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The Discipline of Paying Yourself First
Last year, I brought Rich Dad Poor Dad a gross sale of at least US$14,000.
As a reward, Ken Kiyosaki gifted me with a personally autographed book of his bestseller.
He wrote "pay yourself first" in the first page. I still have the book.
I still remember this principle when I first read Rich Dad back in 2001. Continue below.
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"Pay Yourself First" is the principle that only a few understand and observe but has a very deep repercussion to financial freedom.
You can wake up one day with an M.B.A. degree - Massive Bank Account.
Let me explain.
Simply imagine that you just received your salary or got the income check from your business.
The application of the principle is when you first segregate at least 10% from that salary TO PAY YOURSELF FIRST.
What usually happens is that other people or things get the first crack on your money.
You pay your debts first or you first buy that Home Entertainment System you crave to buy.
And then you complain that money is not enough.
Then, it becomes a vicious cycle of indebtedness because you have to borrow money from others to solve your budget shortfall.
To properly allocate the salary or income you receive, proceed to The 10-10-80 Plan
When you tell people to save, it will just be taken lightly because it is very hard to do.
When you tell and explain to people to "Pay Yourself First," it is wisdom.
It continuously generates savings through the years and creates investable funds.
Lastly, I would like to invite you to join the Rich Dad Free Discussion Forums
It has very strong discussion on real estate investing.
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