Pay Yourself First
Let’s start today with a simple idea. I learned this a long while ago in a ‘Personal Finance’ class. One of our assignments was to read The Automatic Millionaireby David Bach. I’m not here to tell you about the finance perspective, although, let me take a minute to explain the gist of his storyline.
He takes example from one couple specifically, where the husband earned $40k a year and the wife similar, and they even retired in their early 50s. He explains how you, no matter how big or small your income is, could become a millionaire. And let me tell you, it’s possible. He tells about the theory of ‘paying yourself first.’ The paycheck you get, automatically have it scheduled to place a % of it into a savings account, that way you never have the option of spending the money on bills or other expenses. Your first priority is on your future. You’ll forget that money even existed, but it will be building up interest over the years — Bach recommends 10%. I have taken this for my own life, but also am automatically saving for travel. This way when you have to come up with money for a trip, $3k doesn’t have to appear from thin air. You have been building up that money. I plan to expand on my list of traveled destinations quickly with this opportunity!
It’s small things like that, which get you out of your state of peace from sleep and energize you in the morning before work. Whatever energy you may have, spend a % of it on your self first. Don’t wait until the end of the day to come home and fall asleep on the couch.