Pay Yourself First
Posted on July 1, 2008
Filed Under All Ages |
I am definitely not the first to say this and I will definitely not be the last… PAY YOURSELF FIRST!
What does this really mean ?
It means save and invest no matter what, do it automatically, and worry about your bills after. Now, please don’t get into a frenzy… I am not suggesting that anyone stop paying their debts… but, what I am saying is… the concept of automatic saving in good times and bad is something that will most certainly help all of us Paupers to get closer to that life of royalty that we all seek.
Don’t believe me do you ? 
I didn’t understand or believe in the concept at first either… but, think about this: Think back over the past 10 years. Now, imagine if you had saved via automatic savings (auto debiting your checking account, etc.) TEN PERCENT of your take home income. Would you have still gotten by ? Would you have been able to still put food on your table (not necessarily steak and lobster at Mortons) ? Would you have still been able to pay your rent or your mortgage payment ? It has been my experience that almost everyone that I have ever asked this question to… answers, YES! I would have been able to make it. I may have had to cut back on this or that, etc… but, I definitely would have made it.
I then go on to ask the following question: If you had saved 10% of your take home income over the past ten years, would your financial situation be significantly better than it actually is today ?
Again, It has been my experience that almost everyone that I have ever asked this question to… answers, YES! I would be in a much better financial situation if I had done that over the past ten years.
So, I challenge you to really think about this concept… think about whether or not you could do this… could you afford to start saving 10% of your take home income ? If you can’t right now, is there a way to make cuts in your spending so that you could make this happen ? My guess is that almost everyone (I said almost) can and should make this life change. If you can, do it today! Stop procrastinating… make a real change, take a real step towards a life of royalty. That is what we are all after here!
Robert Mandrake
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Seemingly good advice.
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