{"id":12065,"date":"2018-02-09T08:00:27","date_gmt":"2018-02-09T14:00:27","guid":{"rendered":"http:\/\/www.coolchecks.net\/blog\/?p=12065"},"modified":"2018-02-08T18:33:47","modified_gmt":"2018-02-09T00:33:47","slug":"when-to-quit-saving","status":"publish","type":"post","link":"https:\/\/www.coolchecks.net\/blog\/managing-money\/when-to-quit-saving.html","title":{"rendered":"When To Quit Saving"},"content":{"rendered":"

\"When<\/a>
According to Bach, anyone, regardless of income, can put money aside and let it accumulate.<\/figcaption><\/figure>Once you have your million, you can sit back, relax and quit saving, right? No way, says self-made multi-millionaire David Bach. Saving should be a lifelong habit, he advises. Learning to \u201dpay yourself first\u201d is one of the basics he shares in his book, \u201cThe Automatic Millionaire.\u201d He also is co-founder of AE Wealth Management. <\/p>\n

He and his wife, Michelle, make it a practice to set aside the first 20 percent of their gross income. <\/p>\n

\u201cThat may sound like a lot, but because we\u2019ve worked up to it gradually over the course of 15 years, it has become our new \u201cnormal.\u201d<\/p>\n

Bach didn\u2019t become a millionaire overnight, he points out. \u201cWhen I first heard of this concept (paying yourself first) I was doing what most people do \u2013 trying to budget, beating myself up for failing and then scrambling at the end of the year to find some money to put in my retirement and savings accounts, only to find another year had come and gone and I had not made any financial progress,\u201d he writes.<\/p>\n

When the idea caught on, he began setting money aside regularly, but it was 1 percent of his paycheck, not 20 percent. After three months, he realized how easy 1 percent was and he kicked up to 3 percent. \u201cI can tell you from personal experience that once you decide to pay yourself first and then make it automatic, it\u2019s done. Within the first three months, you forget that money that is going into savings.\u201d<\/p>\n

As he was able he continued to increase his \u201cpay-myself\u201d contribution up to 10 percent, then 15 percent and on up to 20 percent. <\/p>\n

Bach doesn\u2019t accept excuses. Anyone, regardless of income, can put money aside and let it accumulate, he insists. A lot depends on one\u2019s mindset. \u201cIf you are not paying yourself first now, it\u2019s probably because you think you can\u2019t afford to, but once you decide to do it, and make it automatic, you\u2019d be amazed how effortlessly you can learn to live on a little less.\u201d<\/p>\n

If 1 percent seems a reasonable self-pay goal for you, it\u2019s better to start there than not to start at all, he says. It\u2019s a decision that, over time, can assure your personal financial health and set you on the path to wealth. <\/p>\n","protected":false},"excerpt":{"rendered":"

Once you have your million, you can sit back, relax and quit saving, right? No way, says self-made multi-millionaire David Bach. Saving should be a lifelong habit, he advises. Learning to \u201dpay yourself first\u201d is one of the basics he shares in his book, \u201cThe Automatic Millionaire.\u201d He also is co-founder of AE Wealth Management. […]<\/p>\n","protected":false},"author":53,"featured_media":11550,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[561,20,69,89],"tags":[768],"_links":{"self":[{"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/posts\/12065"}],"collection":[{"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/users\/53"}],"replies":[{"embeddable":true,"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/comments?post=12065"}],"version-history":[{"count":3,"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/posts\/12065\/revisions"}],"predecessor-version":[{"id":12068,"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/posts\/12065\/revisions\/12068"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/media\/11550"}],"wp:attachment":[{"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/media?parent=12065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/categories?post=12065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/tags?post=12065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}