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What does pay yourself first mean?

Updated: 9/13/2023
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9y ago

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Pay yourself first means to always set aside some money for savings. The acts of paying bills or shopping are activities that pay others, even if the money is spent on some recreational endeavor, or for the purpose of buying essentials like food, it is money that has ceased to be an asset. Money that is saved remains an asset, collecting interest and growing one's net worth.

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9y ago
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