How much of your paycheck can you — or will you — leave untouched, no matter what else is going on in your life?
Think about this number because the rest of your life will be determined by your decision to keep a percentage of your income today so as to always have money for yourself in the future. The goal here is to enable you to step off the 9-to-5 conveyor belt and walk the path to financial freedom.
While many are aware of the concept of compound interest, most people make the same mistake, thinking they need to earn a large sum of money to become financially secure, stable or free. In reality, a small amount of money consistently set aside will provide a greater ability to achieve financial freedom.
In the end, it doesn’t matter how much money you earn. If you don’t set aside some, you could lose it all. But once you set up your money machine, don’t just set it aside stuffed under your mattress. Accumulate it in an environment that you feel certain is safe but that still offers the opportunity for growth.
And while your machine is running, you can trade less of your time for money, freeing you to spend your days doing things you truly care about. This is the first and most important step in putting yourself on the road to financial freedom.