The Win Make Give “Wealth Series 2.0” is designed to be sequential, meaning it builds over each lesson. This lesson takes you back to the financial reality check, where we visited our expenses and designated them as required and optional. Now, we’ll look to figure out what we can eliminate from our expenses so that we can save more!
Highlighter Exercise: This is step two of the highlighter exercise, where we add colors green, yellow, and red. Make sure you commit to doing this every month. (Instructions are on the next page.)
Saving Models: Saving money is a lot like losing weight. If you pick a diet and stick to it, most of the time, it will work. It’s the same with saving money. We propose two lifestyle changes for your financial health: the 50/25/25 and the 80/10/10 models. They both work great, but if the math doesn’t add up for you then come up with your own – even if it's a 95/5 or a 99/1. Just do the math, find a model that works, and stick to it.
Lastly, we need to implement some saving strategies and make some sacrifices. Try to make this a challenging competition, but don’t forget to have fun. The goal is to create some new habits but not eliminate living a good life. Reward yourself from time to time. You will need to complete the exercises in Part Two to get the most out of this session. Please gather all your bank statements, credit card statements, and cash receipts. Grab a few highlighters and enjoy Part Five of the Wealth Series.
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