How can you start to pay yourself? I would love to hear your ideas folks! For more investing knowledge, start my free online course: bit.ly/Free-Investing-Course
Currently 6% to my HSA, 9% to Roth 401k with 2% match and paying down my mortgage to be done in 5 years. Then will put 30%+ into the Roth to have the option to retire at 62. I have a 3 month emergency fund.
I got laughed at when I started trading. I was burnt out, needed a change, also wasn't expecting to be laughed out of the office when I mentioned my interest in investing in the stock market. Well, a few years later and $5.3 million in savings, I'm the one laughing now. Friends now want to know exactly what my i do to earn well I advise everyone to start trading in the stock market today for a better tomorrow that’s all I can say,thanks to Mr carlos @carlos_1uptrades on instagram. I’m making a living trading forex.
Most successful people started from nothing. They didn’t wait for the opportunity to knock but created the opportunity on their own by working hard. Thankgoodness i found Mr carlos kingston a pro forex trader, now I have been trading with him for about 7 mounths now and I earn up to $15,000 weekly. i guess this is the epic start to a new chapter in my life. I just feel like more evevryone should be made aware of this opportunity, feel free to contact him @carlos_1uptrades on Instergram his indeed a genius
You can sure make a lot of money by investing, but you need to commit. Even with 20% returns annually for 20 years, investing $10k won't let you retire at age 40. If you wait 20 years, with 20% returns on investment annually (that's a lot btw), you'll end up sitting on 350,000 dollars after 20 years. Don't get me wrong, this is still a lot, but it's definitely not enough to live wealthy for a long time.
"The Richest Man in Babylon" should be a standard read in the schools. The best book on money that I have read. Also, In learning the "K.I.S.S." principle (Keep It Simple, Stupid), I got two jobs. The primary jobs pays the bills. The second job pays me.
I am paying to my self 14 percent now and with your help I am teaching my girl and two of our closest friends how to pay them self’s first. I am 24 and she is 19 and they are 19 and 18 years old.
I'm 19 years old have a job that is paid extremely well for my age and the fact that I don't have a degree yet for the sole reason that I speak English (I'm from Mexico). I also have the advantage that two of the best colleges in the country are free if you pass their exam, and I attend to one of them. Because of that, I can pay myself any percentage of the money I earn and start investing from now without worrying about any bills that need to be paid. I feel very fortunate that I got into investment in the best moment of my life, otherwise I would have most likely spent everything in something else. Great video though. :)
Your videos should basically be part of high school education system everywhere or something like that. Basically it is so easy and so importent. Thx for your work.
Hi Mr. Phil. Great advice!!!! I started paying myself 6 years ago and this absolutely change my life. I read the book “the richest man in babylon” an incredible book, and i learned this principle. You are doing a tremendous job. Thanks
Hello Mr.Town, would you be able to do a segment on buying stocks that don’t pay dividends and stocks that do pay dividends should you reinvest or pocket it. Thank again for the helpful videos you keep making!
A couple simple ways to start paying yourself first is with your spare change.......then I did money I got outside of my normal paycheck, example: quarterly attendance bonuses at work, Christmas bonus..etc. that is how I built up my "emergency fund" without dipping into my "normal " paycheck. Then I contributed my income tax refund to my 401k by adding allowances to make my bring home pay larger and contributing that amount to 401k. Then I gave myself a tax free raise every year by contributing my pay raise every year to my 401k. All this while putting 10 % in an IRA.....
I have a question, If i am a small business owner , sounds i take a percentage of the profit to pay for investments Or should I keep paying myself a dividend per week and then take a let's say 10% to invest ? Companie profit would give access to bigger investment Or Keep going whit a 10 % of my devident ? Also what program do you guys use to invest ? Is there a app, site or bank ?
