Simple but Profound

The other day as I was meeting with a client and her daughter, I mentioned a simple financial strategy to her daughter that she can use in managing any money earned from her part-time job before heading off to college in the fall.

Both my client’s daughter and my client responded with such astonishment at this simple truth, I realized this simple truth is also profound!

So you are probably wondering, what is it?

PAY YOURSELF FIRST!

 I know, I know. Simple & Basic.

For me, I learned that just because I think it is Simple & Basic and seems elementary, it doesn’t mean it’s not valuable to someone else.

It’s one thing to understand this Simple but Profound piece of knowledge and an entirely different thing to apply it.

Here’s What You Need to Know:

  • Anyone Can Do It
  • It’s Not about the Quantity
  • The Simple Act of Paying Yourself First creates financial discipline and a habit

How to Implement:

  • Establish a Savings Account
  • Link the Savings Account to your Checking Account
  • Set up an automatic transfer from your Checking Account to your Savings Account on the day(s) you get paid each month

The first few pay periods, you may miss the amount you have chosen to save but after the 3rd or 4th month you will have grown accustomed to the new amount!

I hope you find this helpful or think of someone you can share it with.

Also I would love to hear any Simple but Profound truths that you use in your day-to-day life, hit reply and let me know!

Let’s talk soon,

Maleah