First Rule of Wealth…
Pay Yourself First
A part of all I earn is mine to keep.
(and)
It should be not less than a tenth no matter how little you earn
from The Richest Man in Babylon
We see this advice time and again throughout all personal finance and wealth building books. Too many people unfortunately brush it off with annoyance because it’s “nothing new.”
Another part of The Richest Man in Babylon addresses this exact sentiment…
Remember this, the sun that shines today is the sun that shone when they father was born, and will still be shining when they last grandchild shall pass into the darkness.
There’s a reason this first rule is repeated so often throughout the years of history… it works.
So pay yourself first–at least 10% of every dollar you earn–then live on what’s left.
Quotes above are from The Richest Man in Babylon Kindle Edition
Tags: habits, money management, personal finance, success
February 4th, 2010 at 1:11 pm
[...] follow the first rule of wealth and pay myself first, so now I have to shake off the laziness, dig in and really start making that [...]
February 10th, 2010 at 11:46 am
[...] last year I implemented the basic financial success habit of paying myself first. I’ve talked previously about my bad habits with budgeting so for me this was an important [...]