Mr. town I have read your book rule #1 and reread it. I’m having one problem however I can’t seem to figure out how you get your #. Can u please make a video on how you, in 2018 can use websites like msn and yahoo to get growth numbers. Where can I get the 10-9 years equity # from? thank you
Thank you Phil. I really appreciate and value your instruction. I ran into your channel only recently and it’s helped me tighten some bolts. I’m on the right track but you’ve helped massively.
My friends see me on my iPad or my iPhone with my headphones in watching these videos when we hanging out, they always saying something is wrong with me why am so concerned about money one even say I love money too much, I always tell them am learning cause I’ve never learn these kinda stuff in school
My wife and I love paying ourselves first. Because of the budget and our recent pay rate raises our savings rate currently stands at 40%+ and can go higher or lower in the future. [EDIT] I just want to clarify that "savings rate" to me is the money that is not spent and the total amount paid to us for the month. It is easy for us to track because we get one paycheck on the 8th.
Jorge R Caban Rios Roth TSP. If you can, open up an account at Navy Federal Credit Union and open up a Roth IRA. They have a Special going this month. They usually have a special in December every year.
I try to avoid on line sale with super discount and make friends that doesn't care about spending habits..to achieve "pay yourself first" .it's tough but I know I have the confidence
10% is pretty low. I would invest everything that is not a basic necessity. Only spend money on food, water, shelter, and electricity. Everything else you make should be saved and invested.
Currently have 10% going to retirement accounts (with an additional 4% company match), 3% into HSA, and a completely unstructured sum saved on top of that. Any tips on how to deal with that extra income, when the income stream is highly variable?
This strategy is so good I've been doing it for 3 years without knowing it had a name. I figured out I need to put 20%-25% of my paycheck as "lost money", so I could manage better my spending.
I spend money on things from their perspective pockets and if I do not have the money for "BigMac", i definitely do not have money for a BigMac even though other pockets may be loaded with cash and so lately , my one pocket of entertainment has finished and since it's month end ,I haven't loaded it and I feel like I haven't paid myself or made myself happy even though I have money.I have the urge and desire of spending money anyhow right now and I am not doing that. When you get too inclined to the idea of paying yourself ,you feel obliged to doing it even though at first you might not have been aware of it but then I suppose,"paying yourself"means different things to different people and so again,I contradict myself that you could never pay yourself too much than you have ever in the past after getting to know about "paying yourself" In summary 😂pay yourself and let me go and get a bigMac😂
I give myself an "enjoyment allowance" every week that's 20% equivalent to the sum I invest every week. Additionally, any of that allowance that's not been spent by the end of the week by default gets split into into further investing and my emergency fund.
I DID THIS A FEW YEARS AGO, BUT LIKE MOST LIFE EVENYS HAPPEN AND I SPENT IT. I STARTED OCTOBER 15 THIS YEAR I HAVE A LITTLE OVER 700 ALREADY.. NOT STOPPING THIS TIME I AM LOVING SEE THIS GROW.. I WILL HAVE MY CREDIT CARDS ALL PAID NOV 5 . NOW I WILL HAVE MORE FUNDS FOR MY LIQUIDITY ACCOUNT. 🎃
Excellent information! It's the number one reason why the rich get richer while most people live from paycheck to paycheck. Simple strategies work best.
Trickz200 Open a Roth IRA and start there so whenever you retire, you will have money in it. Since you have a lot of time to play with, you can open an account at TreasuryDirect.gov and start purchasing Bonds. I do EE Bonds but there are other types of Bonds. If you are risky and want to play around with stocks, you can go to places like Ally.com and start investing. Now remember, you should put money into this stuff every month in order for your funds to actually build.
I have been working with a smaller pay check after my investments are taken out for my 401k and separate stock purchase And I started a stash account a few months ago. Even if I am broke after paying everything I'm technically not broke that's a great feeling.
