To put yourself first is a little controversial. We are not taught that! We feel it is selfish, we feel guilty.
So I have a question, do you pay yourself first?
This starts with a decision to put yourself first. When you fix your finances you fix your life. You, Money and Life all need to be put first. We see the close correlation of when people’s lives are not working their finances are not working. We are not saying money is the only life problem, but if you have your finances in order it allows you space to deal with other things more freely as life throws it’s curve balls.
THE TALE OF TWO LIVES – Do You Put Yourself First?
Game of Life 1 – Inaction
Get paid – pay for rent/mortgage, car, health insurance, your dinners out, your breakfasts, your coffees, buying water, etc, basically living pay to pay with no real cash reserves.
What would the opposite be?
Game of Life 2 – Action. Financial Action!
ACTION: Get paid – Pay yourself first.
FINANCIAL ACTION: Save automatically.
Start by building an emergency / cushion account. How much? You choose – $5K, $10K, $100K. That depends on what do you need to live on covering all expenses for 3-6 months should you not be able to work and until your insurance cover kicks in (presuming you have income, / tauma cover). Paying life, – rent/mortgage, car, health insurance, kids school, sports, child care etc your dinners out, your breakfasts, your coffees, bottles of water, takeaways, etc etc. How much is that?
Which game of life are you currently in?
Putting yourself first
Top Reasons To Pay Yourself First and Why Automation Is Your Road To Freedom
1. Emergency / Cushion Account
Discipline won’t do it! Things will crop up and you’ll cave. If money is going out automatically before you see it, it’s simply not there. As you grow your account/s in auto function your life becomes more stable, you feel more empowered and you approach life from a more balanced perspective. So when an unexpected bill pops up or something breaks down you do not greet it from fear and reaction.
2. Dreams / Wants Account
You buy your dreams. – saving for something/s you REALLY want! This is your life enjoyment account.
How long do you need to save for it /them? Having a clear plan and actively working that plan will see your dream/s realised faster.
3. Long Term / Investment Account
The value of long term saving. It’s your freedom account!
Saving becomes a habit. Saving in this way can be for investing, saving for a deposit for a property – home or investment, etc. Automating these forms of savings removes the emotion and realises your dream faster.
4. Make Money While You Are Sleeping
It is wise to have your money invested to grow -have it working for you?
Money serves you. You want automatic dividends, multiple forms of income and investments. Work hard to get it set up initially, then let it work for you. Build wealth the smart way.
Why have an emergency / cushion, a wants / dreams, a long term saving / investment account?
All of these accounts are for different areas of your life. Emergency / cushion for the unexpected. Wants / dreams are for the enjoyment of life and the reason and reward for why you work so hard. The long term saving / investment account is for your freedom. It’s all about having your money work for you.
These THREE accounts keep you balanced, inspired to get up every day and as they grow, you just get to live more fully, on your terms! For example, when an unexpected expense appears, instead if going into fear and reaction you simply solve the problem and move on.
5. Be a Real Estate Owner
HINT: As soon as possible! It always appreciates. (Unless bought in boom/bust economies – eg, mining towns).
If you rent, rent always goes up. As soon as you can get out of renting and buy. (another form of paying yourself first!) Fastest way to contribute to being financially free is to own assets and eventually have NO debt.
Own 2-3 properties using other people’s money to buy them. Later you’ll have enough cashflow to give you income for the rest of your life.
Put Yourself first – Remove the uncertainty with good advice
If you’ve got things NOT DONE in your financial life, what are you waiting for? It really is time make the decision to put yourself first.
Will done? Insurance covered? Beneficiaries? Do you have the right financial team to support and guide you? Do you need one?
If your finances are paying you live, then you have financial certainty.
If not, you are in some sort of pain. And that pain will continue or get worse the longer you stay where you are.
MAKING A PLAN
- What does financial success look like to you?
- What are your top 3 financial challenges?
- Where do you want your finances in 3-5 years?
- Is there an area of your finances that you don’t have a solution for?
- What is important to you right now?
Get clear on what you would love / want / need
Make bullet points – ordered and visible. If it is swirling in your head it is becoming more and more distorted, confusing and just hard work)
If something is not working or you’re stuck, take action! The longer you leave it, the more you lose.
Free yourself. Get financially fit, and financially free.
Remember – Action is power!
If you need help putting yourself first, we are here to help you get clear, implement and stay on course with YOUR goals and aspirations. It is a whole life / wealth approach that scores your greatest goals.
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Disclaimer: This article is factual information only. It is not intended to imply any recommendation about any financial advice, product(s) or to constitute tax advice. The information in the article is reliable at the time of distribution, but may not be complete or accurate in the future.