A Written Cash Flow Plan Is Done Every Ramsey 5.5 Steps on How to Save for Your Big Play

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5.5 Steps on How to Save for Your Big Play

What is Big Play? A big gamble is an investment that excites you and is a little scary. It’s almost a sure thing when you pull the trigger. Now for a sure thing I mean you have done your proper research on your investment. You know the risk and the reward. You have contingency plans on how to protect your investments and you don’t speculate or gamble.

The problem with big drama is that most people don’t prepare for it. They do not have funds or financial resources available for large transactions. The deal of a lifetime happens every week for those who can work it. Deals are like money. They go to the people who pay the most attention. Are you ready to save for your big play?

Playing too small

People are playing too small. They never invest enough for a big payoff. When you invest pennies and nickels, you usually get a return of pennies and nickels. Small investment = small return. Big investment = big payoff.

“People never build wealth because they never invest enough in deals to pay off big.” – Grant Cardone

People don’t create wealth because they don’t invest large amounts to get large returns. Building wealth requires cash and confidence. Small consistent investments can build wealth over a long period of time. You’ve seen graphs of how compound interest can grow your money. But now I am talking about wealth creation.

$100k your first goal

Grant Cardone says save $100k before you make your first big investment. Now he doesn’t set stone on that figure but it’s a goal that most people can achieve with discipline.

Plus, you’ll need to find ways to increase your income to save that much, and that’ll give you time to explore income-producing investments. Also, with that time and discipline, other opportunities will open up for you.

5.5 Steps to Saving for Your Big Play

1. Write your plan – Money goes to those who pay attention to it. Write down why you’re saving for your big game and what you’ll invest in. It’s okay if you don’t have an investment idea yet. It is important that you commit on paper that this money is only for wealth creation.

Money magically disappears without a plan. You may have experienced this before. When you had extra money it was gone quickly. The pizza man got it, you had to go to a new restaurant, a family member suddenly needed it, the kids needed supplies, and well… life just happened. Promise in writing how the money will be used.

2. Increase your income – You will never become rich without increasing your income. People miss the point. They start saving, cutting their expenses and paying off their debts. But they never intentionally increase their current income. “Earnings are your key to wealth,” says Dave Ramsey, creator of Financial Peace University. The more you can increase your current income, the more you can save.

Look for opportunities to increase your income in your current job. Can you generate more tips? Are you missing out on their bonuses? Can you perform other duties? Can you bring in more customers? Is overtime available? Can you get paid on referrals? How to get another job?

3. Cut costs – Another way to generate extra cash is to create a monthly budget and cut all the expenses that are holding you back. View your monthly bank and credit card statements. There’s crap out there that you don’t need to buy. Bare minimum cut back. Don’t go into further debt. If your spending is out of control, sure. Go get help. Understand that there is money hidden in your monthly expenses. take it

4. Open a sanctified account – This is an important step. Open a high interest savings account. This is the beginning of your savings plan. I recommend an online bank with limited transactions per month. More importantly, an account where it takes days to get your money. Limited access will curb your impulses.

Also name your sacred accounts. It makes it real and personal. I call my sacred accounts The Big Play, The Big Dividend, and Sweet Jesus. These accounts are sacred. You shall not desecrate the Holy Land. Once your money is gone, it stays there until you are ready to invest.

Understand that emergencies happen. Temptation will cause you to dip into your sacred accounts. Opportunities will arise that call for your money. For this reason, you should have a written plan for attention. Don’t dip into your sacred account. They are off limits.

5. Determine how much you will save each month – I teach my students to create a monthly budget that they can live on. Then we put all the extra money into that sacred account. We save them all. Income increases, income increases, raises, bonuses and additional windfalls. Save it all! This is not the time to buy flashy items.

The increased income also goes to the holy account. You have budgeted for this. All the extra money will add up quickly from eliminating expenses and increased income. I have seen students who deduct $1k a month from their expenses and add it to their holy account.

5.5 Earn and Learn – Idea + Hard Work x Time + Discipline = Success. This is the formula for success. Use it to build your sacred accounts for your Big Play. Learn while earning. Study investing, read books, attend seminars and prepare yourself for your big play.

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