Do you like to save money? I am not a big saver by nature, however I have seen its power in my life.
Growing up, my dad did not make much income from his carpentry business. So, even during the Lebanese civil war, in midst of lack and danger, my mother secretly saved enough money to help build our family home in the mountains facing the Mediterranean, in Mazrait Yashoo. She achieved it partly from my dad’s income and partly from doing odd jobs employing her seamstress skills. It was quite a feat. Her saving was powerful in our family’s journey. Of course, I am not suggesting you should secretly save from your spouse. I am saying however, that saving consistently can make a huge impact on your life.
Even though I am not a big saver, I have learned one of the best ways to save is to have an automatic deduction from your paycheck. I practiced this early in my career, and for about 10 years, I routed money into a savings account each month. That money helped me pay for a nice wedding for my wife Joanne and I and a month-long honeymoon. (Since I married at 40, I thought I could splurge with my beautiful wife a little.) My savings also funded our fertility treatment, and now we are blessed with our beautiful 2 ½ year old twins, Emily and Luke, along with Danny, our 6-year-old son.
Saving for a rainy day is also a good idea. The customary wisdom is to have enough money saved to last you six months if you are out of a job.
You may say, Wes, I don’t make enough to save. As a doctor and business owner, my take-home pay has increased over the years, but along with it, my spending habits. Here is what I have learned: Saving is not a function of how much money you make, but of living below your means, which can seem almost impossible to do, but we must do it.
As a leader, growing in your financial literacy and discipline is paramount. Learning how to save is key to a life of safety and plenty.
