Hughs Blog

Pay yourself first

Any financial planner worth their salt will tell you to pay yourself first. Financially there’s lots of great reasons for doing this. The discipline of putting money aside builds your wealth and paying yourself first reminds you of your value (not that phone companies aren’t valuable, but you know what I mean). Over time there is no question that this is a winning formula. Great, but that’s all about money.

What about other areas in your life? Are you paying yourself first there as well?

When I am with my clients (who are mostly in the same late Baby Boomer age group as me) I can’t help noticing that most of them have not been paying themselves first in their life. They look tired, out of shape and uninspired about life. It’s like they are running on half charge and can’t find the charger.

Of course, they probably raised kids, had a couple of careers, maybe went back to school, all of which adds stress. But there has also been loads of opportunities to invest in just them. And yet it seems like there was always something more important.

What about how you give back in your life? I believe that altruistic motivations we have to give, volunteer, share, contribute, worship are wonderful and a huge part of making our life whole. But there won’t be much to contribute if everyone else comes first.

I remember the Mark Victor Hansen http://markvictorhansen.com/ saying “The best way to help the poor is to not be one of them!” As offensive as this might appear at first, there is some wisdom there. If we don’t refill our reserves, take good care of ourselves and create wealth in our life, there won’t be much to share.

And the same notion can apply to your work, your children, your spouse/partner, you church; we won’t have much to give unless we are giving to us first.

I like Maria Beck’s tips for us http://bit.ly/3PtZbp on simple action we can take daily to ‘invest’ in us.

Today make you the most important bank account you invest in.

Cheers,

Hugh

Tags: culver

This Column has 2 Comments

1. Mary Moltman

   Posted On: November 26, 2009

   Wise words indeed Hugh. Now I feel guilty for missing my swim this morning, but have decided to do a workout after work instead. It’s important!

2. Patricia

   Posted On: November 24, 2009

   LOVE IT!