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Now, today, I want to share money growth tips for building a ladder to cash-flow success. This could apply to your personal finance as well as your business. It’s one of three systems that I introduce in my signature Silk Stocking Method™
If you are a part of a workforce, you know that in order to generate more money on the job you must increase your intellectual capital and skills to get paid more money. You know that to reach a higher position on the ladder of success, there is a system or chain of command to reach the next level.
I use the Three Bears to illustrate this simple system for growing your money.
First, you will need to set up three different accounts. It may appear that these are set up in the incorrect order, but as you read on you will understand why. Here’s an example of how this would work:
Account #1 – Baby-Bear — This is your main account, where all incoming deposits happen. From this account, after each payday deposit, or cash from business, you will set up automatic transfers of up to 15% into the next account. This may happen once a month or more. With what is left you can pay your bills.
Account #2 – Momma-Bear – All of the money in this account is directly deposited from account #1. You will schedule automatic transfers of up to 3% from this account on the same days as the transfer happen from account #1. This account is to support dream vacations, new car, or whatever you feel would make life more valuable to you.
Account #3 – Pappa-Bear – This account is funded when you feel that account #1 has reach a level where you are comfortable with the growth and savings, you can either commit the whole 15% allocated to account #1 into this account, or split it: 7.5% Account #1, 7.5% Account #3. This is your wealth creation account, where you decide how you will divest these funds into income generating assets. This is the Pappa-Bear because it will provide lasting wealth, security, and peace of mind for yourself and family.
These money growth tips is a perfect start to capturing and controlling your system to wealth.
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