You probably see people who are consistently raking in huge amounts of cash from a piece of real estate they own, a certain set of stocks, or a self-built business.
It’s almost as if they have their own money machine that prints cash for them whenever they want. It’s actually not too far from that, and you have access to your own money printing machine as well.
All it takes is 3 simple steps, and the cash will start flowing in. I’ve been through this process many times, and it works over and over again so you can have as many money printing machines as you want…
When it comes to preparing for life’s knock-downs, time is your biggest enemy. It’s a scary feeling to wake up one day and realize that you could be wiped out financially at any moment and have nothing to bounce back on.
That’s where a money printing machine would come in handy. And it’s fairly simple to get one.
Society tells us that we need a savings account. In fact, you’ve probably heard that since the first day you stepped into the real world.
“Opening a savings account is the most important step you could take.” This isn’t entirely true. A savings account with little or no money in it is useless.
Therefore, contribution to that savings account is just as important.
I know exactly how you feel… How can you contribute money to your savings when you have all these bills and expenses flying at you left, right, and center?
These 3 simple steps will turn your depleted savings account into a money printing machine…
Prioritize. And I mean actually prioritize.
Think about your expenses; I don’t mean expenses you can’t avoid, but expenses that you’re placing above your savings on your priority list.
Maybe you’re thinking about getting a new TV. You’ll use your credit card to make this purchase. Credit cards prompt people to believe that they can afford luxuries that are way out of their price range, when they just lead to sinking debt and bankruptcy.
The TV is $800, but it’s ok because you can pay it off within the year at $67 a month plus whatever interest, if any, accrued.
I doubt you need that new TV. What’s wrong with the one you have now? Your credit card empowers you with a false sense of wealth.
Use the money saved from unnecessary expenditures and put it in your savings account.
That $67+ a month could be going into your savings account and you’ll have saved $800 in that sacrifice alone.
If you repeat this with other surplus expenses like clothing, furniture, eating at restaurants, etc., you’ll soon build a solid amount of wealth that’ll set you up for your money printing machine.
I’m not saying that you need to become a recluse and give up everything that costs money. I just think that you should learn from something that I’ve been doing for a while and pay yourself first.
The idea of paying yourself first doesn’t revolve around paying yourself so you can immediately spend that money, it means that the first thing that should come out of your paycheck (excluding taxes and other inevitable charges) is a payment to yourself and your future.
This could be in the form of your savings account, or better yet an asset. An asset is something that makes you money: Real estate, stocks, or business.
Instead of buying your unnecessary new TV, you could be saving for a real estate investment. PAY YOURSELF FIRST.
The psychological factor of money is what ruins most people’s financial stability.
If you get a paycheck of $900 after taxes, bills, and other absolutely necessary expenses, it’d be easy to go grocery shopping with the mindset that you have $900 in your account.
Any 50/50 decisions on whether you should or shouldn’t buy an item will resort back to that excess figure and influence you to buy superfluous things.
Now, say that same paycheck comes in and you take $400 out and put it in your savings immediately, that new $500 figure will probably persuade you to put that excess frying pan down, because you have a perfectly good one at home.
By paying yourself first, you become more conscientious of what each little penny is spent on.
You deserve to have a little fun here and there, but think about the frivolity of going out with your friends with $900 in the bank compared to the more financially conscious $500.
Paying yourself first eliminates excess while creating a stable foundation for you to bounce back on if you get knocked down.
Once you have saved your hard-earned money after using the previous techniques in order to kill all temptation of spending it, it’s time to attain an asset.
Assets are very valuable tools in the process of reaching financial success, and you’re now equipped the knowledge to invest in one.
An asset can be anything from stocks, real estate, or business, and this will act as your money printing machine.
Assets usually run with barely any maintenance, but they can end up earning you more than any job is willing to pay.
This money printing machine that you’ll create will provide you with the means to reach your ultimate goal of financial success.