Pay Yourself First – The Key to Building Wealth

The most powerful discipline you can use to build wealth is to pay yourself first each month. Most people pay all their bills and buy everything they think they need and want first, and then save what is left. Not surprisingly nothing is usually left.

Wealthy people pay themselves first. They put a portion of their income away in savings each month before they pay bills and buy things. This insures that they will build wealth each month. While you may not be able to save a lot at first, by using this discipline each month you will build wealth.

Ideally you should save at least 10% of your income. However if that is too difficult save less; as little as 1% is better than nothing.

Use this monthly savings to build an emergency fund. This fund should be enough to pay all your necessary living expenses for at least six months in case you lose your job or have a financial emergency. They you will not need to incur debt.

Once you have an emergency fund established save for major purchases such as automobiles so you do not need to borrow for them. They save for your retirement and other investments.

Teach your children to also save some of their allowance or income each month.

Wishing you success and prosperity,

Daniel R. Murphy
Helping People Learn to Build Wealth

Wishing you Success and Prosperity,

Daniel R. Murphy

Wishing you well,

Daniel R. Murphy
Educating people for building wealth, adapting to a changing future and personal development.