Personal wealth building starts with paying yourself first, and by now you’ve probably figured out that there’s no way around that one. However, this is much easier said than done isn’t it? It’s easy to tell someone to pay themselves first, but what if you hardly have enough to get by right now and you just CAN’T take the first step? Let’s look at a simple and practical way to make this whole “pay yourself first” personal wealth building strategy work in your life.
Personal Wealth Building Takes a Shift in Your Physiology AND Your Thinking
You’ve probably already heard about how you have to make a shift in your thinking so that you make it a priority to pay yourself first. But that change of thinking does very little when you still feel afraid of not having enough. This is why you have to make a shift in your emotional state (which is caused by physical sensations in your body) so that you can make the shift of thinking real. Try turning the fear around on itself by increasing your awareness of what will happen if you don’t start paying yourself first.
Will you have to work until you die? Will you be stuck in a job that you hate until you retire? Will you be suddenly faced with the possibility of bankruptcy if you get hit with a financial emergency? Lay out all the reasons that you NEED to start paying yourself first and start focusing on those instead of what you’ll lose short term. This will empower the shift in your physiology that will spur you to action.
Give Paying Yourself First a Try
Even if you don’t think you can afford to start paying yourself, you never know until you actually take it for a test drive. Agree to set aside 10% of your income into an emergency fund to begin with. Do this before you pay any of your expenses and put the 10% into a saving account where you can get it out if you don’t have enough to pay your expenses. What you’ll find is that the 10% will be left after you’ve paid your expenses and that no harm is done.
This will build your confidence that you CAN pay yourself first, then you can start moving the 10% towards investments which are harder for you to “take back.” Just do this for a month and remember to change your physiology by focusing on all the reasons why you need to pay yourself first. Before you know it, you’ll have plenty of momentum towards your personal wealth building plan.
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