From £1 per Day to £20,000 in Liquid - Part 3 of 8
By Stephen Sutherland, author of Liquid Millionaire.Posted in the Category of ISAS, Investing, Stock Market, Investment Fund, Wealth Building on 7th January, 2010.
Tags: isa, isa investing, liquid millionaire.
How Saving £1 per Day Can Help You Accumulate £20,000 in Liquid Capital
Can you afford to save £1 per day? If you answered yes, I have just the way for you to quickly accumulate your first £20,000 in liquid.
Some people who read my book Liquid Millionaire really loved it – but at the same time they came to the end of the book and were frustrated.
Here’s a couple examples of readers’ comments posted as reviews on Amazon:
“People like me with less than £10,000 will not be able to afford the £6,000 to gain access to the information which could make you richer.”
And…
“…I must say that the service offered looks interesting. I don’t know if I can afford it, not living in the UK.”
I think I know why people like this are frustrated. It’s probably because they don’t have the cash to give them the option of possibly becoming one of my premium clients.
In the last two previous blogs, I started to share with you a simple 10 Step Strategy which could seriously help you save £20,000. In my previous blog I focused on Step 2 - Focus on cutting expenses, increasing income and saving. Today I want to share with you some tips on how to start making that saving by creating a saving habit.
Step 3 – There is no need to invest your money at this stage.
Now, just in case the thought of “When do I start investing?” crops up, whilst working on cutting your expenses, increasing your income and saving, there is no need to think about investing.
I say this with the exception of knowing that one day in the future, when you have £2000 saved, you will then begin investing.
Step 4 – Start today to save £1 per day.
If you have not yet created a saving habit, now is the perfect time to start. And you can do that by simply saving as little as a £1 per day. Can you do that? Yes, of course you can. But how is that going to help you get to £20,000 if you’re only saving £365 in a year?
The answer is simple. The key to making this work for you is to begin really small – and by beginning with a tiny amount to save, you find saving “easy” – and thus the habit process of saving begins.
You see, if you’ve not started saving, it means that you currently have a habit of “not saving” money. And that means you need to turn that habit on its head and create a new habit of regularly saving money, irrelevant of how small you think the amount is.
I suggest you make your saving automatic. Set up a separate bank or building society account and set up a direct debit for £30 per month (£1 per day) to be transferred from your present account to your new account.
I can assure you that you will not miss it, especially if you’ve made a few cuts, and you’ll still be able to live the life that you’ve currently been living.
Remember, we all waste at least £1 per day. And so by you cutting your expenses, sending £30 per month to your new account should be a piece of cake.
In Saturday’s blog I am going to talk in more detail about Step 5 – Save at least 3% of your net income and Step 6 - Save 10% of your net income.
Find Out More
In the mean time if you would like to find out more about how having £20,000 to invest could help make you a liquid millionaire please click here for a FREE sneak preview of my book, Liquid Millionaire
Your friend,
Stephen Sutherland
The UK’s Leading Authority in ISA Trend Investing and Author of Liquid Millionaire
Please Note: As always, let me remind you that I am not a financial adviser and therefore not authorised to give advice on what investments to buy or sell.
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