“It’s not how about much you make!”
Most people want success and ever increasing income. Their income
starts after school. As they work, they expect to learn more in
their chosen field. As they learn more they expect to earn more.
Taking on more responsibility, they become more valuable. Their
expectation is to be promoted, which in turn allows them to earn
even more. Using this plan most people expect to work 30+ years and
retire comfortably. This plan is a good start. But it is
incomplete. Please allow me to explain.
As your income increases so does your standard of living. You
acquire more things. Many times, these things are bought with
borrowed money. Also, the more you own, the more you must spend to
maintain what you own. Your effort to keep up this facade of
success comes at a price. Starting out in life you may be able to
live on $2000/month. As you climb that ladder of success, you may
require $9000/month or more just to break even. If your income does
not cover your monthly expenses, and you use more borrowed money,
you will fall deeper into this financial hole. Does this sound
Here are 2 tools to help you avoid this devasting financial
situation. Use a written monthly budget showing exactly how
much is required to break even. That written budget must be the
law. Do not buy anything that will put your expenses over
The second tool is a super steady savings plan into which
you contribute monthly. Monthly contributions, with the beauty of
compound interest, will provide you with the income you need for
retirement. Here is an example assuming a $4000 monthly
your monthly expenses at no more than 75% of that income:
$600 per month at an interest rate of 5% per year. Over 20
years, even if your income never increases, you will have
$248,247. At 30 years, you will have $502,035.
Usually, your income will increase over time. Keep saving 15%
every month. This is how average people create $1M for
$400 for emergencies and/or donations.
The American dream is to be more, do more, and earn more. To make
that dream a reality, install an ironclad budget, spend no more
that 75% of your income, invest 15%, and keep 10% for emergencies
and donations. Execute this simple disciplined plan. “Remember,
it’s not how much you make. It’s how much you get to
That is today’s Morning Minute.
“Education without Action is just Entertainment”
That is the positioning statement for Bonorato Creative Group. This
guides us in our writings, lectures, and consulting. In most cases,
education comes before action. However, in dealing with formal
education, first comes investigation, then action,
then education. Allow me to explain.
One purpose of formal education is to teach us how to use our brain
to learn. We train our brain to use critical thinking which
leads to discernment. Discernment requires us to look at an
idea, action, or situation from many different angles in order to
determine the best idea, action, or solution. Without discernment,
we are left chasing shiny objects; the latest idea, the most
popular action, or the quickest solution. We even fall back on:
“That’s the way we have always done it!”
Discernment comes from investigation. We question the who,
what, when, where, why, and how of ideas, actions, or solutions. We
ask those questions as we look at the information we have. Who
presented the information? What is their motivation and their
preferred outcome? When and how was this the information obtained?
And why is it important now? This is the method of critical
Not using critical thinking leads us to indoctrination by
those who seek to get what they want with no concern for its
effects on other people. By taking the education that is presented,
while not asking the who, what, when, where, why, and how
questions, we are left with only one idea, one action, or one
solution. Indoctrination should never be the purpose of
Consider the formal education offered in many colleges and schools.
Who writes the material that is being taught? What was their
motivation? When and how is the information presented? Why and
where is it being taught? Is there only one point of view accepted?
Are these schools the only ones receiving our tax dollars? And
finally, are these institutions controlled by those who use and
teach critical thinking, or by those who demand acceptance,
obedience, and conformity to their point of view?
Let’s return to the correct way to approach formal education. First
investigate the institution and staff to determine if it is
right for you or your children. Then take action to get the
best training that is in alignment with critical thinking and
freedom of thought. When you do, you will achieve the best
education for yourself and your children.
And, that is today’s Morning Minute.