Do you recommend any books on budget and savings to your credit repair clients?
We have been recommending George Clason’s book, The Richest Man in Babylon to our credit repair clients for years. In fact, we buy the book from the publisher by the case and send copies to members of our credit repair program whom we feel will benefit. The Richest Man in Babylon is an inspirational classic. First published in 1926 it is as relevant as ever; and maybe more so! The book provides the clear message that it is possible to build real lasting wealth, and the means of doing so starts with a simple axiom: pay yourself first.
The Implications are Vast
This means that each time you get paid you should take a percentage out for yourself and put it into savings. It sounds simple but there are profound personal implications that go well beyond stashing away a little money.
Making New Habits
Getting into the habit of paying yourself first creates a new psychological relationship between you, your money, and your creditors. To pay yourself first is to put yourself first. Do this month after month, without fail, and you will start to think and function like a successful person. As this habit becomes ingrained, your budget will be forced to accommodate your regular savings contribution and your life will start to change.
A New Outlook
As the months pass and your savings account grows you will begin to experience a new outlook on life. Saving money will become a tangible positive achievement rather than an austerity. You will start to see savings as something desirable to do with your money, much as you once saw purchasing a new toy. Once you cross this threshold you are destined to build real lasting wealth.
Credit Repair and Beyond
And of course the impact on your credit repair success will be dramatic. Your savings account will provide a cushion against unexpected expenses and save you from falling behind in your bills. But, as George Clason might have pointed out, the real gains are within. Your growing wealth will allow you to make better decisions unencumbered by financial worry and you will experience a new confidence which will change the world around you. Pay yourself first, and change your life!