hey guys Stefan here from project life
master comm in this video I want to talk
to you about the most important
financial decision that you're ever
concept that you've probably already
heard before you know all the top
finance books out there teach this and
recommend this all the financial gurus
out there teach this from David back to
Robert Kiyosaki to Suze Orman to Tony
Robbins to David Chilton to T Harv Eker
they all teach this even a classic book
of the richest man in Babylon you know
back in the 1930s taught this concept
but what amazes me is how few people
actually do this and apply it and what
the concept is is to pay yourself first
okay pay yourself first this is
something that I've been doing since as
18 years old
the very first financial book that I
ever got my hands on was a book called
the wealthy barber by David Chilton and
David Chilton what I think the book is
primarily geared towards Canadians but
the core concept of that book was to pay
yourself first meaning whatever amount
of money do you make in any given month
or any given paycheck what you want to
do is a very first thing that you do is
take at least 10% of that money
okay whatever money that you earn take
10% of it and put it aside okay to pay
yourself first and what a lot of people
do is they live paycheck to paycheck
they don't learn how to manage their
money so what happens is they make a
certain amount of money every single
month but they immediately take that
money to pay off their bills first and
that's a wrong way of doing it you
always want to make sure you're paying
yourself first because as long as you're
just paying your bills and just spending
your money on things that aren't going
to bring you closer towards your
financial futures or financial freedom
that you really desire then you're just
going to always be stagnate you're
always going to be at the same position
to you are currently now and so I
learned this concept again
eighteen years old whatever amount of
money that I'm making 10% of it has to
be put aside ideally if you can do it in
a way where you don't see it and it's
automated and it's just an automatic the
money comes out of your account it goes
immediately into a savings account or a
money market fund or mutual fund or
stock or whatever might be that's the
best way to do it because then you don't
have to think about it anymore but again
a lot of people because I've been amazed
by however how few people actually apply
this they have the belief that they
don't have the money to and if you don't
have the money to do it and you're
living paycheck to paycheck and you're
in debt then you definitely must do this
no matter what you have to find a way I
don't care if you have to simplify your
lifestyle because the truth is most of
us are living wet well way beyond our
means you know they make $2,000 a month
and you're spending $2,000 a month or
more and you're in fact getting in debt
in the process and a lot of people you
know they upgrade their lifestyle they
have created their apartment their house
their car all this sort of stuff that
they can't truly afford and as a result
of it they don't get ahead and I've
learned one of the most important
secrets to success and to wealth is
simply to spend less than you earn and
invest the difference okay I'm going to
say that again because that's worth
writing down spend it less than you earn
and invest the difference okay that's it
that's what it comes down to if you want
to be financially free if you want to be
wealthy and what do you do with that
money a lot of things as I said invest
it I can be into stocks or mutual funds
or real space or maybe an own business
or maybe building a passive income
stream you know it's rude Kindle
publishing or on the internet or
something like that
you know find something that it can do
with that money that you can invest into
your freedom you know one of the classic
books you know the richest man in
Babylon talks about this and I highly
recommend you pick up this book because
it just teaches the basics of money
management and it's a fairly quick book
to read and the principles still apply
today and if you're looking for
something a little more high-end in
advance
Tijara vector it's got a great book
called secrets of the millionaire mind
as well as a seminar called a
millionaire millionaire mind intensive
and what they teach is how to allocate
your money okay so if you're making a
certain amount of money every single
month or every single paycheck then you
need to allocate that money into certain
funds or certain buckets is what they
call them okay so maybe 10% you take
that you put it into your financial
freedom bucket okay that bucket is
primarily geared towards you know
investments for your financial future
another one might be a long-term savings
bucket that fund is just purely just for
long-term savings emergency you know the
state should have at least six months of
your income set aside as an emergency
fund just in case something happens a
third one you know that he teaches is to
have a fun bucket right so 10% of what
you earn you know use that how fun to
treat yourself to have adventures you
know really enjoy yourself another 10%
is education fund to invest in yourself
coaching books seminars programs because
if you want to be successful that's one
of the best investments you can make as
well as in yourself and in five percent
is just a give account to give something
back to support charities causes that
you're passionate about and so that's
forty five percent of your earnings
right there that how you should have
allocated in different buckets the other
fifty five percent is just necessities
right that's your rent
that's your living expenses your
groceries you know your cable bill your
phone bills stuff like that
so it's learning how to live again below
your means in such a way that you can
put money aside every single month so
that you can build your financial
freedom and when you're doing that
consistently I've been doing this for
over 10 years now since I was 18 years
old you do that consistently the money
starts to compound and Einstein says
that the most powerful concept in the
world is compounding so learning how to
compound your money invest your money do
something with it it's very important
that's a whole other video all together
but it's going back at the basic of just
paying yourself first at least 10%
ideally more you know Sir John Templeton
one of the richest men in the world a
billionaire he actually passed away a
few years ago but he was doing over 50%
ever
of his earnings and investing that you
know I try to do at least 20% or more of
my earnings just purely investments so
becoming a money manager is one of the
most important skills you can ever learn
and I just really want to emphasize this
point paying yourself first maybe look
at your finances look at your life right
now and how you're managing your money
and if you're doing this great you have
my total support but if you're not then
you need to you know get yourself
together on this because again this is
one of the most important things that
you can do and it's so basic and anyone
can do it and you know if you just start
now as soon as possible it doesn't
matter if you're 50 years old or if
you're 18 years old
the sooner you get started on this the
better because the more effects and
benefits you have for compounding okay
so I really want to encourage you to
take a look at your finances and find a
way to pay yourself first no matter what
right just like and again this concept
applies to not just finances to your
morning ritual how you start the day now
give the most important thing time money
whatever it is to yourself first so that
you can get ahead that's being proactive
and not reactive so I'm going to leave
it at that for now guys I'll have a
video certain blog posts I'll go along
with this but I want to thank you for
watching see you guys in the next video
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