Comments on: The Importance of Saving Money

By: Sirisha

Sirisha — Fri, 28 Jan 2011 19:20:06 +0000

@Paul – I always believe in investing.For me savings is just money sitting with no use…

After reading your article, I am trying to think differently and save money. All the comments are very encouraging…esp this sentense : “Saving money is not an issue of income, it’s an issue of discipline.”

I am going to follow the steps here and see what this can do after 90-day.

By: Shaun

Shaun — Wed, 09 Jun 2010 20:29:03 +0000

Very interesting article. If you pay yourself first you will find a way to compensate it in your income. I'm going to start trying this and see where it gets me. .-= Shaun ´s last blog ..How Do I Start Blogging? =-.

By: Martin

Martin — Mon, 26 Oct 2009 08:36:22 +0000

Im a big beleiver in that what you reflect is what you receive. Having a fat savings account makes one very secure, confident and happy. When you are ‘on you’re game’ finacially, you walk and act with an air of confidence that others see and feel. You are better at your job. You are freindlier to people. Hence, you have more going for you. That reflects in the form of money. You get paid more at your job because of your ‘personality’ along with your performance. If you make tips, you get more tips because people are happier with your service. You make more freinds because you are more approachable. And the opposite effect happens when you are broke. You are miserable. You are negative. You get greedy. How will that help you? It wont. People WONT want to be around you. People WONT want to reward you for just being ‘you’. The image you present WONT be worth more to any boss. You wont catch any ‘break’ finacially. Hence, you just feel worse about yourself. And ‘broke’ will show itself in the form of always spending all of your money! Everything in life has a ripple effect, ESPECIALLY money, wether its coming or going. Want to give yourself good karma with regards to money? Start saving more of it, as much as you realistically can, and watch how things in your life change for you..for the better!

By: Kids and Money - May 10, 2009 - by Money Hacks

Kids and Money - May 10, 2009 - by Money Hacks — Sun, 10 May 2009 11:27:26 +0000

[...] Piotrowski presents The Importance of Saving Money posted at Inspired Money [...]

By: Paul Piotrowski

Paul Piotrowski — Wed, 06 May 2009 22:27:26 +0000

@threadbndr: Yup, it’s all about being able to manage and balance your emotional state. Even having $500,000 in high risk stocks and real estate doesn’t give you nearly as much “balance” as having even $25k in liquid assets.

By: Paul Piotrowski

Paul Piotrowski — Wed, 06 May 2009 22:07:00 +0000

@Yang: Lol. I read that book 3 weeks ago.

DeMartini is a genius.

By: threadbndr

threadbndr — Wed, 06 May 2009 19:31:59 +0000

It took me into my 30s to really GET what my grandfather taught me. “Debt attracts more debt and money attracts more money.” He was talking about interest paid and earned at the time, but I really believe it goes deeper than that.

There is something very freeing about having a year’s expenses in cash and cash equivelents (I find laddered CDs to be a good vehicle for the middle ground – say 6 months of that fund.)

As you point out, this is not an investment, it is a layer of security that changes one’s worldview from scarcity to abundance.

By: Yang

Yang — Wed, 06 May 2009 08:30:42 +0000

It sounds like you would be a fan of “How to make one hell of a profit and still get to heaven”. What you’re essentially saying is from it.

By: Paul Piotrowski

Paul Piotrowski — Tue, 05 May 2009 20:10:13 +0000

@Lisa: Even though I’ve had great success with Law of Attraction when it comes to manifesting money, I too had a hard time saving up a cushion of $25k or even $10k for that matter. Even when people live paycheck to paycheck, it is possible to save up that kind of money IF people make it a priority. People will often say that they just can’t save any money, yet they seem to be totally capable of affording a $40,000 truck, a $5,000 hot tub, a $2,000 home theater center, and have no problem spending $200 going out and drinking alcohol. Saving money is not an issue of income, it’s an issue of discipline.

Those that will develop that discipline will be able to build long-term wealth. Those that don’t, won’t.

Napoleon Hill also taught to save 10% of your money. He focuses very heavily on that in his books.

You are right, when it comes to your observations about LoA. However, the best way to “let go” of money is to have a big savings account full of it. When you’ve got $10k in the bank, you don’t focus on money as much as when you have $200 in the bank and you have a $250 bill coming up. Saving money *IS* the way to “let go” of the “needyness” of money.

By: Lisa

Lisa — Tue, 05 May 2009 03:10:24 +0000

Saving money is good general advice. But since you counsel others I thought I would add that your advice may not be for everyone. True a cushion like $25,000-$100,000 makes manifesting more money easier because we may relax our anxieties about money, but most people live pay check to pay check, and that kind of cushion is just not feasible.

Napoleon Hill and Wallace Wattles taught that when people feel they do not have enough money and want more, it is then that they learn to activate their imaginations and feel the inspiration to make something from nothing.

Since you mentioned Law of Attraction, allow me to point out that the Law requires we learn to relax our anxieties about money whether we have it or not. Some people are hoarders when it comes to money. The Law of Attraction requires us to let go of money in order to attract more of it into our lives. The fear of losing money will cause it to dissipate, so your advice may not benefit the folks who are afraid of losing it.

If someone is new to the Law of Attraction, they must often learn that we live in an abundant Universe. If we believe there is enough money for everyone at any time, and our desires and needs are always met, then it is so. Best wishes to you. I appreciate your blog.