Pay Yourself FirstMoney is a crucial part of living a joyful life. The reason why I say that money is a crucial part of living your life full of joy is because if you do not have enough money or the resources to take care of yourself and/or your family then you will not be able to live comfortably, travel, eat healthy or receive proper medical treatment.
Let's be honest, would you be able to live every day of your life full of joy if you did not know where your next meal was coming from, if you did not have a roof over your head or if you did not have all the amenities that come with living a comfortable life?
Well, if you answered no, then you can agree with me when I say that money is a necessary component to living your life to the fullest.
The Best Financial Advice That I Have Ever Received!One of the best ways to accumulate money is by paying yourself a minimal of 10 percent of everything that you earn. You may be saying how can I possibly pay myself 10 percent of everything that I earn when every dime that I earn goes towards paying my debtors.
To be honest with you, I use to say the same thing. My inner voice went more like this "I will pay myself but first I need to pay everybody that I owe. What usually happened after I paid all of my debtors was that I had very little left over to pay myself. I reasoned that I could always pay myself the next pay period but it never happened and the cycle just repeated itself. The end result was I never payed myself 10 percent and I was unable to accumulate any money.
Pay Yourself 10%Two books were influential in me understanding the concept of paying yourself first. The first book is "The Richest Man in Babylon" by George S. Clason and the second book is "You Were Born Rich" by Bob Proctor.
In "The Richest Man in Babylon" I was introduced to concept of paying yourself first but it was not until I read "You Were Born Rich" that I was able to fully incorporate the concept of paying yourself first into my everyday life style.
What stood out for me after reading "You Were Born Rich" by Bob Proctor was "Pay Yourself First" really means that you are suppose to "Pay Yourself First". Now, instead of paying my debtors first and then paying myself with what I have left over, I take my money off of the top. Whenever I get paid, I immediately pay myself 10 percent of my income after taxes and the result is that I am now able to accumulate money.