At any point in your life, if you want to improve or change something be it your weight, health or wealth, the underpinning factor in common is discipline.
If we are not disciplined enough to put one foot in front of the other, we rarely see results, say with fitness or health.
The same principle applies to wealth.
Regardless of whether you have a low income or high income, your future depends on how much discipline you’re willing to embrace in order to start saving and investing in your future.
Discipline is extremely important because saving takes a lot of discipline, investing takes even more discipline because you need to be in control of your actions, when your emotions like fear and loss of fear scream at you to act.
How do you start you may wonder?
I started in earnest, when my father asked me:
Do not need to have the latest phone or gadget, if the one you have is working just fine
Do you really need a new car?
Tight fists in my youth, have lead me to have financial security in my 30’s
Research shows that:
- 75% of Australians do not have savings to cope with a crisis.
- 75% of Australians who lost their job, have reduced income are struggling due to COVI19.
- Of this 75% the average savings they had in their bank account was $7,000.
- 10% have less than $100 in their savings
This will only get worse in the next 3-4 years as the new phenomenon of buy now pay later changes the consumer purchase landscape in Australia and the world.
How do you start saving or investing? Same way Marco Polo travelled the world. Take the first step.
The best first step is to pay yourself first.
For example, every time you get paid by your employer for your services, you could put that money into a savings account but how you choose to pay yourself is up to you. Only you know your personal circumstances.
What this does, even if you spend every single dollar of your pay cheque, you will still have an amount that you have set aside which will gets saved automatically.
This habit over a sustained period allows you to start the next steps. Saving and growing your money by making it work for you.
- Cut down your costs
- Increase your income
- Invest your money in a Halal and Ethical Manner with a long term view
We cover all these topics and share how we do it ourselves at Tabarruk
This is not financial advice. Please read our disclaimer.