The Power of Your Permanent Wealth Account
“The Power of Your Permanent Wealth Account”
How much money has flowed through your life? How much have you kept? If you haven’t kept very much money, that’s because you didn’t have a structure – until now.
In his Prosperity Consciousness course, Fredric Lehrman invites you to imagine living in a time before bank accounts and finance on paper. See yourself carrying around a leather pouch and receiving your income in the form of 10 gold coins. You buy shoes. You eat. Eventually your pouch is empty and you do work to go get 10 more gold coins. Your pouch fills and empties and fills and empties – a natural ebb and flow. Most people spend as much as they make. When their income goes up, so do their expenses.
Now, imagine that you have a SECOND POUCH. And every time you put 10 gold coins in the first pouch, you immediately take one of those coins and move it to the second pouch. You continue to add and subtract from the first pouch, but the second pouch, you NEVER spend those coins. Eventually that second pouch would grow until it’s too heavy to carry around anymore.
This is the idea of the permanent wealth account.
Open a bank account that is completely separate from all your other accounts with the sole intention of putting money in there and never ever touching the principle.
Remember the story of the goose that laid the golden eggs? You wouldn’t ever kill the golden goose, would you? You’d want to live off of the eggs. The permanent wealth account is your Golden Goose.
Having this account reinforces two very important beliefs:
Belief #1
“I have money.”
What you focus on expands. If you’re always complaining about how you’re broke and have no money, it’s hard for money to come to you.
It’s easy to receive more of what you already have. So if you already have money, it’s easy to attract more.
Belief #2
“I have more money than I’ll ever need.”
What an abundant belief! You’ll never touch the principal, which means that you have more money than you’ll ever need.
In my experience, the amount of money in my permanent wealth account is the amount of money that moves easily in my life. It’s like a magnet for more money. When I got to $10,000, I found it easier to attract another $10,000.
It’s easy to calculate 10% of your income. And it’s easy to live off of 90% of your income. You won’t even notice it’s gone, as long as you pay yourself first.
You MUST pay yourself first!!! Otherwise, that 10% will get spent. Every time you receive a check, automatically transfer 10% into your permanent wealth account. Do this until it becomes a habit and is automatic for you.
If you don’t have any income, start by contributing whatever you can. The practice of managing your money is more important than the amount.
You’ll have so much fun with this account that you’ll want to put more money in. Having fun is important! You’ll start by putting aside 10% of your income, and soon you’ll find that you can contribute even more.
Please post a comment below and let me know how this is going for you! Your Permanent Wealth Account is a powerful tool.
I heard you say it on the call you did with me for the Money and Freedom for Mompreneurs telesummit, but I didn’t act on it. Now that I’m hearing it again (and from another source recently) I’m getting the message loud and clear. Thank you for your sage advice!
Hugs!
Teresa
Yeah, sometimes we have to hear something a few times before we get into action. That’s normal. Have fun with it! : D
This is great! I have a money market account with Capital One. I WAS putting money aside then got caught up in fear about being able to pay for this and that so I stopped. I’m going to start again and NOT touch it!
Awesome! : D
Thanks for sharing this valuable lesson, PJ. I had so much trouble putting away 10% of my income because it was so erratic and never enough at the end of the month. Finally I signed up for an automatic withdrawal from my special bank account to buy $100 worth of silver coins every month. I had to put at least $100 in every month in order to fill the order. So I was able to pay myself every month just that small amount, and have the money in a form that I couldn’t spend. After I started doing that my financial picture began changing for the better and has been getting better every since.
I love the solution you came up with Jeannette! YES! Automatic savings are a GREAT way to go, and I’m so happy you’re doing it. : D
I like the concept – how about the piece of having your money work for you (at a better rate than the bank account intersest)?
The primary “job” of the money in the permanent wealth account is to be there to reinforce those two beliefs and give you the experience of being financially free. So for this account, it’s important to keep the principal in something very low risk.
Oh the other hand, this is just one of several accounts that I recommend having. Another is an investment account. The “job” of this account is to grow, and you can take more calculated risks with it.