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Pay yourself first and save regularly from "summary" of Secrets of the Millionaire Mind by T. Harv Eker
The concept of paying yourself first and saving regularly is a fundamental principle of wealth accumulation. The idea is simple: before you do anything else with your income, set aside a portion for yourself. This means taking a percentage of your earnings and putting it into a savings or investment account. By doing this first, you prioritize your financial well-being and ensure that you are building a foundation for future wealth. The reason why paying yourself first is so important is that it establishes a habit of saving and forces you to live within your means. Many people make the mistake of spending all of their income and then trying to save whatever is left over. However, this approach often leads to overspending and a lack of savings. By paying yourself first, you are guaranteeing that you are setting money aside for your future before you have a chance to spend it on unnecessary expenses. Saving regularly is also crucial for long-term financial success. Consistency is key when it comes to building wealth, as small, regular contributions can add up over time. By saving a portion of your income on a consistent basis, you are creating a financial safety net for yourself and setting yourself up for future financial security.- Paying yourself first and saving regularly is a mindset shift that can have a significant impact on your financial well-being. It requires discipline and commitment, but the rewards are well worth it. By making saving a priority and consistently setting aside a portion of your income, you are taking control of your financial future and setting yourself up for long-term success.
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