What is your “MONEY” story?
Pay Yourself First – Of all the tips in wealth building this is absolutely my favorite.
It is also the most powerful tip when it comes to wealth building. Not only will it empower you, it will also make you wealthy. So not to take anything away from Nike but the truth is you just have to do it!
So what does it mean to pay yourself first? It is taking a specific amount of money on a consistent basis and putting it to work making money for you forever. The initial amount is not as important as the consistency to begin with. I know for myself I had every reason in the book why I had to spend those dollars rather than leave them in a wealth building account. Until one day it became crystal clear to me that without developing this habit I was not going to achieve the financial goals I had set for myself. I have lifestyle goals, contribution goals and legacy goals; all of which require money.
Have you ever heard the question which would you rather have today; a penny doubled every day for 30 days or a million dollars? The answer to this question is actually the penny.
Albert Einstein taught us why when he taught us the power of Compound Interest. Compound Interest is a mathematical concept we learned in grade school. The magnitude of the power of this concept is not something you will realize unless you put it to work in your life. You must experience it!!!
So my question to you is: If you are not doing this, why are you doing what you are doing? When you get up in the morning to do the work you are doing what is your why for doing it? Paying yourself first is a mindset. It is one of the ways the wealthy become wealthier. There is something in the “doing” of this that will affect how you think about and behave with money. It’s not a get rich quick scheme. It will make you wealthy. Make it a habit and see what happens.
We would love to hear from you – Are you paying yourself first? How would this look? please share with us in the comments below.