I do pay myself 1st by putting 10% of my salary in another bank that I only use in emergencies though 2 b honest I did spend the emergency fund on an investment & 2 b honest it wasn't an emergency I was just a little short on cash & it sounded like a better idea in my head than taking a loan do u think I did the right thing Phil❓
It's not my place to tell you if what you did with your money was right or wrong. Assuming you were well educated on the investment you were making and it didn't take you long to replenish your emergency fund then no harm no foul, right? 😉
Phil Town's Rule #1 Investing Thanx I feel better now by the way I’m visiting LA & San Diego in June it’s gonna b a month tour in California by Gods welling & maybe even Vegas I’ve never been 2 the States b4❓🇺🇸 what would u recommend 4 me❓
6% goes to 401k. Employer matches that. I also have 10% automatically go to my savings which I then invest with. So I'm saving 22%. For me that leaves me enough to pay all the bills and put a bit extra towards the mortgage. I'm also single, no car, no kid, so all that keeps a ton of money in my pocket without those liabilities. I only invest in assets!
yes I started saving what min wage was and pay check i put into saving account this was before learn about rule one its works i did many against the money save to big my credit
Ahh pay myself first the pipe dream that 10% is the credit card interest. Once i clear the card off and a few other debts i can start 2020 paying myself at least 15% first and wouldn't even notice
A bit off the topic, but I want to change the platform through which I invest. Now I am using trader.bg and it is a platform for... well... trading but I want to invest. I am from EU country.
Is funny and sad. Everything you saying i know and normaly i do but, because we live on the world as we live is more like that my ansiety will get the best out of it and i will buy something expensive not to show to people but to live the experiences that come with...
How can you start to pay yourself? I would love to hear your ideas folks! For more investing knowledge, start my free online course: bit.ly/Free-Investing-Course
Currently 6% to my HSA, 9% to Roth 401k with 2% match and paying down my mortgage to be done in 5 years. Then will put 30%+ into the Roth to have the option to retire at 62. I have a 3 month emergency fund.
I got laughed at when I started trading. I was burnt out, needed a change, also wasn't expecting to be laughed out of the office when I mentioned my interest in investing in the stock market. Well, a few years later and $5.3 million in savings, I'm the one laughing now. Friends now want to know exactly what my i do to earn well I advise everyone to start trading in the stock market today for a better tomorrow that’s all I can say,thanks to Mr carlos @carlos_1uptrades on instagram. I’m making a living trading forex.
Most successful people started from nothing. They didn’t wait for the opportunity to knock but created the opportunity on their own by working hard. Thankgoodness i found Mr carlos kingston a pro forex trader, now I have been trading with him for about 7 mounths now and I earn up to $15,000 weekly. i guess this is the epic start to a new chapter in my life. I just feel like more evevryone should be made aware of this opportunity, feel free to contact him @carlos_1uptrades on Instergram his indeed a genius
Always sharing the good principles! 🤙🏻
I wonder how many people like me will think in 40 years from now “Watching Phil on TH-cam was a blessing” 🙂
Phil reminds of a Graham/Buffett/ Munger mix, a pure value investor. God bless all the above!
You can sure make a lot of money by investing, but you need to commit. Even with 20% returns annually for 20 years, investing $10k won't let you retire at age 40. If you wait 20 years, with 20% returns on investment annually (that's a lot btw), you'll end up sitting on 350,000 dollars after 20 years. Don't get me wrong, this is still a lot, but it's definitely not enough to live wealthy for a long time.
20% returns?!?! Where the fuck are you getting 20% returns?!?!
I'm nearly 40 thinking I wish I'd heard of him earlier :+(
👊👊👊💯
"The Richest Man in Babylon" should be a standard read in the schools. The best book on money that I have read. Also, In learning the "K.I.S.S." principle (Keep It Simple, Stupid), I got two jobs. The primary jobs pays the bills. The second job pays me.
nicegoodspeed1 what type of investment do you do if you don’t mind me asking?
Democrats would never allow it. They believe in poverty and worship of government.
I am paying to my self 14 percent now and with your help I am teaching my girl and two of our closest friends how to pay them self’s first. I am 24 and she is 19 and they are 19 and 18 years old.
