Financial Mantra #1 - Pay Yourself First

Let's start our journey of 9 days that will take us through the Financial Mantras which will open some new chapters in our life related to money and finance, that will help us to enhance our power of knowledge and learning to make money work for us instead of working hard for money and keep on struggling all our life.

I'm not any expert in this, Whatever I'am learning these days is just what I write it over here to introduce you with some out of the box ideas that really make some sense in real life.

So, without wasting your another minute let's drive to start our journey with,
Financial Mantra #1 - Pay Yourself First

Pay Yourself First

Pay Yourself First - What does it really mean?

Well, let me share one of my recent and real life experience that was the cause of being financially in debt over the years of my life...

At the time of December 2014, I had few expenses at the start of the month like Credit Card Bills, Interest Payments, Consumer Goods EMI's, Internet Bills and etc. They were all more than the 70% of my Net take away salary that I used to credited at the end of the month.

So, it was last day of November 2014, I got my salary credited into my account, what I did the next moment I got the message, I logged into my net banking and Paid my Credit Card Bill, My Internet Bill, My Consumer Goods EMI and the next morning I was left over around 45% of the Salary which was also spent half the very next day.

And again the whole month went on with that tiny part of my salary and to fulfill all the future expenses I took more loan and got more into debt.

So, What this caused?

I was in a rat race and was getting digged deeper more and more, and then in mid december 2014 I gone through this Financial Mantra #1 - Pay Yourself First - That changed my thinking and my life so far.

What Actually It is?

As it states itself that Pay Yourself First - What you have to do is just Pay Yourself first whenever you get your paycheck just put that money aside whether in any of your untouched saving account, investment in stocks or any other income generating asset.

Just focus on buying income generating asset with the money you pay yourself first, the persons who pay themeselves first have started their steps towards financial freedom, I know it needs a lot of courage and self discipline but that is all you need to grow rich and wealthy.

If I will Pay myself first then How will I pay my bills & dues?

Well, you get scared when you think of not paying bills and your dues? That's great you must be scared because you are not going to pay other first, you must have courage to pay yourself first because you are working all your life for yourself not for your lenders and government.

Yes, I know what you are thinking right now, but don't get me wrong..If not paying the bills scares you then change that fear into positive and motivational way..just let your mind work on different solutions and ways to earn more money, the fear will let you think more and will help you to create many other ways to earn more money to pay others. 

In this way you will create a self discipline of paying yourself and creating more income generating assets that will help you to get out of your debt and grow rich and wealthy.

Bottom Line 

You must be thinking that it sounds easy but it seems difficult to do it practically..well that's where you need to do a lot of homework to improve yourself and change yourself accordingly to get out of debt and enjoy your financially free life.

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