Do you pay yourself first?

[Old Man Cain]

For all of us that's out here employed and or the employer. Do you pay yourself first before you pay someone else?

Meaning do you take your money off the top before you pay your bills? Do you have a savings, IRA, stock, raining day account that you put money into first and DON'T TOUCH?


Reason I ask too many of us are quick to pay the bill collector before we think of paying ourselves. We need to change our outlook and mindset and be more financially mindful so we can have something to look forward to when we get older and to leave our children.


I made a plan years ago that under no circumstances that I wouldn't pay myself any less than $200 out of any check I get from work I've done. I do more than that now but $200 was my starting amount at the time I started this financial challenge to myself.

I have set up the following accts that I put money into.

1. Checking account for bills
2. Savings
3. Rainy day acct
4. My travel checking account
5. Additional savings with a black bank
6. My son's savings account
7. Checking account with a black bank


Now with those 7 accts I deposit money into them automatically with every paycheck 3-7 gets paid first before I pay any bill or anyone. That insures that I am paying myself and making sure that I am following thru with my goals. Doesn't have to be huge amounts either BUT those amounts add up thru time and you can have a nice penny at your disposal.


I said all that to say this. We need to understand money and have a basic understanding of a financial mindset to succeed in financial independence.


Add on if you have any pointers to help out

 

[Race Jones]

How much money are you making?!!?
:bruh1:

 

[Race Jones]

Sorry *clears throat* that was the bird in me.

I always pay my bills first. I only save about 250$ for myself.
I am currently taking up a financial course because I don't know how to save.

I'm terrible with money. TERRIBLE.

 

[Chi-Town B]

My own personal checking and savings account is just for me, all money go in there first.

Our joint account we put a pay check in there every other pay day out of our personal accounts for kids stuff and bills/repairs

 

[Old Man Cain]

Sorry *clears throat* that was the bird in me.

I always pay my bills first. I only save about 250$ for myself.
I am currently taking up a financial course because I don't know how to save.

I'm terrible with money. TERRIBLE.

If you know you have an issue with saving create an account that you can't access as quick as you normally can with a regular checking and savings.

A rainy fund through any credit union is set up that you can only pull money from it once every 3mos. Also you don't have to have start out paying yourself with a lot of money. Try $50 a pay period DON'T TOUCH IT and watch how your money grows.

Also speaking of a credit Union. A credit normally gives you better interest rates and normally have no fees. That is great place to store your money especially for those who are starting out in life.

 

[Race Jones]

If you know you have an issue with saving create an account that you can't access as quick as you normally can with a regular checking and savings.

A rainy fund through any credit union is set up that you can only pull money from it once every 3mos. Also you don't have to have start out paying yourself with a lot of money. Try $50 a pay period DON'T TOUCH IT and watch how your money grows.

Also speaking of a credit Union. A credit normally gives you better interest rates and normally have no fees. That is great place to store your money especially for those who are starting out in life.

I'm writing this down. I need help. Like seriously.
I spend a lot of money, all the time.

 

[Eartha Clit]

I pay myself first all the time. Sometimes too much that I forget a bill but I am getting good at saving money. I spend money like a mf.

 

[Judge Dread]

I pay my employees first because as a part owner/investor that comes off the bottom line p & l first. I could take a salary but that doesn't seem right and would be tougher for me personally to make certain decisions. One of my other partners that spends more time in the business takes a salary as they are physically there working. The rest gets split up in various accounts. Cain do you have a 529 plan for your son. It is an effective way to save for college and may be tax deductible in your state. They don't pay much of a premium but is is another account that you just put money into and it can't be touched.

 

[IP360]

Good shyt.

I need to see if there's a black bank in this area.

 

[Old Man Cain]

I pay my employees first because as a part owner/investor that comes off the bottom line p & l first. I could take a salary but that doesn't seem right and would be tougher for me personally to make certain decisions. One of my other partners that spends more time in the business takes a salary as they are physically there working. The rest gets split up in various accounts. Cain do you have a 529 plan for your son. It is an effective way to save for college and may be tax deductible in your state. They don't pay much of a premium but is is another account that you just put money into and it can't be touched.

I got the 529 plan couple years back and you're correct it is they don't pay as much BUT it is money you can't touch.

Far as you paying your employees first I understand that. I didn't even think about that side of the coin. Respect

 

[Lou Cypher]

I got too many bills and debts to have any money left to myself.

