You hear from so many people how much they are making a month, but not how much they are reinvesting back in their business and more importantly saving.
Even if you are making $12240 a month, it doesn´t mean that you have that amount REALLY in your bank account. You need to consider how much you are spending on food, rental, car.. plus what sum you are reinvesting back into your business and how much you are paying in taxes.
Here is my own story..
You should try to live as long as possible in a place that is cheap and not causing you headaches. Even when I started to make $7000 a month I was living in a place where I only paid $140 a month for my rent. I had a roommate back then and we shared the place.
You might be wondering how it is possible to just pay $140 for rent each month and still live in a great place. Well, I moved to Malaysia to save money for rent and food and it worked out fine for me.
To be honest with you, I eat a lot but I´m rarely spending more than $10 a day for food and groceries. If I would eat the same volume of food in the west it would cost me at least $30 to $40 a day.
Also, the tax advantages in countries like Malaysia or Singapore are extraordinary. My goal was always to be "smart" and I saved most of the money that I made. If you make $7,000 a month and save $5,300, I´m sure that you are feeling good about yourself, don´t you?
• Strongly consider how much you want to keep in your bank account a month.
• Strongly consider how much you spend on rent, food and other facilities a month.
• Strongly consider where you live and what you want to reach in your business.
Clarity is key, and goes a long way in determining how much money you actually keep in the bank.