The mind set of TITHING, yourself.

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Tithing is putting away 10% of your gross earnings, to give away to your religion, to pay taxes, whatever the dictionary says.

Tithing yourself is not a new concept, but we don't often see it in action. There have been Warriors who made 100,000 thousand dollars a year, and the tithing concept would have them put 10 back, AND NOT SPEND IT.

One of the things we see too often is when a Warrior starts making more money than expected, and the human knee jerk reaction is to SPEND IT. A new car. House updates, home furnishings upgrades, vacations.

Due to sometimes, outside influences, like building your business on something that can be knocked down with a new google algorithm update for example, isn't a very wise business decision to begin with. But stuff happens.

Do you pay yourself first? At 10% or whatever? And is that money not to be touched?

If you do, then congrats, you are on the path to financial freedom and can get off the sometimes roller coaster ride of IM, the feast or famine cycle we see so many in.

Give yourself 10% and let it accumulate, time goes faster than we think, and before you know it, your tithe contribution to yourself, will be doing some heavy lifting for you.

GordonJ
#mind warriors #mind #set #tithing
  • One good definition of what the rich do is "The rich spend less than they earn. That's how they accumulated wealth" (I may have just quoted myself)

    I can tell everyone here this...And this comes from the heart.

    The last 6 years, my wife and I have been putting away between $3,000 and $15,000 a month, every month, because I had no retirement account. And let me tell you, some months that stung.

    Had I simply started putting $300 a month away ....starting at age 30...and never neglected the deposits, or spent the money...we would be in the same place as we are now.

    And the truth is, that $300 a month would never have been missed. Heck, we almost spend that on cable every month.

    But no, I had to wait until I could see retirement staring me in the face, before I did anything serious.

    Start now. Any decent Index Fund will pay out an average of 10-11% or more a year, just like they have been for almost 100 years.

    Remember, every dollar invested (in a no load mutual fund) at 30...turns into a $20 bill at 60.

    In the US right now, the average amount in a retirement account....at retirement...is $90,000. If you just put away $40 a month, starting at 35 years old...you would have more than that at 65.

    You don't want to be a Wal-Mart greater at 70, when your feet hurt and your bones ache...because you need the money.
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    • Thanks Claude,

      Being a saver is a RARE thing, really it is. Especially if there are kids involved, those little squirrels eat up the acorns (tip hat to PB).

      One carry over from my childhood was "junk" in the back yard, at the ol Alexander Mansion, we had a backyard to rival any of our WV relatives back in the holler.

      We had two little FIATS. They were toys, for us. I think they were mid 50's junk someone gave my dad for some reason. Many years later, he sold them both for several thousand dollars, turns out someone COLLECTED them, even ones that needed restored.

      My older brother had a mint '67 442, with a custom ocean blue/green paint job he stored forever in his garage, only driving in the summer, mostly to car shows. When he created a financial jam for himself, he had to send it down the road, but for almost enough moolah to get him out of the jam he had created.

      I emphasize the JAM, cause we find we almost always are at fault, with no one to blame but ourselves.

      I no longer teach "Chatteling", the buying and selling of personal property, a skill I picked up over 50 years ago....today, there are all sorts of these courses, mostly all the same. Be it ebay, or etsy, or closeouts, overstocks, or Walmart, buy something and sell it for a profit.

      In lieu of SAVINGS cash in the bank, I was fortunate enough to have collectors in the family, and so was taught about numismatics and philately, and having had the chance to work in big companies offering collectibles helped too.

      So, point being.

      If when you have some extra dough and you get an itch to spend it, invest in something that maintains value over time...one old junk car, a pocket watch, a pen, a stamp, a coin...a painting...you will be less likely to cash it in when you find yourself in a jam...

      But it is there if and when you need it. I think, believe and KNOW that if one has a piece of chattel that can quickly be turned into 10k dollars, they have enough to then generate a 1k a week profit or more, simply by buying and selling.

      GordonJ


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  • [DELETED]
  • Introdoocin'



    Your Hoard. Your Fyootyoore. Mebbe Even Your Actschwl Nuts!

    It is impossible to know what is round the next cornah.

    Speshly if'n you ...

    1) gowin' noplace, zackly

    2) gaht alla your plans FIGYOORED

    That is why Ulysses missed out on PLENTY GALS.

    But why also them gals lived on, proactively LEGENDAH.

    So you gaht 2 targets for your lasso:

    1 is to tame fear.

    1 is to reel in hope.

