Pay Yourself First
The best piece of advice I can give you is something I learned at a seminar recently. The speaker of honor was someone named Faye Kotsis, a mogul of the property industry with over thirty years of experience, a philanthropist who has contributed thousands of dollars and thousands of hours to charities, and a caring, generous person in her personal life. Mrs. Kotsis told the audience that one of the most important things, if not the most important thing, in getting ahead financially is this:
PAY YOURSELF BEFORE YOU PAY YOUR BILLS
Hard to believe that a concept so simple can evade so many of us. Kotsis ensured the audience that most people focus on paying their debts and their bills first, and then they think about putting aside what they can afford into a savings plan or an investment. What happens is that when the bills are paid, we have a tendency to relax and feel like we’ve succeeded somehow. This is when we become lazy. Faye said that if you pay yourself before you pay your bills, you create urgency which kicks your brain into overdrive, making you come up with creative ways to keep your head above water. Putting aside even 10% of your earnings and telling yourself not to touch it, no matter what, will motivate you to come up with solutions to cover the expenses, such as spending less on groceries, on dining out, on movies, anything that you waste money on. Faye said that you may even find time for a second income. People with aspirations may admit that this is completely possible.
The second best piece of advice I can give you is something I learned at a seminar recently. Faye Kotsis was the guest of honor, a philanthropist who has contributed thousands of dollars and thousands of hours to charities, a mogul of the property industry with over thirty years of experience, and a caring, generous person in her personal life. Kotsis told the audience that the other rule of getting ahead financially is this:
Work To Live
YOU WORK TO LIVE, YOU DON’T LIVE TO WORK.
It’s obvious that with bills and debts, responsibilities and commitments, we can very easily forget about the most important aspect of making a living in the first place: LIVING. Faye Kotsis told the audience that so many people she has helped financially couldn’t even tell her why they went to work, other than paying bills. I was shocked to realize I couldn’t answer that question myself. I gave some generic answer but I didn’t even convince myself. Want to refocus yourself and your goals? Take an evening or a weekend to sit down by yourself or with your partner, and ask yourself just what it is that you’re working for. Obviously we all need to pay bills and support ourselves and our families, but Mrs. Kotsis made the audience think about LIFE, not just work. She challenged us to reevaluate our goals and our reasons for leaving the house in the morning, and to give ourselves a chance to enjoy the journey.