Pay yourself first

Dear Max,

Ever since I was a young boy my Dad told me “Pay yourself first.” It took a while for me to understand. Here is what I have derived so far:

  • Start saving money as soon as possible
  • Start a retirement fund such as a Roth IRA or 401K from your first ‘real’ paycheck – even if you think you can’t afford to do so
  • Save a regular amount from each paycheck and consider the money untouchable for now
  • If you’ve been working non-stop, take a break
  • if you have an influx of money and there is something you really want, buy it for yourself and enjoy it
  • Understand the monetary value of your time, and know when to hire someone vs. when to do it yourself
  • Do what you really love, because you deserve it

Hope this helps.

Love,

Dad

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s