10% Savings
It has been observed—and I have come to agree—that our current system of saving has never delivered anything truly significant. Instead, it has created a false belief that "these savings are my backup," along with a lingering fear that they might be wiped out in an emergency. This method of saving 10%—or any fixed percentage—has been promoted by two of my most respected mentors, Napoleon Hill and Bob Proctor. And while I believe it may be useful for those who are irresponsible with money or unable to control their desires, that usefulness is only temporary. It serves as a learning tool while they learn to manage their finances. But in the long run, this approach creates a false assumption: that the money you save is the source of your financial security—rather than the God who gave it, or the mind that worked for it. That is the first issue. The second issue is the constant fear that if something happens, this money will be gone. The third issue is that you become more focuse...