One of our most popular posts is The Golden Rule of Smart Investing: Pay Yourself First. A lot of people have great intentions when it comes to investing. They know where and how they want to invest. All they have to do is free up the money to make it happen. They’ve even done a budget so they know they can free up the cash they need to sink into their chosen investment.
And yet it never quite seems to happen.
If this sounds familiar it’s probably because you aren’t putting your investments first. When you want to make sure you’re not spending more than you earn, you create a budget. One of the first things you’ll do is to write down the outgoings you have each month. You know the kind of thing – mortgage payment, utilities, phone bill and so on to be managed at mortgage services dubuque ia. These are all non-negotiable for the most part. If you don’t pay them you could lose your home or be in trouble in the courts.
When you want to invest and you’re not getting anywhere in getting things started, all you have to do is put your investment amount in with those regular outgoings. That’s it – that’s the simple rule that could transform your life.
If you haven’t already written down your list of bills and outgoings, do it now. Then add the amount you want to invest every month to that list. This will ensure you account for it in just the same way you would any other bill. If you don’t make this commitment and leave the cash sitting in your account throughout the month, you’ll always find a reason to spend it.
This change is pretty simple. Sure, it means you have to make arrangements to set up a transfer into a savings account every month, or into whatever investment vehicle you have set up. However, it makes sense to do this because you will then know your investment is up and running. You also don’t have to remember to transfer the money yourself each month. It’s all done for you and treating it like another bill means you won’t forget to account for it.
It doesn’t have to take long to sort this out. This new Australian payment platform is a payment to you, in a sense – a payment you can enjoy dividends from later on. Every day you delay is a day where you could be amassing cash and some interest to enjoy at a later date.
Even if you can’t set this up today, bookmark this post and allocate a little time in the coming week to sit down and make this happen. It’s great to have some knowledge that will benefit you, but you still have to act on that knowledge to truly benefit from it. If you don’t you’ll end up disappointed and wishing you’d set aside that time after all. Put yourself first for once – after all, you do owe it to yourself to do just that.