Grow Your Own Money Tree in 3 Easy Steps

Yes, Money does grow on trees! This article will show you how you can grow your very own money tree by following these three basic steps. The three steps are:

1. The Money Seed

2. Plant Your Money Seed

3. Watch Your Money Seed Grow into a Money Tree

Step #1: The Money Seed

In order to plant your Money Tree you will need a Money Seed. You are going to get your money seed by Paying Yourself First. Here is how you are going to Pay Yourself First:

1. Every time that you get paid and before you pay any of your bills, you are going to pay yourself first.

2. You are going to pay yourself 10% after taxes

3. You are going to Be Consistent!

4. You are going to place this money in a bank account, online-bank account or a money jar. Label your account "Money Tree"

* The concept of "Paying Yourself First" comes from George S. Clason's book, "The Richest Man in Babylon"

Step #2: Plant Your Money Seed

This step is going to show you a very simple way that you can manage your money. If you follow this Step, you will have enough money for seed money, to pay your bills, to have fun and much more!

1. Every time that you get paid, you are going to plant your money by placing your money in to six separate accounts.

2. Your accounts can be banking accounts, on-line accounts, money jars or a combination of the three.

Account #1: Bill Account

Every time that you get paid, place 50% of the money you earn, after taxes, in to your Bill Account. Your bill account will be used ONLY for paying your bills.

Account #2: Money Tree Account

Your Money Tree account is your seed money from Step #1. The money in this account will come as a result of you consistently paying yourself 10% of your earnings after taxes. Do not touch this money until you accumulate $250.00

Account #3: Long Term Savings Account

Every time that you get paid, set aside 10% of your earnings, after taxes, in to your Long Term Savings Account. You can use this money for things such as your down payment for your home, a new car, vacation or your child's education

Account #4: FUN Account

This is your guilt free account and it is to be used solely for FUN! Every time that you get paid, place 10% of your income, after taxes, in to your FUN account. At the end of the month you are to spend every dime of this money on something enjoyable.

Account # 5 Learning Account

Your Learning Account should be used to continue your education. Each time that you get paid, you should place 10% of your income, after taxes, in to this account. This money can be used to purchase books,CD's, classes, attend seminars etc.

Account # 6: Giving Account

You are also going to need to have a Giving Account. You can use this account to pay your tithes or give to your favorite charity. Every time that you get paid, place 10% of your income, after taxes, in to your Giving Account.

Money Jar

In order to help you learn the New Habit of Managing Your Money, I want you to get a jar or a can and label it your "Money Jar". Every day, I want you to place something in this jar. It can be a penny, $1, $5, $10, $20, etc. Whatever you place your attention on, you will get more of.

When you place money in your Money Jar daily, you will keep your attention on growing your money tree.

* The concept for How to Successfully Manage Your Money comes from T Harv Eker's book, "Secrets of the Millionaire Mind"

STEP 3: WATCH YOUR SEED GROW IN TO A MONEY TREE

You have already developed the habit of saving your money by paying yourself first and placing this money in to your Money Tree account. Now it is time to get your money to grow.

The way that you are going to get your seed money to grow in to a Money Tree is by investing and through compounding interest. Once you have saved $250.00 in to your Money Tree account, then you will beady to take your seed money and watch it grow.

An easy and simply way to get your seed money to grow into a money tree is by investing in the stock market through Direct Investment. When you invest in the stock market through direct investing you are investing directly in to the company.

The two types of Direct Investments Plans are:

1. Direct Re-Investment Plan (DRPs) and

2. Direct Stock Plans (DSPs)

* You can learn more about Direct Investing by reading "The Motley Fool's Investing Without a Silver Spoon" by Jeff Fischer

Direct Investing

The advantages of Direct Investing are:

1. You can invest without a broker

2. You can stop paying commissions

3. You can buy stocks for as low as $10 per month

For more information about Direct Investing you should go online:

1. The Money Paper's Direct Investing and

2. The Motley Fool

This article serves only as a starting point. If you want more in dept knowledge, then you should read: "The Richest Man in Babylon" by George S. Cleason, "Secrets of the Millionaire Mind" by T. Harv Eker and "The Motley Fool's Investing Without a Silver Spoon" by Jeff Fischer.

You can get these books at a discount price by ordering them online at Alibris.