A simple strategy for growing your funds to the millions
Many people have savings account; but is there savings in that savings account? Most people don’t have savings in their savings account. It has been said that “if you cannot save money, then the seeds of greatness are not in you.” Now, I have saved consistently without fail for the last 6 years and I’ve been able to help many other people grow their funds to the millions as well. And hopefully, this article will help you do the same.
Now, I save using a system called the ESCROW ACCOUNT. In my experience, I realized that most people who don’t have a system like this, don’t have savings. So what exactly is the Escrow Account?
The Escrow Account is third-party savings account governed by rules such that money doesn’t leave the account except it is in pursuit of an asset. It’s more like a piggy bank where it’s easy to put the money in, but difficult to get the money out. I’ve tried to grow my funds to the millions in many ways before, but ever since I learnt about the escrow account, I’ve done it consistently, it has become a habit with me.
I share here with you how the escrow system works and 4 key benefits of the escrow account.
How Does the Escrow System Work?
You have an account that you do not have access toyou lose control over your savings so that you can have it. It’s like the way Jesus puts it, “He that gives up his life for my sake will have it, but he that holds on to it will lose it”. So, if you want to truly have savings and grow it, then you need to lose control over it. You need to ensure that it is inside an account that even you don’t have access to. So your money is protected from your own destructive reach.
Four Key Benefits of the Escrow Account
- An Inner Feeling of Continuous Financial Progress:
Pay Yourself First: You need to remove your escrow savings before any other expense when you receive your income. This makes you feel you can never be strandeda positive inner feeling of being wealthy. It makes you unafraid of “debt”! And your positive inner feeling causes you to attract more income into your life. A person who has NO money cannot think productively. But a person with an escrow account who has no physical cash will remain excited and productive. The way you can quickly measure and feel your own financial progress, is how much you save per month (not how much you earn). How much you earn is not important; what is important is how much you keep every week and every month.
2. It Forces You to Recognize Opportunities: Imagine two people drive into a petrol station and are both told the high price of the petrol; one person complaining that the price is high; and the other person is asking, “how much is the petrol station”. The other person sees an opportunity to own a petrol station. That’s a sample difference between one who has grown his funds to millions via escrow and one who has not. When you’ve grown your funds into the millions, you’re thinking about true investments. This is not the case with people who never allow their funds to grow.
3. It Forces You To Increase Your Income Streams: Imagine I earn $1000 per month and I save $500 every month in my escrow account. Now, because I save $400/month, then I will have to adjust tell myself that I actually earn $600 (and not $1000). So even though my income is $1000, I have to live like someone whose income is well below $600. This makes me realize that my income is not that good, and then forces me to think of increasing my income streams. After I’ve succeeded in increasing my income streams, I also have to increase my escrow savings, which again forces me to increase my income streams even more!
4. It Forces You To Increase Your Income Streams: Imagine I earn $1000 per month and I save $500 every month in my escrow account. Now, because I save $400/month, then I will have to adjust tell myself that I actually earn $600 (and not $1000). So even though my income is $1000, I have to live like someone whose income is well below $600. This makes me realize that my income is not that good, and then forces me to think of increasing my income streams. After I’ve succeeded in increasing my income streams, I also have to increase my escrow savings, which again forces me to increase my income streams even more!
So I hope you can also start your savings journey using the escrow system. The closest I’ve seen to this is the Fixed Deposit Account in banks. It forces you to fix your savings and focus only on the dividends that come from it. Let the money continue to grow in the escrow account until it’s big enough so you can purchase a passive-income-generating asset. This is a major step in the process of financial freedom.
Tolulope Ahmed is the founder and CEO of ValuePlus Inc., a platform for reproducing achievements in people. He is widely known as the first class author of the best-selling book, “10 Laws of Academic Excellence”, and creator of the Pivot Games. He’s also the author of the book, “How to Play Your Financial Figures Forward”.