Hey all,
This is a super interesting topic because it can be very subjective based on what your personal and/or family goals are. For example, my wife used to think paying herself first was making sure she could get a pedicure or a massage, now it has transitioned into putting the budgeted savings directly into our investments or savings (with the occasional, but less frequent pedicure or massage).
Note: You should absolutely still be rewarding yourself and your spouse, so make sure you are keeping the relationship alive and not drowning it with FIRE strictness (they may start to resent you, FIRE, and your relationship). It’s extremely unfortunate, but here is a real scenario.
PYF, The Basics…
What we’re talking about here is defining a pre-determined budget line item for investments or savings. Don’t have a budget yet? Read this advice.
- Pay
- Yourself
- First
It’s been critical for our wealth increases because it is simply all too easy to spend it elsewhere if you don’t prioritize it. Paying yourself first immediately takes that cash and puts it out of sight and out of mind.
Nothing long, just a simple reminder. Hit me up and let me know how things are going on your FIRE journey!