Advertisement -- Learn more about ads on this site.

Secrets of Success

< Secrets of Success Main Page    Submit a Secret
9
 

Wealthy People Live The 10/10/80 Rule

163

Members Were Sparked
This Sparked Me!

From EVERY paycheck, 10% goes into savings, 10% goes to charity giving/church and the last 80% you live on. Other than housing, you should pay off every bill every month. If you can do this, you are living within your means and will succeed financially in any economy.

- Submitted by LADY_KATHY 6/8/2010 in Saving Money | 10 Comments
Please note these are member-submitted secrets and are not reviewed by SparkPeople's health experts for accuracy. If you feel a secret is inappropriate, please click Report Inappropriate Secret and our staff will review it.

Member Comments

GRAMMAP1 6/8/2010 7:57:00 PM

    Must be nice. We give 15% to the Lord (helping to support our church and Missionary Son, but every last penny is needed for expenses even with our house paid off. I love the formula, but it doesn't work for everyone! emoticon Cheerful Giver
TERRI77 6/8/2010 3:34:00 PM

    I'm not sure if all people that all people that do this will be wealthy, or if all wealthy people do this, but it's good to put away a certain percentage every paycheck into savings. I try to aim for saving 20%, but 10% is a good place to begin. Thanks for sharing your secret with us.
VICD25 6/8/2010 7:09:00 AM

    put me into retirement at 55! emoticon
VERNICEMAZ 6/8/2010 4:11:00 AM

    I'm not sure it will make a person wealthy, but I'm sure this is the way to be financially healthy.
CHERFER2 1/14/2013 2:37:00 PM

    "Other than housing, you should pay off every bill every month. If you can do this, you are living within your means and will succeed financially in any economy."
That is simply not true. Just because the economy changes doesn't mean your rent or mortgage goes down. And food costs can go up. So this doesn't make sense.

CKPETE1216 2/8/2011 7:15:00 AM

    It's like any other habit, best started early before you learn to spend what you have. But I have found that when I don't budget for church my financial situation seems to get more bleak, not less. Not sure why. Maybe I am being more careful because I know it is coming out.
LADY_KATHY 6/15/2010 4:29:00 PM

    This is just a start. If you can live on far less than 80% than do so and save more and give more to charity.. you can only hoard so much and need so much... think of others less fortunate!! : )
CINDER129 6/9/2010 8:39:00 PM

    Good advice!
STORMTMB 6/8/2010 9:46:00 AM

    Great way to do it. It's easier if you start younger, but no one is too old.
WALKNLOVE 6/8/2010 6:57:00 AM

    True!!!!!!

Leave encouragement, a question, or anything else relevant to this. All comments must abide by SparkPeople's Community Guidelines.

Log in to post a comment.

Related Secrets

Diet Resources: nutrilite rhodiola 110 | nutrilite rhodiola 110 reviews | nutrilite rhodiola side effects