    Neithah beast gonna succumb to your whims easy.

    An' you may cast your rope way wrong more often thanya cast it right.

    The frick horses gotta do with squirrels, I dunno.

    They kinda romped on in here all wild.

    Thing is, that don't happen with Ankylosauri -- an' this trooth goes way beyond intrinsic bulk an' extinction ishoos.

    So mebbe let's return to squoils.

    & their nuts.

    **mmmm ... sounds kinda homesy ***

    Blindly optimistic curve balls delivahed to the feet of your fyootyore self.

    K.

    Howevah, I have yet to successfully kidnap Benedict Cumberbatch an' invite his silver tongue 'pon my tinglydangliest areahs.

    Clearly, there is work to be done ...
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  • Sure but it is more in the form of developing my investing skills, as l can stare at a screen at any age or press a button for that matter, (you can be impaired and still can interact with a computer).

    The ones that work for someone else and are on a clock are the ones that need to save something.

    I have saved up a lot of extra money during Covid, (raiding my Super, or 401k was one way) and did l go on a spending spree nope. I knew that the money was a once in a lifetime fluke, likely to never happen again so all l spent those thousands on was new shoes, (my ones where falling to bits and l tried to fix them myself) and a new phone as the old 3G network was going to be turned off so no choice. But l did buy the cheapest one available, ($150) and not some 1 or 1k one.

    To be honest l am more of an asset junkie, or l like to spend any extra cash l have on something that makes more money, then maybe blow that?

    All indications are this week the SP will do well, so anyone here investing in US stocks may have some extra money soon, and may share notes here on what they are going to spend it on?

    If l end up making a few thousand this week, what would l do? Hmm, easy go into Melbourne and have a long overdue day off and blow $30 or celebrate a little.

    Or would l go up to the Gold Coast for a week and blow most of it, probably not, even though l badly need a holiday, since it is an asset or can compound equity or the more you make the faster it grows.

    So if l make 2k l would reinvest and spend $50 on a whim or very little.

    Or once l have a million making 20k in a few hours is relatively safe, making 100k is relatively, well it is risky.

    Or once l have a million then l can consider the spending spree thing just as long as l am making more than what l am spending.

    I know Claude l know,

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  • Wealth is not how much money you make, it's definitely about how much money you keep. I know someone who would be a retired millionaire right now if it weren't for the way they spend all their earnings. To each their own, but I definitely believe in "paying yourself" like it's a regular bill so that you can actually achieve real financial wealth.
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    • I get the title a lot: first, I have to MAKE the money, then I'll worry about saving it.

      And probably HERE more than most places online re IM...Warriors does attract a world wide audience of struggling folks. As for your acquaintance the would be millionaire, I will say I know many millionaires, and NONE of them have retired...even when they did, they played other "money" games, but few sit on the beach and do nothing. It is not surprising that those that work for their wealth, actually LIKE and sometimes even love what they do.

      But you are right about many people NOT buying into pay yourself first, especially those that have to spend their profits on living expenses.

      When I analyze business plans, I always look for, hardly ever find, a SAVINGS element to it, in fact most would be Entrepreneurs don't really pay themselves a living salary, which could be a red flag to investors too.

      A boot-strapper could just reinvest all profits, if they have living taken care of first, but I have seen very few Warriors come here with the money they really need to start the kind of business they want. And without money, then the other way: WORK AND GRIND, will have to suffice.

      As a mind set, I would include a savings plan built into any and all PLANS OF ACTION when going down the money trail, hippity hoppity and saving along the way.

      I like the concept of a bill. Go ahead and invoice yourself for the tithe, maybe even use PayPal or such to create an invoice, sent once a month. GordonJ you owe me 10% of last month's income, pay up or else. Maybe a bit far fetched...but when we look at labor as an expense, we should include our own too.

      Also, we read so many stories of some person working a regular job and leaves a million bux or a ton of money to a worthy cause...there is a lot of satisfaction in living a frugal lifestyle, but even then, YES,
      you all do have to make the money first, but set your mind right
      right at the start.

      GordonJ

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  • Gordon I agree with what you are saying. I was responding to Shane and the numbers he threw out.

    I'm all for teaching people to start at the start from where they are. Establish a budget getting control of spending. Then as income increases save the extra until on has6-12 months of expenses in some kind of savings.

    A certain amount of total savings as a goal. But starting from zero that could take years to pull off. Have a reasonable expectation on the time it will take.
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    • Thanks for this Odahh, where you and I part ways is the idea it could take YEARS to pull off.

