The concept of paying yourself first comes from The Millionaire Next Door, a very famous personal finance book.
The book studies 1,000 “ordinary” millionaires and how they got that way.
(Hint: none of them got lucky working at the “right” startup.)
Most of us pay everyone else first.
We pay the Whole Foods cashier, and the contractor, and the golf course attendant, and the waiter, and our lawn guy and pool guy and the list goes on.
For the next 6 months, try paying yourself first — then pay everyone else.
If you hate it, then in 6 months go back to normal and enjoy spending all the money you just saved. But I bet you won’t even miss it.
This blog is for educational purposes only and should not be considered financial or legal advice. These statements have been simplified to illustrate the concept. Consult your Financial Planner or Estate Attorney for help with your specific situation.