When fly attendants goes through emergency procedures, one of the steps is to put your mask on first and then to put in on children. This is a great example how important is to think about yourself first and then your kids after.
This applies too when it comes to finances. A lot of times we feel that we are too young to start saving and investing. Then we decide to get married, and then, we have kids, and for decades are focus are in our kids. Once our kids are graduated from college, then we start thinking about our future.
However, the only way to become financially fit is by creating new habits. One of the best habits that you can start applying immediately is by paying yourself first!
What is the madness behind this method?
Well, first off, you need to know your income and your expenses. Once you have calculated your income vs. your expenses, you are ready to start the process of paying yourself first.
When you create a system for paying yourself first and making this your priority for your savings and develop a strong financial habit you will succeed.
People who spend their money in the reverse order — paying everything else before saving — generally reach their retirement years without a nest egg.
Pay yourself first means having your savings auto-deducted from your paycheck, whether going into the company 401k , IUL, IRA or another retirement fund. You can’t spend what you never see. And in my experience, we all adapt at the income we have.
The best part is, you will be set for for later in life.
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