Tuesday 20th September 2005 AD
THE DISCIPLINE TO SAVE ~ Part 1

Recently we have been looking at the keys to success. Rather than one single "most important" key, we have said there are many, many important factors that all play a vital role in business and personal success.

Recently for example, on an AFE Teleconference, Dr. Neal Alan Scott reminded us of the importance of perseverance and commitment to the long-haul, as well as the need to surround ourselves with like-minded people.

I have had the good fortune to have met and worked with many very successful businessmen and women over the years. I am often asked, "Is there one single habit or routine that they all exhibit?" The answer is simple; they have all learned the DISCIPLINE TO SAVE!

When I started noticing this trend some years back I began asking questions, and, overtime arrived at some important conclusions, and today we take a look at the first of several:

The Discipline to Save BEGINS BEFORE BUSINESS AND FINANCIAL SUCCESS is achieved. All to often people wrongfully defer saving to some distant time in the future when they hope to achieve riches and success.

Most successful business men and women tell the story of their own epic struggle over virtually insurmountable odds to eventually reach a level of accomplishment in their enterprise. My experience is that those that manage to achieve success have become committed savers FIRST.

Many tell the story of how they committed to a regular savings plan right at the time when they were struggling the hardest and their challenges seemed the biggest. After a difficult chain of events that ended in messy court proceedings, one friend told me "After what we had just been through, we literally didn't have a spare dime." Having nowhere to turn and not wanting to slide further into debt, my friend went on to explain how they decided to commit to a small amount from the company turnover to a separate saving account, "from that day forward everything started to change." In the next few years our friend's fledging company would become worth millions.

People living in today's world are more indebted than any other time in living history. Just fifty years ago "saving" was normal and prudent, but in today's Western World savings have fallen to zero. What has changed and why?

"The Discipline to Save Begins BEFORE Business and Financial Success" is a basic but important principle, and is the first in our seven "Discipline to Save" principles. In the days ahead we take a look at the other six.

Best Regards - Philip Judge pjudge@anglofareast.com