Here is an exciting thought! Why not work full time on your job and part time on your fortune? And what a feeling you’ll have when you can honestly say, “I’m working to become wealthy. I’m not just working to pay my bills.” When you have a wealth plan, you’ll be so motivated that you’ll have a hard time going to bed at night.
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So if you will indulge me, I would like to share a simple formula for creating wealth. Here’s my thought on how money should be allocated.
The 70/30 Rule
After you pay your fair share of taxes, learn to live on 70 percent of your after-tax income. These are the necessities and luxuries you spend money on. Then, it’s important to look at how you allocate your remaining 30 percent. Let’s allocate it in the following ways:
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