One of the best things about IMG is the crusade to change people from being spenders to savers and eventually become Entrepreneurs and Investors. The big question is HOW?
Most of us consider our paychecks as profits. When we get the paycheck we always think of rewarding ourselves for the hard work we put in for the half month or for us OFWs, a whole month. There's nothing wrong with that actually. Remember that we have discussed this from our Money Jars where we have Play Jar because we need to pamper ourselves too for balance. This also saves us from cheating in the other jars.
Photo credit: IMG TRM
And so this Prosperity Formula is a guide for us to be able to achieve the goal to financial freedom. It states Pay yourself first. Not pay our efforts by buying so many unnecessary things but pay ourselves by investing in our future. Keep in mind that we are still within the working age. The age line where we are still working hard to earn money. So take your paycheck as capital. Use it to earn more by investing in knowledge, experience and in various money vehicles that will yield more giving you greater opportunities to achieve your goals.
I learned this 10-20-70 Prosperity formula from Bro Bo Sanchez. I've been a follower years ago but it's only recently I really took the step to make an action. The baby steps really paid off. Now I'm not scared anymore and I appreciate more what I read and learn along the way.
This is a basic concept we all must learn and of course practice. 10 percent is nothing compared to what God has been blessing us. Remember that we can never outdo God's generosity. The mere fact that we have a source of income is already a great blessing, so what is 10% anyway? It's not necessarily exact but anything that comes from your heart will already please the Lord especially if that means helping others. Keep in mind that God is blessing us to be stewards of his blessings and be able to help others.
The 20% is used for retirement plans. Remember that it takes time for money to grow. So while we still have the resources like, good health, strong body, a good paying job or a good business, we should start investing now so we can look forward to a good future.
The 70% goes to our living expenses which includes our bills and basic needs such as food, clothes and housing. Now since this is what's left, that means we have to live within the our means. With this we can surely fund our financial plans.
Here is a video of Bro Bo Sanchez when he guested in Aya Laraya's Pesos and Sense TV Show. He basically discussed here his different view on money and how it relates to our spiritual life.
I personally believe that money is just a vehicle to bless more people and it will only be the root of evil if used otherwise.
Money cannot buy you love, so where do you use your money?