I just posted the first of several Mazzei Money Methods, and I hope you’ll check it out at mikemazzei.com. I started this series with the following question in mind – “What do I wish I had known about money when I turned 21?”.
If you like the principles of money presented, please consider sharing the video with your kids and grandkids. It’s only three minutes, but chock full of superlative wisdom.
The first rule I taught my kids about money was to save 10%, give 10% and learn to live on the rest. These two monthly practices could put your kids and grandkids on the right track to becoming a millionaire and leaving a legacy of helping others.
If you save 10% when you first start your career, you may only be saving $200 to $300 per month. But, if you stick with this method, the monthly savings amount could grow to $500 per month, then $1,000, and so forth, depending on your income.
At first, it may feel like someone is forcing you to eat those unpleasant vegetables you didn’t like as a kid. But as this method becomes a habit and your savings grow, you will start to see the payoff of your fiscal discipline.
Now, money is important, but at the end of the day it’s just a tool to build and grow relationships with others – first your spouse, then your kids, next your friends, and finally your community. Life is about relationships, and they are eternal. Money is not.
To leave a legacy of building great relationships and helping your community, be a PERCENTAGE giver, not just a dollar giver when you feel like you have extra… because you will never feel like you have extra, thus part two: Give 10%.
I think the best use of money is providing security for your family, helping others reach their goals, and lending a helping hand to those who are hurting. So don’t overcomplicate it. Save 10%, give 10%, and learn to live on the rest. It’s that easy.