My parents always told me to save at least 200 dollars of my income monthly, and like every good son, I normally would spend it on things I didn't need.
I turned 21 in 1996, and remember getting my first car. Now being the responsible young adult that spent instead of saved the $200, I would normally find it difficult to pay the payment.
Yes, I was raised by awesome responsible parents, on a cattle ranch, but when I was old enough to get my own money, I really didn't know how to manage it.
The reason was because I never actually was taught about it at home. They just told me to save.
The added issue was growing up, we never were in need, and mom managed the finances.
Later I discovered that saving money was important because when you needed something in an emergency, there would be funds to help.
My brother told me about this strategy that helped him, it was the 60, 30, 10 Model.
60 percent of the paycheck goes to savings, 30 goes to bills, and 10 percent goes to wants.
It seemed like a great idea, and for a while I did use it. But after a few years, and life happening, I noticed that even the 60% placed in savings was not doing much.
Things were getting expensive, and I had to get a second part time job. Then even that wasn't enough.
I lost hope and went homeless and lost everything.
Obviously my life choices helped play a roll in what happened, but the rising price of rent, and food, and gas was getting ridiculous.
With all of that, the way it kept me poor, was because of unforseen circumstances.
As an added kick in the head, the dollar is losing value over time. Back in 1970, the dollar was backed by gold, and was an amazingly strong currency...then in 1971, Nixon took the USD off the gold standard backed by nothing, and therefore worth next to nothing.
The best model for saving is 70% in Bitcoin, and 25% bills/debt, and finally only 5% wants.
These wants should be assets related to hedge against inflation.
Think about silver, and not stocks or bonds, not housing, not land, and not banking.
Silver is a better asset than most others, and is still cheap. It is an asset that is undervalued and the price manipulated.
Savings in Bitcoin is the best option because it is the digital gold we need to keep our wealth.
The other models are made to keep us poor, knowing that things happen in life, and as the dollar loses value, saving will do nothing but put a few extra useless dollars in your pocket.
This is why I say, 70 Bitcoin, 25 bills, and 5 for wants.
This method will be to our benefit in the future, even through regulations and crackdowns worldwide.
Let's think is real savings, like gold, silver, and Bitcoin.
Thanks for reading and comment below...👇🏻