Paying Yourself First...A Second and Third Look
Monday, February 06, 2006
A second look...
Most if not all financial planning books will advise you to "pay yourself first". Take 10% of whatever you earn and put in in savings.
This is all fine and dandy but it can mean so much more when you use the concept of leverage (ie: good debt) to "pay yourself first".
Our two biggest monthly bill payments in 2005 came from:
1. Mortgage
2. RSP Loans
These two "bills" accounted for about 35-45% of our monthly expenses.
One of these "expenses" is building equity in our home and the other is building our retirement fund.
And while a portion of that money does go to the bank, the interest in both these occurences is offset by:
1) the accumulation of equity in our home
2) the tax refund obtained by investing in an RSP
I think the even more dominant factor of using leverage to "pay yourself first" is the psychology of this type of forced savings plan. Knowing the dangers of consumer debt we are more likely to pay a bill or loan than we would be to pay ourselves first into a savings account.
A Third Look...
I also think the concept of paying yourself first should be used with the concept of "time" as well as money. How often do we just take time out of our day just to have to ourself. Time where we aren't studying, trying to conquer the world or worrying about whether or not our partner is happy. Time to just relax and reflect.
Incidently 10% of a day is 2.4 hours. Kind of puts things in perspective.
This post was written after I read the following post on delicious:
7 Simple Steps To Grow Your Fortune
or was inspired more-so by the comments made by people afterwards, particularly;
So to summarize this long post, we get:
a) dont buy shit.
b) save money.
woaha, thats some revolutionary conclucions right there. now tell me, is it fifth or sixth-graders you write these posts for?
The Response:
Apparently this isn't written for 5th and 6th graders. Consumer debt is a multi-billion dollar industry. Yes, it is simple, but obviously people don't do it.
On that note does anyone know of a mutual fund that invests soley in consumer debt?
posted by aforward @ 3:37 PM,
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No, but you could just invest in the banks........
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