This rule follows the rule above how protecting your money is protecting yourself. It’s something that many people don’t comply with because people will see them as greedy or selfish. However, making sure that you pay yourself before everyone else is making sure you can live comfortably for the rest of your life. It also helps when it comes to saving, investing, and making sure your family is taken care of.
After all, you can’t help your children pay for college when you don’t have any money yourself. While they can get student loans, do you really want your children racking up over $100,000 in debt right away when you can take the extra step and pay yourself so you can help them when it comes time to do so?
Let’s face it, not all of these rules need to be about saving, investing, and making sure that money goes exactly where it should when it should. You also need to have a little fun with your money, just not too much. For example, if you want to take your children to Disney World, have a great time while doing so.
However, you should also remember to focus on a budget and save for a period of time before you rush and give them the time of their lives in Florida. After this, maybe wait about a year before you take your family on another fun vacation. This will allow you to possibly set up a vacation fund instead of dipping into your savings.
“How to Become a Money Magnet.” Stacia Pierce, Stacia Success Blog.
“Your Money Cheat Sheet.” Liz Weston, Nerdwallet. March 2017.
“The only 4 money rules you need to follow to become rich.” Christy Bieber, USA Today. September 2017.
“10 Golden Rules On Money & 20 Inspiring Quotes About Money.” Gecko and Fly. January 2020.