May 24, 2020
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Pay Yourself First!!!
How I first heard of the concept
Allocate a percentage of your wages say 5% or 10% or more
Put your name on the bill column
Do it before the bills
Move to a separate account
Can be accessible or locked away in a pension
Direct debit or standing order
The advantage of the earlier you start the better due to magic of compounding
Helps with budgeting, how little can I live on this month?
Automation creates momentum and momentum is key
Importance of taking care of yourself first
Always save before you spend, money left in your account if you're like me you'll find a way to spend it.
Be mindful if you owe high interest credit cards or other types consumer debt
Julio De Laffitte
City Boys R Us
Book: The Richest Man in Babylon by George S Clason