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Finance Friday - Secrets of the Wealthy: Pay Yourself First
Manage episode 336765644 series 2906188
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This concept is so simple yet most people don't utilize it. The concept of paying yourself first. It is a concept that wealthy people use that the average person doesn't.
Let me illustrate:
What most people do:
Get paid
V
Pay your bills
V
Spend on living
V
Hopefully save/invest if there is money leftover
Most people get paid, pay their bills, their rent/mortgage, their utilities, car payments, cell phone, etc, then they spend on living expenses, groceries, entertainment, dinners out, etc, then they HOPE their is money leftover at the end of the month. There rarely is.
What wealthy people do:
Get paid
V
Pay themselves first (10-40%+ of pay)
V
Pay their bills
V
Spend on living expenses
So they take what was the LAST thing the average person does, invest/save, and they put it FIRST. Before bills, before anything else. They do this by automating 10-40% (or more) of their pay into an account. Then they pay their bills and live their life. This ensures that they are investing and making their money they earn work for them. If you never invest/save, you'll always have to work for money. Welathy people make money work for them.
It's time to start paying yourself first, even if it's $100 a month. Work your way to 10, 20, 30% and beyond!
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Watch the episode on Youtube.
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Timestamps:
- [3:31] What does it mean to pay yourself first?
- [6:25] What do wealthy people do?
- [8:27] What does it actually look like to pay yourself first?
- [14:45] Retirement.
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