From £1 per Day to £20,000 in Liquid - Part 4 of 8
By Stephen Sutherland, author of Liquid Millionaire.Posted in the Category of ISAS, Investing, Stock Market, Investment Fund, Wealth Building on 9th January, 2010.
Tags: isa, isa investment, 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 my previous blog I focused on Step 4 - Start today to save £1 per day. Today I want to share with you some tips on how to increase the amount you save to enable you to reach your first £20,000 sooner.
Step 5 – Save at least 3% of your net income.
Once you’ve been saving your £1 per day for some time, you are going to realise that you could possibly save a little bit more. Your next goal is to aim to save 3% of your net income.
If you are earning £20,000 net (your take home pay), 3% of £20,000 would be £600.
Now what you want to do is alter your direct debit so that instead of sending £30 per month into your new account, you’d start sending more.
Staying with this example, you’d up increasing your debit amount from £30 to £50.
And yes, as if by magic, once again you’ll find that you don’t miss the money once it has gone.
Step 6 – Save 10% of your net income.
Now it’s time to really up the bar again. By the way, if 10% is too big a jump, then try 5% or maybe 7%. The last thing you want to do is to create for yourself something that is going to hinder you rather than help.
It is you who will have to decide the exact time to up the stakes to saving 10% of your net income and I can assure you that you will know when the time is right.
It may be after six months of starting your plan – or it could be after a couple of years. But the time you decide to start saving 10% is not that important. The important thing is to simply do it, and that will send a strong signal to your brain and nervous system – and to others around you that you are well and truly on your way.
If we stayed with the example we used before, if you were earning £20,000 per year in take home pay, if you went for the 10%, you’d invest £2000 over the course of a year and you’d do that by altering your direct debit to £167 per month.
Next week I’m going to continue sharing with you the 10 steps required to get from £1 per day to £20,000 in liquid.
Find Out More
If you would like to find out more about how having £20,000 to invest could help make you a liquid millionaire then please contact a member of my team for a chat. You have my word there will be no sales, no jargon, just the facts.
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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