One Strategy Your Retirement Depends On
22 Jul 2015
“Pay yourself first” is my core belief for financial success. It is not selfish. It is selfless. The more you can save and invest and grow your resources, the more capacity you will have to give back. Ask yourself how you rate on your own payroll. You should be at the top.
Before spending on lifestyle, paying bills, and other obligations, you need to put yourself at the top of your list. By paying yourself first, I mean setting aside money for your future. Take a position of priority on your own payroll, before all those to whom you dole out the dollars: the mortgage company, the utilities, the tax collector, and the rest.
Decide on the percentage that your financial plan needs, based on your goals, and then build your lifestyle around that. And remember, your financial plan is more than investments. It includes savings and insurance—protecting against short- and long-term risks that could derail your plan. Your retirement depends on it.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Please consult with an advisor about your specific situation.