#28 Pay Yourself First.

May 27, 2009 at 11:55 am | Posted in 1 | Leave a comment

Piggy_Bank__OINK_V2_by_D_Money_16Financial expert David Bach, author of Start Late, Finish Rich  tells everyone to throw out the dreaded “family budget” for this simple reason: It doesn’t work- if it did we’d all be doing it and we’d all be rich.  According to Bach, as long we all save a percentage of our pay each month, what the rest is spent on really doesn’t matter. If you “Pay Yourself First”, meaning that before you sit down to pay your monthly expenses, pay yourself in savings/retirement the equivalent of one hour per work-day (or 12.5%) before anything else.

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