It is never too late to save no matter how old you are now. If you are in your 20′s you have time on your side but if you are in your 40′s, by now you would have a bigger earning power than someone who has just started. If you heed Warren Buffet’s advice to not purchase brand you will probably have more to put aside than those who are younger.
Developing the lifelong habit of saving and investing your money is not easy. It requires tremendous determination and willpower.
Practice frugality, frugality, frugality in all things. Be very careful with every penny
Question every expenditure. Delay or defer every important buying decision for at least a week, if not a month. The longer you put off making a buying decision, the better your decision will be and the better price you will get at that time.
I like this statement about questioning every expenditure, thank you Brian Tracy! It works for me. If it works for me, it can work for you too. You will be surprise how many things you don’t really need to buy. Majority of people, includes you and I, BUY ON IMPULSE.
A major reason that people retire poor is because of impulse buying. They see something they like and they buy it with very little thought. They become victims of what is called “Parkinson’s Law”, which says that “expenses rise to meet income”. This means that no matter how much you earn, you tend to spend that much and a little bit more besides. You never get ahead and you never get out of debt.
There you are……….resolve NOT to be a victim of “Parkinson’s Law”…….resolve to retire rich….