Pay Yourself First!
About one-week ago, I had the sincere pleasure to be a part of Pursuit Sports Group (@pursuitsportsgroup) NBA All-stars three-day event. There, many legends in the sports world appeared to speak about finance and the lessons they've learned or taught others.
The largest concept that I took away was "Pay Yourself First." It seems simple right? Normally, we'd think that paying yourself first simply mean paying yourself what is left over after you've paid your bills and other creditors.
Nope. That's not it!
What does it mean? Simply, before you pay anyone --- pay yourself between 10% - 30% of whatever you make. It helps you to save a nest egg and potentially have the ability to invest in other money-making options without financially starving.
Ya'll, I've been doing this all wrong for years!
Now why is that? Because like most of us, although our parents taught us as best as they could, if there profession did not involve finance, they were ignorant in helping us - let-a lone themselves - in breaking down the financial barriers to bring forth clear understanding.
Furthermore, many of our parents come from that old school mentality where they aren't talking about money with you. Thus, it put most of us in peculiar situations and also contributed to improper and non-rational relationships with money.
As you go through life and operate your business, always remember to "pay yourself first." It's time that we take care of ourselves through education and building the right relationship with money. We also have to ensure that we cancel out that old-way of thinking and delete those ideals that will keep us stuck and bound in financial holes.
This article is a service of SL DeBarros Law Firm, LLC. We offer a wide array of business legal services and can help you make the wisest business choices throughout life and in the event of your death. We also offer a Business Protection Start-Up Session or a Business Audit for an ongoing business, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule.