Pay yourself FIRST

savings

When I first heard this term, I was a little confused.  I understood it to mean that if you were an entrepreneur, you should make sure you get a paycheck.  I thought it was a way to ensure that you would be paid what you thought you were worth; regardless of the revenue that came in.  I imagined it being a way for someone to safeguard that their basic necessities would always be taken care of regardless of the business’ ups and downs.

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16 thoughts on “Pay yourself FIRST

  1. Rajiv says:

    I could not agree more

  2. Rich Dad, Poor Dad author, and also the writer of the Cash Flow Quadrant based the books around this philosophy. (http://www.richdad.com/Home.aspx)

    Now, that being said – you have some good points.

  3. Great post Cranston! I totally agree with you 🙂

  4. cherylmackie says:

    Great article! Very wise advice.

  5. Jo Murphy says:

    Always worth the visit, Jo

  6. jamestollefson says:

    I salute you for tithing. It’s not a common practice nowadays, but there’s no question it’s the right thing to do.

    • I salute people that tithe as well, and I hope to one day make many charitable donations and bring about positive social change, but until I myself am comfortable and assured that I am financially independent, all my extra money will be “paid to myself” and invested.

  7. It’s amazing how often in the past I let tithing go first, I’ve made a very conscience effort these last couple of years to make it first! You are right, it is the act of giving that matters. And, I’m doing my best to keep 10% for myself. right now it is just under that, but it is building! That’s a good lesson – pay yourself first! That savings sure comes in handy!

  8. Ray's Mom says:

    This should be taught beginning at home, then school so that young people understand tp be responsible adults.

  9. This is an important lesson for anyone trying to become wealthy and is one of the main findings in The Millionaire Next Door, an investigative book into the reasons why the rich are rich. Good piece with valuable advice.

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