Once you finalize your budget, try to take care of yourself first.
That doesn’t mean spa trips or box seats to the ball game; it means put money aside for you FIRST in savings and investments or in wealth protection strategies and THEN pay your bills.
Regardless of their income, many people complain that they are never able to save any money. The more they earn, the more they spend. If you have the discipline to commit to putting 10% of your income aside in the form of savings, you will not only begin to have a sizeable “nest egg”, but you will adjust how much you spend on non-essentials.
Also, you should make a small investment now to protect yourself and your loved-ones against a catastrophic event. YOU ARE YOUR GREATEST ASSET – PROTECT YOURSELF AND YOUR EARNING POTENTIAL. Insurance works best for the young. Payments are cheaper, but the impact on future earnings from an unfortunate event is greater. If something were to happen to you in your 20’s, your earning potential for the rest of your career is in jeopardy for yourself and for your loved ones. A few dollars spent now can provide steady income later in the event of a tragedy.
Having a “nest egg” by paying yourself first will give you an increased sense of success because you will have something tangible to show for your hard work. You will discover how unnecessary most of your purchases really were – you might actually not even miss them.
More importantly, you will appreciate the occasional “splurge” because it is OCCASSIONAL and SPECIAL.
- Will this new mindset be difficult at first? Sure!
- Will it take a lot of sacrifice on your part? Yes!
- Is it worth it to have financial independence, be a fiscally responsible person? Absolutely!
Shakespeare once wrote, “To thine own self, be true.” Don’t neglect your financial self – being true to yourself through disciplined and responsible saving & protection will open opportunities for further financial success.