CHAPTER ONE: 

THE LAW OF 10%: SAVE 10% OF ALL YOUR INCOME 

Saving money is the first step towards building wealth. The Law of 10% states that you should save 10% of all your income, no matter how small or large it is. This may seem like a small amount, but over time, it can add up to a significant sum of money. In this chapter, we will discuss the importance of saving 10% of your income and provide strategies for making it a habit.

The Importance of Saving 10% of Your Income

1. Building an emergency fund: An emergency fund is a savings account set aside for unexpected expenses, such as a medical emergency or job loss. By saving 10% of your income, you can build an emergency fund that can provide financial security in case of unexpected events.
2. Investing for the future: Saving 10% of your income allows you to invest in your future by setting money aside for retirement, a child's education, or other long-term goals.
3. Creating financial freedom: By saving 10% of your income, you can create financial freedom, which means having enough money to cover your expenses without needing to rely on a steady income.

Strategies for Making Saving 10% of Your Income a Habit

1. Automate your savings: Set up automatic transfers from your checking account to your savings account each month. This way, you won't have to remember to transfer money manually and you'll be less likely to spend it.
2. Start small: If 10% seems like too much to save initially, start with a smaller percentage and increase it as you get comfortable.
3. Make a budget: Create a budget that includes a savings category. By setting aside money for savings in your budget, you'll be less likely to spend it on other things.
4. Find ways to increase your income: Look for ways to increase your income, such as asking for a raise or taking on a side hustle.
5. Track your progress: Keep track of your savings progress and set goals for yourself. This will help you stay motivated and on track.