      NOT today. NOT with IM. Using MY Numbers, not some silly million dollar idea, but a realistic, practical, doable 5k a month after a year or so of effort, keeping 500 off the top, and having the 25 k in five years...although, that doesn't show any growth.

      I can't deal with those who want to say this or that about millionaires, or what they do, or how they go about their business. I TRY to keep my thoughts here at the WF, geared toward the Warrior.

      There are even testimonials here in the WSO section about done for you, and all sorts of money making ways.

      So, I will once again beat my drum (dead horse??)...it does not take years and years to make money and any money, even at start up, it would be wise to have a plan of saving, in lieu of saving, that 10% should be folded directly back into the business for scale, growth and expansion.

      Hearing YEARS, really makes me shout PEAS AND CARROTs with fingers fully into ears.

      And of course, the issue is the START, and making wrong choices due to lack of knowledge, desperation, shiny objects and a total lack of planning and assessment.

      GordonJ
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  • Gordon

    I don't actually believe it has to take years either. Once people start. But if they spend years studying 700 ways to do it in 6 months and never start .

    Because it's my story . My audience is mainly in- cell . With a path and method to get out of the parents basement into their own place and get a partner. At least part of the the year. Those details might be in another thread months from now.

    If to link it to tithing or giving to oneself. The first stages of self investment are to learn many of the life skills our consumer culture and debt driven culture has just not taught people in the last 40 years. Budgeting saving frugality.
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    • I'm going to try to mulitquote here, both Odahh and Claude...

      Odahh, see, some of your takes on life have a lot of blame in them.., like talking about the US Gov't, which really doesn't exist as a singular entity making decisions, like UFOs, as an extreme example. The US Gov't is a group of independent fiefdoms, feudal lords, and bureaucrats, most of whom in charge have risen to their level of incompetence...like the Peter Principle talks about.

      I mention this because...there was NO culture that is to blame for lack of self education. It is one more thing to blame.

      Anyone, anywhere, with a financial need, already has enough education, to see they are not making enough money to cover their expenses.

      The solution to THAT problem is Increase income, cut expenses. And there are many ways to do this, as has been discussed here so often. When you say things like these consumer and debt culture hasn't taught life skills, maybe it is true with you, but isn't making money a life skill... anyhow.

      During the same last 40 years where your "cultures" are to blame, countless people have risen to unprecedented success and it has been the golden age of man in pure economic terms.

      And Claude, we try to share here at one of the Internet Oasis, where a wanderer or seeker can take pause, reflect, LEARN, and let their camels and horses fill up.

      But if a very thirsty person wanders here, and doesn't partake, and two, three, 5, 10 or 20 years later they are still parched, not on us, right?

      You give away as much value laden info as any Warrior does, and sure there are those who claim this isn't the good old days when Alexa Smith, bless their little hearts, and a host of other "Name" Brand Warriors were scamming the pants off people...

      The ones remaining, have and continue to share practical, useful, and FREE information that any tired and weary traveler can use to make their situation better.

      All we can do is share, hope a few get quenched, continue their journey, and toss a nod in our direction, but even if they don't, we carry on and those here today, are some pretty fine folk, who share and care.

      It is one of the longest oasis, and many have come and gone.

      The new ones just finding this place, may need a little education/direction...but my experiences says 80% come wanting...not offering. 80% come in need, to get...not to give and 80% of them will not partake the cooling waters under the palms...and there is nothing we can do about that.

      I like to think, the 20%, will find us, and get the most out of what we offer here at WF.

      GordonJ




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  • Hey, can I mulitquote breath here, jus' to be a pernickity pain in the ass?

    Evrywan here knows I prize propah actschwl spellin' ovah makin' even no kinda sense.

    Thing is, a mulitquote evokes prior cadence upon which you might wanna pondah.

    An' a breath is to be breathed.

    Note to self: Caaahsmaahs realigned diligently provocative. You may sleep now.
  • Just hit the multiquote button under each post you want to quote and then click post reply at the end as normal. All the posts you've selected will then appear in your editor.

    And watch out for a special 3 quotes for the price of 2 offer the forum will be running this weekend!
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    The mind set of TITHING, yourself.

    Tithing is putting away 10% of your gross earnings, to give away to your religion, to pay taxes, whatever the dictionary says. Tithing yourself is not a new concept, but we don't often see it in action. There have been Warriors who made 100,000 thousand dollars a year, and the tithing concept would have them put 10 back, AND NOT SPEND IT.