Build Your Wealth by Paying Yourself First

By: Micheal Jones

Just like water, money will expand to fit the container you place it in. If you find yourself reaching the end of the month in a state of broke then chances are you probably don't have very good financial goals set of yourself if at all. You always promise to change things for the next month, but somehow it never happens.
This is a scenario that many, many people can identify with. It doesn't have to be like that, there are things that can be done to change the outcome. There is a great strategy to control your wealth and that is to pay yourself first.
You can start with your monthly bills.
When you are sitting down to calculate and pay out your normal bills, first write a check to yourself. The check should be an amount you can make a commitment to paying for at least six months. If you immediately pay that "bill" first then you will have that much saved. Deposit the money you've paid to yourself into your mutual fund, brokerage or retirement account. You need to pay yourself first even if you find you just can't afford it. Do it and then find some other way to earn the money needed to pay off your other monthly bills.
It sounds like it's too hard to do, right? You need to ask yourself a very important question: Is the state of financial bondage tolerable in order to keep your "perks"? If you have answered "yes" to this question then you should just resign yourself to the fact that you will remain in this financial state for the rest of your life. It may even grow worse if you grow your debt to live beyond your means simply to enjoy a better lifestyle.
Finally, you must honor your word. Many people find it hard to lie to others, but can go back on their own word to themselves without any qualms. If you tell yourself you are going to commit to something, do it. For more tips on investing, take a look at what an expert in the business has to say on the subject of investing in the Australian Share Market.

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