88. Your bank’s automatic savings plan can turn you into an automatic millionaire.
導向成功的金玉良言 --- 成功秘碼25條
An automatic savings plan is an effective tool to become wealthy, for it enforces saving on a consistent basis.
「成為百萬富翁的新利器是 — 儲蓄自動化方案。一種強迫性的儲蓄自動化。」
Spending borrowed money is not commendable; imagine if the debts you aren’t able to pay off were to become your children’s burden: it’s a bad idea however you look at it.
Subprime mortgage market is the biggest evil in essence, it is harmful the owner loss house, lender bankrupt, economic recession, people live with pain.
There should not have subprime mortgage, the lender allow a man who with no saving / no down pay to purchase a house, this is lender/bank’s fault.
To walk by the shore and not get wet takes caution; to walk in the ocean and not get wet takes a miracle. Some folks can manage to buy a house with a 20% down payment in their mortgage plan. Yet it’s impossible to buy a house with zero-down and not get foreclosed by the bank.
Do not buy a house without a substantial down payment, or you may find yourself covered in debts before you know it.
For most people, buying a house is supposed to be a “dream come true”; but if one insists on making the purchase without an abundant amount of savings, it may well turn into a nightmare.
The purchase of a house should be a happy event, an accomplishment you are to be proud of, not an excuse to start you on a life of debts and poverty.
Diligent saving and frugality are the keys to your financial security.
Your plan for saving up should be logically devised and strictly enforced: you need to have the will to see it through.
Direct deposit is one of the best ways to help you accumulate wealth.
Do not go for zero-down-payment mortgages, but don’t spend all your savings on a house either. The purchase should be well within your financial means.
The purpose of investing in real estate is for you to get rich, not to drain you of the wealth you already have with debts.
For sound financial planning, when purchasing a house, not only the down payment, make sure you have at least 10% to 20% of your savings as an emergency reserve.
A real estate purchase beyond your financial means will let you become nothing but a poor man bound to a house.
Buying a house on borrowed money will not necessarily make your dreams come true; only when you make the purchase with your own savings will it be the beginning of a wealthy, happy life.
Regardless of your investments, always make sure to have enough capital.
Financial experts suggest you use direct deposit to help enforce your savings plan and reach your target.
The three prongs of a good financial plan: spend less, save more, and reduce waste.
The older generations understood the value of frugality, thus most of them would have enough savings to afford a house. In comparison, young adults today, despite their superior education, often aim for extravagant lifestyles, and usually end up with far less money than is needed to buy a house.
Only those who are frugal can afford a house; others who squander what they earn barely have enough to pay the rent.
A man who knows to save money as much as he knows to earn it will eventually accumulate an incredible amount of wealth.
Maintain good credit scores, for when the time comes to purchase a house, they are as important a factor as the amount of your savings.
Force yourself to save money, and then force yourself to invest your savings in real estate. Before you know it, you may find yourself in the ranks of millionaires.
The key to wealth is: earn more and spend less; manage your debts first before you manage your assets.
An automated savings account is the secret to eliminating debt and obtaining financial security.