How to Become Wealthier Today
Have you ever found yourself spending more money after getting a bonus or a raise at work? Have you found that there is little money left to save at the end of the month after having paid everyone else first?
Norcote Parkinson wrote a book called Parkinson’s Law where he isolates some limitations of us all and particularly focuses in on the behavior of individuals within a group. In Parkinson’s Law he writes, “Work expands to meet the time envelope allowed.” Meaning if we have 5 days to complete a task, it will take us 5 days to complete the task. If we were allowed 30 days to complete the same task, we would take 30 days to compete the task.
Parkinson’s law also states that, “a luxury, once enjoyed, becomes a necessity” and “expenses rise equal to income” In a financial context, we can define Parkinson’s Law as: the more you earn, the more you spend. When our income increases, our expenses rise to meet or exceed that increase. We are always working against Parkinson’s Law.
One way to evade Parkinson’s Law is by establishing an infrastructure and system to beat it. You can create an account in which you are enabled to make weekly or monthly deposits. These deposits can be set as a fixed amount or a percentage of the money you earn.
I call this account a “wealth capture account,” because you are paying yourself first, thus capturing your wealth before it is exposed to Parkinson’s Law. By transferring about 10-20% of the income you earn into a savings account, you are building liquid savings reserves that can be accessed for emergencies, as well as for capitalizing on investment opportunities.
Setting up your “wealth capture account” using a dividend paying whole life insurance policy structured according to the Bank on Yourself strategy not only supercharges your savings, but also gives you access to unmatched guarantees, advantages, and benefits.
Setting up an infrastructure and system to collect your wealth is something that can be done today. You can combat the effects of Parkinson’s Law starting today!
Structuring and automating your cash flow to combat Parkinson’s Law can help you take that first step to build your wealth today.
Yours in purpose and prosperity,
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