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Episode 2969:
Ryan H Law highlights the transformative power of "paying yourself first," a foundational personal finance principle. By automating savings through strategies like 401(k) contributions, Roth IRAs, or direct deposits into savings accounts, you can build long-term wealth effortlessly. This approach fosters discipline and prioritizes future financial security over impulsive spending.
Read along with the original article(s) here: https://ryanhlaw.com/how-to-pay-yourself-first/ & https://ryanhlaw.com/automate-your-finances/
Quotes to ponder:
"Poor people spend their money and save what’s left, while rich people save their money then spend what’s left."
"A part of all I earn is mine to keep."
"Paying yourself first is all about deploying the gap: maybe some goes to beefing up your emergency fund, and another portion gets thrown at debt."
Episode references:
Policygenius: https://www.policygenius.com
The Richest Man in Babylon: https://www.amazon.com/Richest-Man-Babylon-George-Clason/dp/1505339111
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