Parkinson's Law

Self-discipline is necessary for the Be Your Own Banker concept to work. We must, therefore, overcome some distinctly human factors. C. Northcote Parkinson (economist, 1909-1993) pioneered Parkinson's law, which stated:

  • "Work expands to fit the time envelope allowed." (Give a person a project to complete in three days, and the project will be done on the third day.)
  • "A luxury, once enjoyed, becomes a necessity."
  • "Expenses rise to equal income." When we receive a pay raise or find additional money, it becomes quickly absorbed by a new definition of "necessities"

When you reduce your debt, it will increase your cash flow. How you treat these additional monies will depend upon whether or not you have overcome Parkinson's Law. If your expenses rise to equal the increase, you are giving in, just as do the vast majority of people. On the other hand, if you imagine this increase does not exist and instead save the surplus, you will be among the minority of people who succeed financially.

Willie Sutton's Law

When asked why he continued to rob banks, Willie Sutton (1901-1980) would say, "That's where they keep the money." Wherever wealth is accumulated, someone will try to steal it.

Who is the biggest thief in the world? If you said "The I.R.S.," you're right!

As time goes on, accumulating money out of the reach of the Willie Suttons of the world will prove to be more important than the rate of return on a taxable financial product.

Arrival Syndrome

You need to have an open mind and be willing to learn how to succeed financially. Ideas that worked in the past may no longer work today. If your knowledge of money turned out to be wrong, when would you like to know about it?

The Be Your Own Banker system is a new paradigm, and therefore is contradictory from conventional wisdom about money concepts. What worked ten or twenty years ago, however, will not necessarily still work today. Having an open mind and allowing yourself to make paradigm shifts will greatly increase your chances for financial success. Contact us today to find out more!

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