wat does pay your self mean?

Question

answer quick

Answer 1

The first rule in investing is Pay Yourself First.

What it means is, to insure that you actually do save money to invest, don't save what you have left over after paying your monthly living expenses, pay yourself first. It requires discipline for it to work. You write yourself the first check, before the rent or mortgage, the car, heat and electricity, other loans 'extras' like cable and cell phone. You put that check in the bank, or your investment vehicle, and you don't touch it. You live within your means and live on what's left AFTER paying yourself FIRST.

That's the principal. Most people do it backwards.

Answer 2

It means that when you get your paycheck, you set aside your savings/investments first, then a little bit of pocket money (for me it's $20/day for 14 days), before you pay your bills or shop.

You could be saving $25/week, or putting away $400/month in 401K....doesn't matter, you should budget that in to your expenses, and be consistent about it. Make a rule to put that money away, and then to never touch it. Give yourself a daily allowance, then pay your bills with the rest (first) and then shop (later).

If you don't save/invest...and only pay bills and spend the rest, you have nothing left over, so you are not "paying yourself"...you're just spending.

$25/week saved over a years time equals $1300.....over 5 years time equals $6500........and that doesn't include any interest you might earn if you put it in the right account.

Start saving, and good luck!

Answer 3

it means that if you do a good job at what your doing then you pay yourself with the satisfaction that you did a good job

Answer 4

put money into your savings account

Answer 5

gotsta keep d'bennies foh y'self.

fushizle, dizzle?