Comments on: Income – Saving = Expenses

By: Steve

Steve — Sat, 03 Sep 2011 07:37:53 +0000

I am one of those disciplined enough to walk the talk. Have been saving all my life even before I started work. Have been investing regularly as well. I was practicing what Robert Kiyosaki was preaching way before he even wrote his first book. I am not a fan of Kiyosaki, nor do I agree with his work as there are numerous bad advice which he dispenses in his book. Read between the lines and each time you see him release a new book/video/course it is about a new investment (that he had already invested in) which will end eventually up a being a bubble – housing, gold, silver, etc. I prefer to stick to traditional methods of getting wealthy – save and invest regularly and live way below your means. Try reading this book – The Millionaire Next Door – plenty of good examples and wisdom here. Do yourself a favour by throwing away Kiyosaki’s book. If you follow his advice blindly, you will end up none the wiser …. and poorer still. Only he is getting richer from you buying his stuff.

By: casey

casey — Mon, 01 Feb 2010 08:05:37 +0000

i read in robert kiyosaki book and it says that pay urself 1st. mind to explain what does that mean?

By: Sayeed

Sayeed — Tue, 19 Jan 2010 13:24:56 +0000

Well, obviously it required a hell lot of discipline in the beginning for my wife and me, when we start saving $50-100, we were excited and go for a dinner worth that $$,so back to 0.
The only way we manage to do it was to have an account in a separate bank without an ATM card, so withdrawal only with book. Then as my wife is not a banking and red tape person, as i does all the banking and administrative job, the account was under her name. That was STEP 1.
Step 2 : in our monthly account statement – STEP 0 is having a monthly income statement accounting process. (in – expenses = saving) at first.
Step 3 : set aside a % of saving and automatic standing instruction from my salary direct to that saving accounts. (in – saving = expenses)
Step 4 : gradually go up from maybe 3%….5%….10% and today we are saving 30+%.
Note; you need to know details of your accounts…happy trying…

By: Gerald

Gerald — Fri, 29 May 2009 01:55:28 +0000

Really interesting KC. I agree and I would advise that we pay ourselves first a certain percentage (depending on affordability) and then make all payments. Saving and investing is crucial and most of the time, we need people like you KC to educate us. Thank you.

By: KCLau

KCLau — Wed, 06 May 2009 02:26:13 +0000

Hi Will,

Maybe you can share with us some information about NLP. I believe that it will be very useful to the readers.

By: Will

Will — Sat, 02 May 2009 10:28:31 +0000

If you find it difficult to delay your gratification, please engage some system to help you, such as EPF, endowment insurance plan or standing instruction on unit trust purchase. We can even ask our mom to save for us.

The above solutions are only some temporary solutions. If you want to have permanent solution, learn to do NLP – change your mindset.

Raising Your Financial IQ, Be Your Own Financial Advisor and Achieving Your Financial Abundance.

By: Precint88

Precint88 — Tue, 24 Mar 2009 06:08:45 +0000

To save first consistently requires elements of descipline and will power.

By: Relax

Relax — Mon, 13 Aug 2007 19:19:29 +0000

the worst is when someone has to pay debt first every time he gets his salary. Money flies away.

I think one should decrease expenses as much as possible even after the money is put aside for saving.

I think I tend to be a bit aggressive.