Pay yourself first from "summary" of The Automatic Millionaire Workbook by David Bach
The concept of paying yourself first is a simple yet powerful idea that can help you achieve financial success. Instead of waiting until the end of the month to see how much money you have left to save or invest, you should make saving a priority. By setting aside a portion of your income as soon as you get paid, you ensure that you are consistently building wealth over time. Paying yourself first means treating your savings like a non-negotiable expense, just like your rent or mortgage. By automating your savings, you take the decision-making out of the equation and make it a habit. This way, you are less likely to spend your money on unnecessary purchases and more likely to reach your financial goals. When you pay yourself first, you are essentially putting your future self first. You are prioritizing your long-term financial security over short-term gratification. This mindset shift can have a profound impact on your financial well-being, as it shifts your focus from consumption to accumulation. By making saving a priority, you are building a solid financial foundation that can help you weather unexpected expenses and achieve your dreams. Whether you are saving for retirement, a down payment on a home, or a dream vacation, paying yourself first is the key to making it happen.- Paying yourself first is a simple yet effective strategy for achieving financial success. By making saving a priority and automating your savings, you can ensure that you are consistently building wealth over time. This mindset shift can lead to long-term financial security and help you reach your financial goals.
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