Archive Daily Archives: October 8, 2017

Pay Your Future Self by Saving

Self Acknowledgement

Confession, I am horrible at saving! In fact, I use to scoff or look down on people who saved for a rainy day or retirement. I'm sure I could point to a few reasons for this limiting belief. One being that I didn't grow up in a family of savers. To this day, my 55 year old mother doesn't have any savings or retirement account. I also acknowledge that my criticism of others was meant to mask my own shame and guilt around not saving.  

Even after reading investment books like "The Intelligent Investor" by Benjamin Graham; "MONEY Master the Game" by Tony Robbins; and "The Snowball"(a Warren Buffett biography) by Alice Schroeder I FAILED to change my beliefs around savings. On an intellectual level, I knew why to save, how to invest conservatively, the value of having a rainy day fund, and the power of compound interest.

Why then, at the time of starting this financial intelligence challenge, do I have no rainy day fund, and one months worth of contribution into a retirement strategy? Because, knowing a thing and doing a thing are two separate things. As the saying goes, you need to walk your talk. You also NEED to acknowledge that these things are necessary and vital to living a harmonious life. It's been hard for me to face these truths and look at my own shortcomings. Nevertheless, it has enduced a sense of ease because now I know what I need to work on - Cultivate the habit of savings.

Confession, I am horrible at saving! In fact, I use to scoff or look down on people who saved for a rainy day or retirement. I'm sure I could point to a few reasons for this limiting belief. One being that I didn't grow up in a family of savers. To this day, my 55 year old mother doesn't have any savings or retirement account. I also acknowledge that my criticism of others was meant to mask my own shame and guilt around not saving.  

Even after reading investment books like "The Intelligent Investor" by Benjamin Graham; "MONEY Master the Game" by Tony Robbins; and "The Snowball"(a Warren Buffett biography) by Alice Schroeder I FAILED to change my beliefs around savings. On an intellectual level, I knew why to save, how to invest conservatively, the value of having a rainy day fund, and the power of compound interest.

Why then, at the time of starting this financial intelligence challenge, do I have no rainy day fund, and one months worth of contribution into a retirement strategy? Because, knowing a thing and doing a thing are two separate things. As the saying goes, you need to walk your talk. You also NEED to acknowledge that these things are necessary and vital to living a harmonious life. It's been hard for me to face these truths and look at my own shortcomings. Nevertheless, it has enduced a sense of ease because now I know what I need to work on - Cultivate the habit of savings.