What Jim Rohn can teach us about wealth creation in 3 simple steps
As many of us start back to work tomorrow after what has been a nice long Xmas and New Year break, i wanted to share this thought with you.
The late great Jim Rohn new a thing or two about wealth creation, although he was not a financier his simple technique which he talked to every young person he could about was the power of compound interest and how by using his simple tool they could retire early, wealthy no matter what their income as it managed the core aspects of
* Saving and not touching retirement money from day 1
* Spending less than you earn’t
Jim’s approach was really, really simple.. it maybe too late for you to start this at 18… but its not too late for your kids or grandchildren… and for us its never really too late to start as starting late is better than never starting at all…. heres Jim’s strategy to wealth creation;
1) use 70% of your income (net) to live on / pay the rent/bills etc
2) Invest 10% for your retirement… in a way that you can benefit from compound interest growth over the years – do not touch this money
3) donate 10% to charity… good deeds bring opportunities
4) invest 10% in fun… enjoy life… tick some bucket list goals off… invest in start ups / riskier businesses etc… if you get a payback great… you can re-invest that in another new opportunity and have even more fun.
So as we start the new year i wanted to share Jim Rohn’s thoughts with you and let you know that our charity focus for the year (above our ongoing commitments) is to get involved in this great initiative which was created by three Rotary members here in the UK to raise money towards ending Polio in he world – http://www.rotarycrocus.com/
Have an awesome and prosperous 2015