{"id":833,"date":"2010-10-15T04:00:28","date_gmt":"2010-10-15T08:00:28","guid":{"rendered":"http:\/\/joeclarksblog.wordpress.com\/?p=833"},"modified":"2010-10-15T04:00:28","modified_gmt":"2010-10-15T08:00:28","slug":"street-smarts-book-smarts-and-money","status":"publish","type":"post","link":"https:\/\/joeclarksblog.com\/?p=833","title":{"rendered":"Street Smarts, Book Smarts, and Money"},"content":{"rendered":"

Robert T. Kiyosaki co-authored a book titled Rich Dad, Poor Dad<\/em>.\u00a0 It is required reading for everyone who wants to be successful.\u00a0 If you are one to read, you will acquire boundless information from this book.<\/p>\n

One of the important points Kiyosaki makes in his book is that you should have money coming in from different sources.\u00a0 He notes an individual living a life as taught in school would be working one career job.\u00a0 There\u2019s nothing wrong with that, as long as you have a lot of money put away for any financial catastrophe that comes your way.\u00a0 In other words, a person working one job with one income is in deep trouble when he or she loses their job.<\/p>\n

Someone with income from different avenues, however, does not suffer a crushing blow when one income trail ends.\u00a0 There is a slight adjustment and life goes on.\u00a0 They soon figure out how to replace that lost portion of their monthly money.\u00a0<\/p>\n

It will take some time to figure out what work you want to do and then create the vehicle allowing you to turn your efforts into money.\u00a0 Once you start making money, you then have to determine how best to use the money.\u00a0<\/p>\n

The way to use money properly is just as important as making it.\u00a0 You must remember that for every dollar you make, 20 to 30 percent will go toward taxes.\u00a0 Of the 70 cents remaining, you need to save 10 percent.\u00a0 That leaves you 63 cents to live on.\u00a0 It doesn\u2019t seem like much does it?\u00a0 Well, it\u2019s not.\u00a0 Especially if you are working a low-wage job.\u00a0 If you\u2019re working at minimum wage, then you are in more dire straits.\u00a0 The key is budgeting.<\/p>\n

After you pick up your paycheck, the first person you need to pay is yourself.\u00a0 That ten percent we were talking about saving is important \u2013 more so than you can imagine.\u00a0 In many ways, saving is the key to success in life.<\/p>\n

Someone who starts out working at a minimum wage of $7.25 per hour and manages to live on $5.07 is working miracles in this day and age.\u00a0 Out of their $7.25, they pay the government about 15 percent bringing their net to $6.16 per hour.\u00a0 If they save 62 cents out of that, this will amount to $100 per month.\u00a0 This is, of course, not much, but it is a start.\u00a0 \u00a0\u00a0<\/p>\n

Keep in mind, whatever the wage, 10 percent first goes into savings and the remainder pays the bills first, and then buys any extras you might want.\u00a0 Over time, you will be pleasantly surprised at how well your savings accumulate.\u00a0 This is especially true once you get out of the lower wage range and start making more money.\u00a0<\/p>\n

Real wages are sometimes elusive, especially for those who lack imagination and the will to learn.\u00a0 For those who want it all, though, it is there for the taking.<\/p>\n

The key is not working for money, but having money work for you.\u00a0 It is a simple concept, one not taught in school.\u00a0 You have to learn this concept through the school of hard knocks or you have to have someone show you the ropes.\u00a0 Or you can take the easier route to knowledge \u2013 you can read<\/em> about it.\u00a0<\/p>\n

Most who graduate from high school and some who graduate from college think you have to get a job to make money.\u00a0<\/p>\n

There are only so many hours in a year that you can work.\u00a0 The standard job worked 40 hours a week amounts to a total of 2,080 hours per year.\u00a0 Take that number and multiply by your hourly wage.\u00a0 At $10 per hour, that is $20,800 a year; $100 an hour gets you $208,000.\u00a0 Now, here\u2019s another important concept: if you are working for someone, they are probably going to want a lot more out of you than just 2,080 hours a year.\u00a0<\/p>\n

If you want to make money, you have to stop thinking in terms of \u201cper hour,\u201d \u201cper month,\u201d or \u201cper year.\u201d\u00a0 You should change your thinking to \u201cwhat can I make per deal, with this idea, or that challenge.\u201d\u00a0 It takes imagination and vision.\u00a0 It takes smarts \u2013 street smarts and book smarts, combined.\u00a0<\/p>\n

Instead of thinking about how much you have to make per hour to survive a year, ask the question how long can I live on the money I made off that least deal?\u00a0<\/p>\n

And here\u2019s the trick: by reading<\/em>, you will know the answers to all those questions.<\/p>\n

-30-<\/p>\n

\u00a9 2010 J. Clark<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Robert T. Kiyosaki co-authored a book titled Rich Dad, Poor Dad.\u00a0 It is required reading for everyone who wants to be successful.\u00a0 If you are one to read, you will acquire boundless information from this book. One of the important … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[8,11],"tags":[731,1313,2258,2305,2396,2416,2420,2740,2980,3053,3073,3146,3148,3389,3390,3475,4126],"class_list":["post-833","post","type-post","status-publish","format-standard","hentry","category-life-in-general","category-reading","tag-budgeting","tag-everyone-who-wants-to-be-successful","tag-low-wage-jobs","tag-making-money","tag-minimum-wage","tag-money-work-for-you","tag-monthly-money","tag-paycheck","tag-reading-2","tag-rich-dad-poor-dad","tag-robert-t-kiyosaki","tag-save-10-percent","tag-saving-is-the-key-to-success-in-life","tag-street-smarts-and-book-smarts","tag-street-smarts-book-smarts-and-money","tag-taxes","tag-using-money-properly"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/joeclarksblog.com\/index.php?rest_route=\/wp\/v2\/posts\/833","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/joeclarksblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/joeclarksblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/joeclarksblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/joeclarksblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=833"}],"version-history":[{"count":0,"href":"https:\/\/joeclarksblog.com\/index.php?rest_route=\/wp\/v2\/posts\/833\/revisions"}],"wp:attachment":[{"href":"https:\/\/joeclarksblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/joeclarksblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/joeclarksblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}