 

[Judge Dread]

I got the 529 plan couple years back and you're correct it is they don't pay as much BUT it is money you can't touch.

Far as you paying your employees first I understand that. I didn't even think about that side of the coin. Respect

Yeah that was a tough one. Because human nature says I need to get mine first and years ago I paid everyone first and ending up messing myself up when times got bad but you have to make payroll first. They don't have the same upside as an owner or investor so you shouldn't take off the top. But a lot of owners do!!!!

 

[Old Man Cain]

I got too many bills and debts to have any money left to myself.

You can open up an account with any credit union for $5. Put back $5 a week and that's a nice little start.

5x52 = $260)yr not adding interest

260 is a start and you're young.

 

[Golden]

For all of us that's out here employed and or the employer. Do you pay yourself first before you pay someone else?

Meaning do you take your money off the top before you pay your bills? Do you have a savings, IRA, stock, raining day account that you put money into first and DON'T TOUCH?


Reason I ask too many of us are quick to pay the bill collector before we think of paying ourselves. We need to change our outlook and mindset and be more financially mindful so we can have something to look forward to when we get older and to leave our children.


I made a plan years ago that under no circumstances that I wouldn't pay myself any less than $200 out of any check I get from work I've done. I do more than that now but $200 was my starting amount at the time I started this financial challenge to myself.

I have set up the following accts that I put money into.

1. Checking account for bills
2. Savings
3. Rainy day acct
4. My travel checking account
5. Additional savings with a black bank
6. My son's savings account
7. Checking account with a black bank


Now with those 7 accts I deposit money into them automatically with every paycheck 3-7 gets paid first before I pay any bill or anyone. That insures that I am paying myself and making sure that I am following thru with my goals. Doesn't have to be huge amounts either BUT those amounts add up thru time and you can have a nice penny at your disposal.


I said all that to say this. We need to understand money and have a basic understanding of a financial mindset to succeed in financial independence.


Add on if you have any pointers to help out

I have automatic deposits set to depart after billing dates to savings accounts. I keep my checking balance low, for groceries n fun money. travel cash comes out of my fun money. Luckily, most of my hobbies r cheap or free.

edit: good idea on the account @ a black bank.

 

[Judge Dread]

Everyone should put something 100 pennies will be 1 dollar. So even if it is small it will add up. If you are like most people the hard part is not touching it when wants come up. That takes years of discipline. That is why you should put it somewhere that makes it extremely hard to take it out. But understanding that life happens and you may need it. The worse feeling is having your money somewhere that you can't get it or the process could cause you to lose a substantial amount of it.

 

[Judge Dread]

I have automatic deposits set to depart after billing dates to savings accounts. I keep my checking balance low, for groceries n fun money. travel cash comes out of my fun money. Luckily, most of my hobbies r cheap or free.

edit: good idea on the account @ a black bank.

Cheap or free requires work in New York. I applaud you !

 

[Golden]

Cheap or free requires work in New York. I applaud you !

Parks n crafting b. I'm boring.

 

[Old Man Cain]

Reason I made this thread is because I deal with multi-million to multi-billion dollar clients everyday and these people and or companies are always stressing money moves and ways to save and make money.

I grew poor as fuck in the country and didn't have anyone (no diss to my parents) to guide me in the right direction of how to be financially mindful of the money I have in my resources.

Now here I am older trying to make moves while my counterparts have an advantage over me because they had a door open for them to learn about how to handle money and how to generate GENERATIONAL WEALTH(this means long money). My goal for the rest of my life I'm on this planet is to help out as many people I can open those same doors to have something when they're young and not have to worry when they get older. My son and niece's are pretty much set but I want to give them the same knowledge so they can give their kids kid's when they get older as well.

Too many times WE rather hide the secret and not share the knowledge to our brother and sister but I'm breaking that cycle.


Sidenote shout to my 3 sentences or less paragraph game....You're welcome

 

[Lou Cypher]

You can open up an account with any credit union for $5. Put back $5 a week and that's a nice little start.

5x52 = $260)yr not adding interest

260 is a start and you're young.

Here's an idea, send me 260 dollars.

 

[Old Man Cain]

Here's an idea, send me 260 dollars.

Give a man a fish he eats for a day. Teach a man how to fish he eats forever.

I'm teaching you how to fish brother Lou