What “pay yourself first” really means

Source: Start late, finish rich – DAVID BACH

When people tell me they know all about pay yourself first, I generally ask them 4 questions. Based on their answers, I can immediately tell if they have a realistic plan to become rich. Most people don’t.

These are the questions:

  1. Do you know how much you should pay yourself first?
  2. Do you know where to put the money you pay yourself first?
  3. Are you actually doing it?
  4. Is your pay yourself first plan automatic?

Anyone who can answer all these questions with an unequivocal “yes” deserves congratulations. That’s because they are doing more than most people ever will to attain financial freedom.

But most people aren’t in that position. Most people don’t pay themselves first, nor do they have an automatic plan. In fact, most people don’t have any kind of plan at all. That’s why most people don’t finish rich.

You know, the good things in life don’t just happen to people. Sure, people occasionally get lucky. They win the lottery or inherit a bundle from a rich uncle they never knew they had. But those are the exceptions – the rare exceptions. As a rule, the good things in life happen to people only when they make them happen.

Maybe you used to believe that something good would just happen in your life and your future would all of a sudden be taken care of. By now, you’ve probably realized that life doesn’t work like that. If you want a future of security and independence, you’ve got to build it for yourself. And whether you’re talking about a future or a family room, you can’t expect to build anything worthwhile without a plan.

Start Late, Finish Rich


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