Day 3 of The 14-day Passive Income Challenge - Forced savings - Chaim Ekstein

Welcome to day three of the 14-day passive income  challenge yes you made it to day three I'm super   excited to be with you here we're still in the  Attract section of the ALM passive income model   which stands for Attract Leverage Manage under  the Attrack we spoke about the PIES versus the   WISE model in day one day two we spoke about  keeping the funds keeping the money out of sight and now we're going to talk about something  a concept that i call Forced Savings yes you   heard it right forced savings stay tuned with  us and let's jump right in as always if you have   anything to add on it if you have any other ideas  that i did not mention under the forced savings   please comment below and let's discuss it in the  comment section and yes i'd reply to every comment   in order to get updates from us on the Passive  Income planning that we're doing please   subscribe under this video to get updates set  yourself up for forced savings listen my friend   as much as i love you we are vulnerable human  beings if we don't do it forcefully most of the   time it's not going to happen if you remember  when we discussed the PIES versus WISE model   i showed you how wealthy people WISE people first  safe and whatever is left that's what they spend   but there's another element to that which is when  they save they force themselves to save this way   they know it's going to really happen how do they  do it i give you a few examples example number one   payroll deduction they make sure when they get  a payroll the payroll company deducts and drafts   from their payroll the amount of savings that they  want to do this way they know it's forced because   they don't even get the money they don't have to  make the decision yes or no to spend it or not   to spend it's before the expenses because they can  only spend whatever is left in the payroll if they   already saved it they cannot do that a typical  example of that is 401k and now i'm not suggesting   you do a 401k or you don't do a 401k but this is  an example of something that's saved before you   even see the money another example could be bank  account draft so whatever savings program you set   up could be another savings account at another  bank where you have that bank draft every month   just draft that amount what i want to get at is  in order for you to stop that you have to make   a phone call you have to send an email you  have to do something you have to understand   our weaknesses when we understand our weaknesses  we understand that we're so vulnerable and the   tiniest thing that can come up will make us think  like oh you know i think this month will skip   and before you know it your whole savings  program fell apart but if you put a lot   of roadblocks on the way for you to be able  to stop that then it's not gonna go so fast   and if you know yourself that this is not these  roadblocks are not enough add even more roadblocks   another example could be over-funded life  insurance where you have the insurance company   draft from your account every month IRA's another  very interesting way that i saw many people do   which again if you feel that that's the only  way that this is gonna happen maybe this is   something you should consider they take out they  take out a loan maybe from a Gemach from a bank   and they make monthly repayments because they know  the monthly repayments i have to make every month   there's no other way around it they're gonna  run up to me they're gonna make sure i pay   it otherwise they're gonna ruin my credit they're  gonna take it in collection whatever it is in this   way they know they take a lump sum they put it  somewhere they invest it somewhere and then they   make monthly repayments whatever way works for you  if passive income planning is important for you   you'll find a way but successful people wise  people typical wise people are not talking   about exceptions they will force themselves to  do it and now let me tell you one more thing   if you remember earlier i believe it was in  day one i told you that i did budgeting for   many people actually it was a few hundred  people probably that i did budgeting for   only to find out that the budget fell apart and  after six months or so twelve six to twelve months   we had to redo the budget as if redoing  the budget will change something and it's   not going to change anything for the long term  until they're going to find another big expense   this forced savings idea that we just discussed  i can tell you that it worked i did it for i did   this for hundreds of people and broke hashem i can  say that it really worked for them and the end of   the day they saw themselves having beautiful nice  savings programs that they could continue planning   for the Passive income journey with something  they have that they attracted the money just   by incorporating these few ideas and while we're  on this subject i just want to mention one other   thing i believe there's a big challenge of people  declaring themselves wealthy just because they   earn a nice living as if they're sure and they're  guaranteed that it's going to go on forever i want   you to be aware i want you to open your mind and  let something sink into you in my books at least   in the passive income planning world that i am in  i'm not considering anybody wealthy before they   have more passive income than they have expenses  so i would encourage you make a Cheshbon Hanefesh   take a hard look at your situation you make  nice money B'H you have a beautiful income okay   don't declare yourself wealthy don't declare  yourself Baal batish understand that life is ahead   of you and you don't know what life has in store  for you and just live on a live on a calculated   budget and save aggressively whatever you can for  your passive income plan and only when you have   more passive income than expenses only then you  can start living of your passive income and then   your entire monthly income from the business  can go to increase your Passive income your   passive income even more which we'll talk about  later in the challenge and then you can maybe   opt in for a better lifestyle and more luxuries  that you couldn't afford before thank you so much   for being with me here if you have any other  ideas about four settings that you did or you   know others did or you think it's something worth  discussing please comment below and yes i read   and reply to every comment and to get all updates  from us on the passive income journey please   subscribe to the channel below this video looking  forward being with you on this exciting journey