One has to pay himself first; it is the golden rule of personal finance. The standard financial advice to any individual suggests one has to take out some cash for himself before any other expenses and invest it into a retirement account or in the best investment options with a financial advisor's help. It puts money first into financial goals, then pays other bills, debts, and spending. It is nothing but reverse budgeting, which means prioritizing savings and investments for retirement than paying bills and debt.
Please take out the designated amount each month by using automatic deduction and invest in build long-term wealth on payday itself. Increase the contribution with the increase in the income/salary, making sure that money will be there when you need it.
Pay yourself first can be done by opening a separate investment account and automating the payment on payday. We agree that money can’t buy happiness, but it will provide confidence, mental peace, and a sense of discipline by sticking to the routine.
But it is not wise to save by sitting on massive debt. Consider paying off your debt first if the debt exceeds the savings, and interest outflows are more than interest income.
By Team Wealth ATM
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