This is the golden rule when it comes to managing your finances. If you are want to learn how to get out of debt and start mastering your money, get my FREE Life Mastery Toolkit: https://projectlifemastery.com/subscribe/?utm_medium=social&utm_source=youtube&utm_campaign=life-mastery-toolkit-promo&utm_term=rich-people-pay-yourself-first&utm_content=lc-youtube-description
What is the most important financial decision that you’ll ever make in your entire life? It’s simple: Pay Yourself First. All rich people do this. But are you? Most people unfortunately live the opposite. They pay themselves LAST. When income comes in, it immediately goes to pay off their bills, debt and lifestyle expenses. As a result, people have little or no money left over at the end of the month. These are the people that live pay check to pay check, never getting ahead.
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Idk if this is a topic you have already covered or not but where do you start when you have an idea that would take a lot of time, money and networking to achieve. The scariest part of that to me is the money aspect
You put a certain % of money away each month towards that, aside from the 10% you’re doing to pay yourself first for long-term retirement. So that’d be an additional 10% or more.
“The book is primarily geared towards Canadians.” I guess it talked about the trade of maple syrup? 🙂 Great video.
Great video! Rich Dad Poor Dad was the book that “opened” my eyes about money. However, The Richest Man in Babylon is hands down the best intro to finance book I have read.
Both fantastic books.
I can’t believe that two people actually gave thumbs down on this video. Those are the ones who will remain in the rat race the rest of their lives.
Epic sir. I’m glad you reminded me!
Hey Stefan, Are you going to be making a October monthly goals report? Its so inspiring to see the progress you are making month by month!
Basic and simple? Thats true, but easier said than done. Living in Southern CA, many people in their 20’s are making well below $2k/mo gross Full-Time. That said, the cheapest roof you can place over your head, in sketchy neighborhoods and with roommates is at least $500/mo. Then you have car payments, insurance, maintenance costs (brakes, oil, etc), gas, food, utilities, cell phone bill, internet, credit cards, and so on. If you’re lucky, by the end of the month we may have 5-10% left to get a case of beer and watch a movie that month. Living paycheck to paycheck isn’t a choice sometimes, many people have no other means of financial help and our living the simplest life they can. A lot of people I know have to use credit cards and are forced to sustain an unhealthy diet of high sodium top ramen noodles. Many of these are college educated graduates that are also required to pay their heavy amount of student loans for a worthless degree that wasn’t able to land them a job. I know this sounds pessimistic, but it’s reality, and for many people, this is the life you’re kind of stuck in unless you have opportunities to meet the might people and make significant changes
@SpeedRacer There are ways people with low income can avoid some of these expenses, especially if they live in big cities. If you live in a large city that has mass transit and make less $2K/month you probably shouldn’t own a car and have a car payment. Get a bike and use mass transit. As far as a cell phone bill, don’t get the fanciest smartphone and look for carriers like Cricket, Boost, Ting, etc. I use Cricket wireless and pay $35/month. If you don’t absolutely need the internet don’t get internet service. Ride a bike or walk to place that has free WiFi or get a library card to the public library to use their internet service. Just conservatively estimating the savings recommended above you are looking at least $300-$500/month saved. Another thing a buddy of mine did for some food was to volunteer at a homeless shelter serving food. They couldn’t pay him for his time but he did manage some free hot meals. The key is to separate want versus need and get creative with ways to make money and not spend money.
hey Stefan, would you recommend getting a job (active income) first, and then get passive income? or just dive right in to try and get some passive income? side note: im a college student who has no idea what hes doing lol
You need some income to invest in your online business and to support yourself… so either get a job to support your goal of making passive income or just try to survive and go for it if you can.
With absolutely no judgement, I’m guessing you do not believe or practice tithing- the truth and principle of taking the first-fruits, your tithe, tenth (10% ironically like you’re saying) to God. It is not religion, but a truth that brings about more blessing and favor into your life in more ways beyond financial gain. I encourage you to learn about tithing and Favor of God. Tithing is just a faithful investment that brings far greater and guaranteed return where investments here in this world (even if it brings high return) is limited in various ways. Aside from that, yeah, great teaching about paying ourselves (second) LoL!
Hi John, I don’t tell people what religion or beliefs to have around that… but to practice what you believe! I personally give every month to WorldVision, sponsoring children and also some other charities that I support and I get a lot of fulfillment from that. Powerful for fulfillment, but this video is for getting wealthy and paying yourself first is an important strategy for that.
I understand and agree with your strategy. Its important. My “beliefs” weren’t intended to be imposed upon you, but to offer a great wealth building strategy as well. I’m sure you get blessed by giving and I feel you have the influential power to express that aspect. These were just my thoughts as i viewed your video; and it was a Good one!
@John Saavedra Thanks John I appreciate your comment!
+John Saavedra When I have to pay taxes to god, then I’ll take her/him/it a little more seriously.
Until then, IRS >> god.
How would you implement the debt snowball into this system?
Hello, Great video! A question, should it be 10% of my gross or net income? Thanks
Gross. Some people don’t net anything at the end of the month, lol.
Stefan, I just started watching your videos a week ago and really enjoy them. I’m working towards the practices you have shared. In regards to paying my self first, will my 401K be considered part of the 10% in paying my self? Thanks for your motivational videos.
so is it just saving or stashing money away that u dont mess? like emergency savings?
Excellent advice. It’s really a mindset shift is what it is. Making yourself the priority instead of making ‘just getting by’ the priority. It’s so important to prioritize your growth, your financial freedom…when you shift to a place of self-love, magic happens in your life <3
Thanks so much mate, I was searching for the ratio or the amount <3
Great!!! thank you!!!!
I loved this video!!!
Amazing content!
Great Video and Content. Q? if you get paid twice a week, 10% of each check meaning 20% a month, or take 10% a month?
NM I got it
Richest man in babylon is the old classic powerful book
I give my first 10 percent to God (the tithe) and went from poor to multi millionaire!