Pay Yourself First!
Do you know the most important rule in creating financial freedom for yourself?
More importantly, do you actually DO what you know you’re supposed to do to create your financial freedom?
The sad fact is that most people are failing miserably in doing the necessary things they MUST do if they’re ever going to reach their financial goals.
While I was running Peak Potentials Training, I’d hear my friend and mentor T. Harv Eker say repeatedly, the first rule to good money management skills is to PAY YOURSELF FIRST.
Good money managers understand that if you are ever going to achieve financial success, you have to live on less than what you earn.
If you automatically set aside 10% of your income off the top, you will get used to living on the remaining 90%. In fact, after a while, you will become used to living on the 90% and not even miss the other 10%.
But what do most people do when it comes to saving, if they do anything at all?
Most people think…..they’ll pay all of their bills, and at the end of the month, whatever’s left over, they’ll put into savings.
Except for one little thing. What’s left over at the end of the month? Nothing!
So the expression is this…….If you pay yourself first, you’ll never miss it. If you pay yourself last, you’ll never do it.
The best thing you can do for your financial well being is to begin to take at least 10% of your income and automatically have it set aside every time you get paid.
At the Peak Potentials Seminars we ran, we’d have everyone stand up and say this declaration out loud…”I go to work to earn the money to pay for my investments”. Why?
Most people go to work to earn the money to pay for their bills.
But if you go to work to earn the money to pay for your investments, eventually, you’ll have enough investments that you won’t have to go to work anymore!
What should you be doing with the 10% you set aside for your future?
I’ll be discussing that exact topic in my future posts.
For now, just understand that for you to ever hope to reach your financial dreams and goals, you must begin immediately to set aside at least 10% of every dollar you earn from now on. That’ll get you moving in the right direction.
Namaste.
Jeff
More importantly, do you actually DO what you know you’re supposed to do to create your financial freedom?
The sad fact is that most people are failing miserably in doing the necessary things they MUST do if they’re ever going to reach their financial goals.
While I was running Peak Potentials Training, I’d hear my friend and mentor T. Harv Eker say repeatedly, the first rule to good money management skills is to PAY YOURSELF FIRST.
Good money managers understand that if you are ever going to achieve financial success, you have to live on less than what you earn.
If you automatically set aside 10% of your income off the top, you will get used to living on the remaining 90%. In fact, after a while, you will become used to living on the 90% and not even miss the other 10%.
But what do most people do when it comes to saving, if they do anything at all?
Most people think…..they’ll pay all of their bills, and at the end of the month, whatever’s left over, they’ll put into savings.
Except for one little thing. What’s left over at the end of the month? Nothing!
So the expression is this…….If you pay yourself first, you’ll never miss it. If you pay yourself last, you’ll never do it.
The best thing you can do for your financial well being is to begin to take at least 10% of your income and automatically have it set aside every time you get paid.
At the Peak Potentials Seminars we ran, we’d have everyone stand up and say this declaration out loud…”I go to work to earn the money to pay for my investments”. Why?
Most people go to work to earn the money to pay for their bills.
But if you go to work to earn the money to pay for your investments, eventually, you’ll have enough investments that you won’t have to go to work anymore!
What should you be doing with the 10% you set aside for your future?
I’ll be discussing that exact topic in my future posts.
For now, just understand that for you to ever hope to reach your financial dreams and goals, you must begin immediately to set aside at least 10% of every dollar you earn from now on. That’ll get you moving in the right direction.
Namaste.
Jeff
posted by Jeff Fagin at 3:07 PM
3 Comments:
Jeff,
Working on it
Jeff
Of course pay myself first. I earned it!
Larry E.
10/4
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