So how serious should you take
this issue of paying yourself since it is the singular most important personal
finance act that will guarantee you become rich and comfortable in life?
Take it as if you are indebted to someone and
that person is your future you!
Yes, pay yourself today as if
your future depends on it, because it does.
Let me borrow this from David
Bach’s The Automatic Millionaire:
If you want
to be Dead Broke:
Don’t “pay yourself
first” anything.
If you want
to be Poor:
Spend everything you
make, no matter how much money you make.
If you want
to be in the Middle Class:
“Pay yourself first”
5 to 10% of your gross income.
If you want
to be Upper-Middle Class
“Pay yourself first”
10 to 15% of your gross income.
If you want
to be Rich:
“Pay yourself first”
15 to 20% of your gross income.
If you want
to be Super Rich super fast:
“Pay
yourself first” at least 20% of your gross income
I already told you I follow the
advice from The Richest Man In Babylon
where it was advocated that to be rich, you must not spend more than 70% of
your income. I pay myself at least 20% and give at least 10% to charity
regularly.
So the ball is in your court. I
can only guide you, but you alone must decide what you want and how fast you
want it.
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