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Episode 3767:
Joel explains how his mum's strict rule of 10% to charity, 45% to savings and 45% to spending shaped his savings rate, from his first 5-cent chores through his teenage chocolate cake business. He shares why he came to see his savings as an investment account, and why he now believes the goal is to earn as much as you can, spend as little as you can, and invest the rest rather than simply saving money.
Read along with the original article(s) here: http://5amjoel.com/savings-rate/
Quotes to ponder:
"But the biggest difference wasn't how much we got paid, it was how we got paid."
"Savings were never touched. Charity was always given away."
"That's when I started looking at my Savings account as an Investment account."
Optimal Finance Daily is a daily personal finance podcast where we narrate the best articles on financial independence, investing, saving money, and money management, read to you by a professional narrator so you can grow your wealth a little more every day.
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