I'm 19 years old have a job that is paid extremely well for my age and the fact that I don't have a degree yet for the sole reason that I speak English (I'm from Mexico). I also have the advantage that two of the best colleges in the country are free if you pass their exam, and I attend to one of them. Because of that, I can pay myself any percentage of the money I earn and start investing from now without worrying about any bills that need to be paid.
I feel very fortunate that I got into investment in the best moment of my life, otherwise I would have most likely spent everything in something else. Great video though. :)
Your videos should basically be part of high school education system everywhere or something like that. Basically it is so easy and so importent. Thx for your work.
What a complement! Thank you so much!
I read the richest man in Babylon and it changed my life. 22% I'm paying myself and know working on my radar of companies.
DAVID CRUZ
finished reading it few days ago. good book for common sense.
yzzuw6df
Agreed!
Currently saving 40% of my income every week 😬
Same here
Nice man! I’m going into 2019 saving 50% and want that number at 70% by years end, good luck on your financial journey! 💰
Excellent.i struggle to save even 20 percent of my income..I need a SERIOUS improvement
I feel sorry for your parents
in 2018 i started transferring 10% of every pay check into my robinhood account. i am in a wealth collecting/bad debt lowering phase .
Jose Aguirre how good is that Robinhood app?
Hi Mr. Phil. Great advice!!!! I started paying myself 6 years ago and this absolutely change my life. I read the book “the richest man in babylon” an incredible book, and i learned this principle. You are doing a tremendous job. Thanks
Great info! In 2017 I managed to put aside 37% of my income...the goal is 50%!
Started this last month... tough seeing just $300. right now, but happy with the fact that I have it rather than owing it!
Hello Mr.Town, would you be able to do a segment on buying stocks that don’t pay dividends and stocks that do pay dividends should you reinvest or pocket it. Thank again for the helpful videos you keep making!
Hey there Marcos, great idea! I will put it on the list of ideas. Thank you!
You always reinvest the dividends until your ready to live off your dividends
I am paying myself 50%, but that doesn't work out each month..
Great recommendations. Richest Man in Babylon is on youtube as a free audiobook too. Thanks for sharing !
Very useful advice. My goal starting this month. Thank you very much for sharing.
A couple simple ways to start paying yourself first is with your spare change.......then I did money I got outside of my normal paycheck, example: quarterly attendance bonuses at work, Christmas bonus..etc. that is how I built up my "emergency fund" without dipping into my "normal " paycheck. Then I contributed my income tax refund to my 401k by adding allowances to make my bring home pay larger and contributing that amount to 401k. Then I gave myself a tax free raise every year by contributing my pay raise every year to my 401k. All this while putting 10 % in an IRA.....
Now should i cash out 50% and save it at home (fiat money saving) or put that rather online in my savings account ?
Thanks allot Sir, a Cameroonian from Dubai, u have really opened my eyes and understanding, just subscribed
Thank you
Thanks phil
Sooo glad I found your channel! Thank you! Sending hugs from NYC xoxox
Hi 😀
I have a question, If i am a small business owner , sounds i take a percentage of the profit to pay for investments
Or
should I keep paying myself a dividend per week and then take a let's say 10% to invest ?
Companie profit would give access to bigger investment
Or
Keep going whit a 10 % of my devident ?
Also what program do you guys use to invest ? Is there a app, site or bank ?
Mr. town I have read your book rule #1 and reread it. I’m having one problem however I can’t seem to figure out how you get your #. Can u please make a video on how you, in 2018 can use websites like msn and yahoo to get growth numbers. Where can I get the 10-9 years equity # from? thank you
Thank you Phil. I really appreciate and value your instruction. I ran into your channel only recently and it’s helped me tighten some bolts. I’m on the right track but you’ve helped massively.
the I in IRA stands for Individual, not investment.
that's absolutely 100% correct
My friends see me on my iPad or my iPhone with my headphones in watching these videos when we hanging out, they always saying something is wrong with me why am so concerned about money one even say I love money too much, I always tell them am learning cause I’ve never learn these kinda stuff in school
My wife and I love paying ourselves first. Because of the budget and our recent pay rate raises our savings rate currently stands at 40%+ and can go higher or lower in the future.
