Pay Yourself First: The Simple Way to Build Wealth and Stick to a Budget
Pay Yourself First: The Simple Way to Build Wealth and Stick to a Budget
One of the hardest things to do is set a budget for yourself, but there’s an easier way: pay yourself first. This concept, which has been around for thousands of years and popularized by the book The Richest Man in Babylon, helps you avoid overspending and live within your means.
Here’s how it works: take your monthly income and allocate a percentage to your checking account for spending and another percentage to an investment or savings account that you never touch. By not seeing that money in your checking account, you won’t be tempted to spend it. Over time, you’ll build wealth effortlessly.
Initially, you might notice the smaller amount in your checking account, but soon you won’t even miss it. Every pay period, your savings grow without you having to think about it. It’s a simple, effective way to accumulate wealth.
Have you tried this method? How has it worked for you? Let me know in the comments!
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#payyourselffirst #budgeting #wealthbuilding
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