Pay yourself first before paying bills from "summary" of Guide and Analysis by Rich Dad Poor Dad (Deep Analysis) by George Blake
The principle of paying yourself first before paying bills is a fundamental concept in personal finance that can have a significant impact on your financial well-being. This concept emphasizes the importance of prioritizing saving and investing for your future before allocating your income towards other expenses. By paying yourself first, you are essentially setting aside a portion of your income for savings or investments before using the remaining amount to cover your living expenses and other financial obligations. This approach ensures that you prioritize your long-term financial goals and build wealth over time. When you pay yourself first, you are making yourself a priority and acknowledging the importance of securing your financial future. By saving and investing early, you can take advantage of compound interest and grow your money over time. This can help you achieve financial independence and reach your financial goals faster. Many people fall into the trap of waiting until the end of the month to save or invest, only to find that there is little or nothing left to put towards their financial goals. By prioritizing saving and investing right at the beginning, you ensure that you are consistently building your wealth and working towards financial freedom. Additionally, paying yourself first helps you develop good financial habits and discipline. It forces you to live within your means and be mindful of your spending habits. By making saving and investing a priority, you are more likely to make conscious decisions about your expenses and avoid unnecessary purchases.- Paying yourself first before paying bills is a powerful financial strategy that can help you build wealth, achieve financial independence, and secure your financial future. By making saving and investing a priority, you set yourself up for long-term financial success and take control of your financial destiny.
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