Work Once, Buy Forever
January 2, 2008 · Written by Heather Juma
We live in an instant gratification society where people, instead of saving up for the luxuries in their life and managing their finances, they are slaves to their lifestyle.
There are many smart, savvy women that have unlocked the mystery of living the life of their dreams. What they do is build their lifestyles.
Do you love to have a new car every four years?
Start by figuring out what your monthly car expenses are; let’s say it’s $500 per month. $500 per month adds up to $6,000 per year…Yikes! So the key to this concept is to find a way to make this affordable.
You need to save $50,000 and invest that at a 12% annual interest rate. That will give you the $6,000 per year, EVERY year for your car expenses. What’s great about being a woman entrepreneur is that you decide your income, so while saving $50,000 may seem daunting, it is entirely doable.
Say you’ve decided to go out and purchase a car. At the end of four years, you’ve made all the big car payments and now you own the car. Hurray, right? Wrong! You now own a car that is worth a lot less than you paid for it. What’s worse, is that you’ve spent all your money. If you had followed the plan above, you would have paid for the car with your interest and would still have your principal.
Your principal is your “golden goose” and the interest is your “golden egg.” You keep the goose and spend the eggs, forever! As long as your goose lays eggs, you can have a shiny, new car parked in your garage.
Discipline yourself to do this now and you will be happy that you did. Start saving money for your golden goose, invest the savings and put all of your interest towards the golden goose. Keep adding savings and interest to your “Golden Goose” account until you’ve reached your goal.
You may also want to start studying about investments so you can get BIG, golden eggs!
There are two websites to check out to learn all about investments:
Good luck on reaching your goals and getting the luxuries in life that you deserve.
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There is a helpful book by David Bach “Smart Women, Finish Rich” that can help women harvest more golden geese; ultimatley creating income for life on your investments. We all know that when we retire we have to have the income to sustain the fabulous lifestyle we are currently living. Many women pride themselves on saying “I will about 1million saved by retirement” but we all know a million dollars in 40 years is not the same value as it is now, therefore you might have to work forever or just lay down and die when your savings run out. The key is to have different golden geese laying several eggs to keep you in that lovey BMW at 60 yrs old. ( gooses or geese?? :0) )
Sahara -
That is a wonderful book! Just the simple 10% investment can change your thinking…Many women say, “I spend everything.” or “I’m horrible with money.” If you just start with $10, and consistently put more away, you won’t miss it, and you will become something you did not think you were, which is a saver!
Great comment!
[...] Lifestyle tells us how to work once and buy forever. Sounds like a great plan to [...]
I agree with all of you especially after read Smart women finish rich you will change your mind and get new idea to start how to make money work for us while you sleep
“Smart Women, Finish Rich” was especially good for me in terms of making me realise that to a large extend success is a mindset. Once I realised that, things just started to happen for me. I was already of that opinion I guess but the bood really made that concrete for me.
I really think our society as a whole lives way beyond our means. There is a lack of respect for money and in return we are ending up with a country that has more debt than any other country in the world. One thing I try to tell my clients is that you should never buy a depreciating asset. Instead always look for the things that 20 years from now are going to reward you with far more than you paid for them. Good Rule of thumb!
Ack! Such a needed post! We Americans (including myself) are terrible about over spending and not spending wisely. We kill the cow once instead of milking forever.
As a woman entrepreneur, I need to be very careful how I spend use my finances personally and professionally.
Thanks for the tips,
Kathie
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