Becoming rich requires self-discipline and in none of the seven ways to build financial wealth is that more evident than when it comes to paying yourself first.
A lot of people claim to believe in paying themselves first, but few actually follow through and do it. Paying yourself first means that when money comes in, you designate a portion of it to purchasing income-producing assets before one cent goes to anyone or anything else. Most people can’t do this. They see the bills and financial obligations they have and use their income to satisfy those demands first. And by meeting everyone else’s demands, they end up with nothing short-term or long-term. In the short-term, they are unable to invest in what will provide escape from living paycheck to paycheck. In the long-term, they will have nothing to live on during retirement. You don’t commit to paying yourself first because you don’t want to pay your bills. You still satisfy your financial obligations. You do it because it is the kick in the butt needed to think like the rich. If you make $100 and are committed to investing $15 off the top but have $90 worth of bills, then finding the extra $5 to cover what you owe will light a fire under you. After a few months, you’ll find that not only your ability, but also your self-discipline, for becoming rich will increase. Taking on unnecessary consumer debt will become less appealing and your available financial resources for investing will increase. Friends, family, and especially your bookkeeper will say you are crazy. They’ll tell you that your electricity will be shut off or collection agencies will start harassing you. They’ll plead for you to continue to play it safe, while you make steps towards building financial wealth.
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