"Pay yourself first"? What does that mean?

"Pay yourself first" is a financial principle that means prioritizing saving and investing a portion of your income before spending on anything else. It involves setting aside a fixed amount for your financial goals, such as emergency funds, retirement, or investments, as soon as you receive your paycheck. In other words, "pay yourself first" means:

1. Take care of your financial well-being before spending on discretionary items.

2. Make saving and investing a priority.

3. Automate your savings and investments to ensure consistency.

4. Treat your financial goals as non-negotiable expenses. By following this principle, you can: - Build wealth over time - Achieve financial stability and security - Reduce financial stress and anxiety - Make progress towards your long-term goals Remember, "pay yourself first" is a simple yet powerful habit to cultivate for a healthier financial future!