[EDIT]
I just want to clarify that "savings rate" to me is the money that is not spent and the total amount paid to us for the month. It is easy for us to track because we get one paycheck on the 8th.
What should my saving/investment ratio be?
Currently saving/investing 30%! Will scale up to 40% by EoY :)
Federal employee: traditional or roth TSP ??? Thanks for your help !
Jorge R Caban Rios Roth TSP. If you can, open up an account at Navy Federal Credit Union and open up a Roth IRA. They have a Special going this month. They usually have a special in December every year.
I try to avoid on line sale with super discount and make friends that doesn't care about spending habits..to achieve "pay yourself first" .it's tough but I know I have the confidence
10% is pretty low. I would invest everything that is not a basic necessity. Only spend money on food, water, shelter, and electricity. Everything else you make should be saved and invested.
Great video. Sadly I have never paid myself first. I always paid my bill first. As of today that all changes.
How in the world do you find companies to invest in?
Thank you, Phil, for the reminder! I am going to add more to my "Berky" account! Lol!
I have a cash mgmt account and this is where my paying myself first money goes. I plan on investing some of it once it builds up.
Currently have 10% going to retirement accounts (with an additional 4% company match), 3% into HSA, and a completely unstructured sum saved on top of that. Any tips on how to deal with that extra income, when the income stream is highly variable?
I do NOT want to work at Walmart when I'm 80
Why not? hahahah
Luke my dad says that’s where people go to die once they retire. Then I saw a table for a lady who use to work their had died! 😳😳😳😳😳
I pay myself first 30%
Wish I started at 20 years old
At 20 i couldn't get a job.
At what dollar figure does the financial freedom start?
When your passive income can look after your monthly expenses
$5 million (seriously)
I’ve been giving a lot of thought to starting a berky with investing in index funds. How do you feel about index funds?
Hope you are well, because you look really unwell mate. Thanks for your great input into financial advise.
Many thanks Phil, you give a lot of value with your videos.
This strategy is so good I've been doing it for 3 years without knowing it had a name.
I figured out I need to put 20%-25% of my paycheck as "lost money", so I could manage better my spending.
Awesome work!
Mr Town, this stuff is exciting. So simple, so easy....as another famous TH-camr keeps saying "Let's Do This." Thanks again for your insights.
Respect Mr Phil !!!! Valuable for all !
Right now im paying myself 42%
Do you know the "AFP" in Chile?
This is the point where you start to make fun of people that initially made fun of you when you did not have that sport car they have.
I spend money on things from their perspective pockets and if I do not have the money for "BigMac", i definitely do not have money for a BigMac even though other pockets may be loaded with cash and so lately , my one pocket of entertainment has finished and since it's month end ,I haven't loaded it and I feel like I haven't paid myself or made myself happy even though I have money.I have the urge and desire of spending money anyhow right now and I am not doing that.
When you get too inclined to the idea of paying yourself ,you feel obliged to doing it even though at first you might not have been aware of it but then I suppose,"paying yourself"means different things to different people and so again,I contradict myself that you could never pay yourself too much than you have ever in the past after getting to know about "paying yourself"
In summary 😂pay yourself and let me go and get a bigMac😂
I give myself an "enjoyment allowance" every week that's 20% equivalent to the sum I invest every week. Additionally, any of that allowance that's not been spent by the end of the week by default gets split into into further investing and my emergency fund.
Yes, I pay myself first. Praises to God, I pay 17% of my income. :)
I learnt this from David Bach, Start Late Finish Rich
I DID THIS A FEW YEARS AGO, BUT LIKE MOST LIFE EVENYS HAPPEN AND I SPENT IT.
I STARTED OCTOBER 15 THIS YEAR I HAVE A LITTLE OVER 700 ALREADY.. NOT STOPPING THIS TIME I AM LOVING SEE THIS GROW..
