Rector's Musing

January, 2012

How to be rich!

I have discovered the secret of how to be rich. So if you are feeling a little impoverished after the festive season here is the secret - 10:10:80.

The first 10 refers to our giving. Like good Jews many Christians give 10% of their income to charity. It has worked for the Rothschild's family and so we do the same and give to the work of the church and the needs of the poor, locally, nationally and internationally.

The second 10 refers to our savings and over the years we have steadily increased our savings by 1% per year until we now save 10% of our income, which means for example that when a car finally gives up and needs to be traded in we have the capital to go and buy a replacement. What is more it strikes me that in the banking crisis saving is something that, you and I, the ordinary man in the street can do to help. Healthy banks will only lend from their reserves and at least part of the problem is that they do not have enough reserves. So we are doing what we can to help out the banks!

And the final 80 is what we live off. We have reduced our expenditure so that we live off 80% of our income. We still run a car and have plenty of food and heating and lighting and although our holidays may not be as expensive as they were we still take our holidays each year.

It is a simple formula but it has made all the difference and I sincerely wish someone had suggested it to me 30 years ago. So how about it? Would you like to be rich? I have found the secret; it is 10:10:80.

Yours sincerely

Mike Saunders