Old Man Cain
OG
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
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