Pay Yourself First and have More Money in the Bank
If you like this, why not share this with a friend, simply click on one of the icons to the left or below
I want to start by asking you some questions.
First, what is the most important payment you make each month?
I expect you answered things like the mortgage, the car payments, the school fees, the groceries.
If you are like most people these days, you will spend your money in the following order:
- Bills,
- Fun, then
- Saving
Here is my next question for you.
Why are you working all week to make money just to pay it to someone else?
Think about this. You work a normal week from Monday to Friday. All of Monday and probably most of Tuesday you work to pay the Government. Then on Wednesday, you have a choice to whom you pay.
If you are like most people, you are normally very good at paying bills, but struggle to save. Most people on Wednesday make the decision to pay someone else. You start using your Wednesday, Thursday and a chunk of Friday to pay someone else.
When you get to Friday afternoon after you paid the Government and all your bills, you have some money left over. But hang on, it’s Friday night and the weekend is coming, you want some fun.
Guess what, by the time Monday rolls around you have spent everything you earned last week and you have nothing put aside for your future.
Why have you done this?
You have effectively paid everyone else first. You are really working all week just to pay other people.
If this is your view on money, then you will never be able to Avoid the Poverty Trap.
My next question to you is: Do you think it is in you and your family’s best interests to value everyone else’s future before you value your own?
The answer to that question should be a resounding “No”.
What do you need to start doing to put you your family’s interests first? You need to pay yourself first.
That’s correct – the order should be:
- Saving,
- Bills then
- Fun.
To help you improve the health of your wealth and increase your bank balance, I want to give you a FREE extract of my book.
This FREE extract contains the complete version of Chapter 1 of the book and an overview of the rest of the book showing you some of the most important things you can do to improve the health of your wealth and increase your bank balance TODAY.
Do you and your family a favour and start taking steps so you can avoid the poverty trap.
Wayne Wanders
The Wealth Navigator
wayne@avoidthepovertytrap.com.au
If you like this, why not share this with a friend, simply click on one of the icons to the left or below