Pay yourself first from "summary" of The Automatic Millionaire, Expanded and Updated by David Bach
The concept of paying yourself first is simple, yet incredibly powerful. It involves making a conscious decision to prioritize saving and investing before anything else. By setting aside a portion of your income before paying your bills or expenses, you ensure that your future financial goals are being taken care of. This strategy is all about shifting your mindset and making saving a non-negotiable part of your financial routine. By automating your savings, whether through a direct deposit into a retirement account or a separate savings account, you remove the temptation to spend that money elsewhere. This consistent and disciplined approach to saving can have a significant impact on your long-term financial success. When you pay yourself first, you are essentially making yourself a priority. Instead of waiting to see what's left over at the end of the month, you proactively set aside a portion of your income to build wealth and secure your financial future. This approach ensures that you are consistently working towards your financial goals, whether that's retiring comfortably, buying a home, or simply achieving financial independence. By making saving a priority, you create a solid financial foundation that can withstand unexpected expenses or economic downturns. This proactive approach to saving not only helps you build wealth over time but also provides peace of mind knowing that you are financially secure. It allows you to take control of your financial future and make progress towards your goals, no matter what life throws your way.- Paying yourself first is a powerful financial habit that can lead to long-term wealth and financial security. By prioritizing saving and investing, you set yourself up for success and ensure that you are taking care of your future self. It's a simple yet transformative concept that can make a significant difference in your financial well-being.
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