I WILL HAVE MY CREDIT CARDS ALL PAID NOV 5 . NOW I WILL HAVE MORE FUNDS FOR MY LIQUIDITY ACCOUNT. 🎃
Excellent information! It's the number one reason why the rich get richer while most people live from paycheck to paycheck. Simple strategies work best.
Hi. I've got about 35 years to play with. What would you suggest I get started with?
Trickz200 Open a Roth IRA and start there so whenever you retire, you will have money in it. Since you have a lot of time to play with, you can open an account at TreasuryDirect.gov and start purchasing Bonds. I do EE Bonds but there are other types of Bonds. If you are risky and want to play around with stocks, you can go to places like Ally.com and start investing. Now remember, you should put money into this stuff every month in order for your funds to actually build.
Lets get it Phil!
Question: you said investment retirement account (IRA) someone told me it's called a individual retirement account.
Kay Sandoval it is called an individual retirement account.
I always take a certain amount out my check no matter the amount first before I start paying my bills
Awesome , Thanks for share it Phil
26% savings with 6.5% yield...36 yrs old
I have been working with a smaller pay check after my investments are taken out for my 401k and separate stock purchase And I started a stash account a few months ago. Even if I am broke after paying everything I'm technically not broke that's a great feeling.
I do pay myself 1st by putting 10% of my salary in another bank that I only use in emergencies though 2 b honest I did spend the emergency fund on an investment & 2 b honest it wasn't an emergency I was just a little short on cash & it sounded like a better idea in my head than taking a loan do u think I did the right thing Phil❓
It's not my place to tell you if what you did with your money was right or wrong. Assuming you were well educated on the investment you were making and it didn't take you long to replenish your emergency fund then no harm no foul, right? 😉
Phil Town's Rule #1 Investing Thanx I feel better now by the way I’m visiting LA & San Diego in June it’s gonna b a month tour in California by Gods welling & maybe even Vegas I’ve never been 2 the States b4❓🇺🇸 what would u recommend 4 me❓
Money can be used to buy things such as food
6% goes to 401k. Employer matches that. I also have 10% automatically go to my savings which I then invest with. So I'm saving 22%. For me that leaves me enough to pay all the bills and put a bit extra towards the mortgage. I'm also single, no car, no kid, so all that keeps a ton of money in my pocket without those liabilities. I only invest in assets!
great
I pay myself 15%
I'm paying myself first 20%, and investing 40% and the other 40% is for the bills.
I pay myself so much I struggle to find rent payments. But my networth is huge though
yes I started saving what min wage was and pay check i put into saving account this was before learn about rule one its works i did many against the money save to big my credit
Give everyone else the leftovers 😋 you need to live on the main course 😉.
try to do 70% folks you can do it!!!
Ahh pay myself first the pipe dream that 10% is the credit card interest. Once i clear the card off and a few other debts i can start 2020 paying myself at least 15% first and wouldn't even notice
I don’t see how paying your bills is “an investment strategy.” They’re two different things.
one minute in dont pay my bills got it.
I forget
2:53 lol
I have to start paying myself first. 10% is a good start
A bit off the topic, but I want to change the platform through which I invest. Now I am using trader.bg and it is a platform for... well... trading but I want to invest. I am from EU country.
Is funny and sad.
Everything you saying i know and normaly i do but, because we live on the world as we live is more like that my ansiety will get the best out of it and i will buy something expensive not to show to people but to live the experiences that come with...
Is paying off your mortgage part of paying yourself first?
People act like social security is entitlement. I PAY INTO SOCIAL SECURITY. its not free government welfare. That's my money
80 years old at Walmart LOL
"Hi , welcome to Walmart...."
Sadly this will be the reality for many in the U.K. as they keep on increasing the age you can retire to claim state pension.
Pay yourself second. Tithe first.
I think I'm overpaid......
Help me
How come you don't have more viewers?
Bills get paid first. Period. Retirement? Lol!!