Strategies for Retiring Young, Soon, and Wealthy
|Jul 02, 2006 6:40 pm
||re: re: More on Science of Getting Rich
| Chris Janssen
I know exactly where you are coming from. We have been in the same position. When you don't have enough to pay your obligations and put food on the table, how in the world can you be expected to pay yourself first? There was a time in our lives when it was costing me almost $5.00 a day in gas to get back and forth to work. (This was before the big price increase in gas...I shutter to think what it would be now!) I know it was $5.00 because there were times I was buying gas each day with the spare change I could dig up and some days I wasn't sure where the gas money was going to come from to get back and forth to work. When I was in that situation, there was a book I read that had a great suggestion.
It's not important how much you pay yourself first to begin with, but you need to establish the habit.
So, my suggestion to you would be to start to establish the habit. Don't worry about how much it is. At the beginning it may not be enough to establish a bank account. Don't worry. Just get yourself a coffee can or similar container. Everytime (EVERY time) you receive money, place an amount of money in that container. (Even if it is a penny.) Establish the habit. DON'T take money out of that container for any reason. Set a goal at how much you want to "pay" yourself. Once you reach that goal, take that money and establish a separate bank account.
You'll be surprised at how quickly the amount you are paying yourself is able to increase!
> Ann Jordan - firstname.lastname@example.org wrote:
> Hello Buzzy,
>Nice forum you have here! I love it!
>I just wanted to say that the "paying yourself first" is something that my husband and I have been struggling with ever since we got married back in 2002. Everybody keeps telling us to do it but, everytime we save a little something happens and we have no other resource but to take that money and fix the problem immediately. I know many other families who are struggling in the same way. How can a person put a stop to this cycle of living paycheck to paycheck? How can one ever save up enough to start investing and making their money start working for them?
>Thanks again for such a great forum.
>> Buzzy Gordon wrote:
>>Like the neglected classics "Think and Grow Rich" and "Richest Man in Babylon," the principles in SOGR are timeless and a testament to the wisdom of the ages. I hope we can generate a discussion here about some of the content in these books that have been the most meaningful to us and have spurred us to take action. For example, the idea of "paying yourself first," even if it is only mostly symbolic when you have little money, is very powerful when practiced consistently.
>>Also, I would love to hear more about books that have affected your lives, preferably ones published before 1975. For example, Carnegie does not use the word wealth or rich in his title, but what he teaches in his "How to Win Friends and Influence People" helped make him the richest man in the US.
>>Have fun on Ryze,
Private Reply to Chris Janssen (new win)