30 years, you will potentially have extra $118, 435.70 for your retirement.
20% of the people owns 80% of the money in the world. If 100% of the people have the same 86, 400 seconds every single day, what sets the 20% apart from the 80%? It is obvious that they have the same strategy of managing 86, 400 seconds every single day. Therefore start increasing your wealth intelligence by focusing your time and energy to learn the success blueprints of the 20%.
Therefore, learn to value your time.
- To realise the value of one year, ask a student who failed his final exam.
- To realise the value of one month, ask a mother who just gave birth to a premature baby.
- To realise the value of one week, ask the editor of a weekly newspaper.
- To realise the value of one day, ask the laborer who has 10 kids to feed.
- To realise the value of one hour, ask a long distance relationship couple who is about to meet.
- To realise the value of one minute, ask the person who just missed his flight.
- To realise the value of one second, ask the victim who survived a car accident.
- To realise the value of one milli-second, ask the runner who has just won the Olympic Gold Medal.
Quotes for the day:
"One can never pay in gratitude; one can only pay "in
kind" somewhere else in life."
-- Anne Morrow
"Life is a series of commas, not periods."
-- Matthew McConaughey
