Wealth Decision #2- Paying Yourself First

Most individuals pay their bills and then invest if there is anything left over. A better wealth decision is to pay yourself first by putting a percentage of money away before you pay your bills. I am glad I had a father who preached this to my brother and me early in life. I would not be in the position I am today, without adopting this mindset. Paying yourself first can set you up to achieve a richer life in the future. Go to my website at: https://www.momentouswealthadvisors.com/tools for access to my Financial Freedom Budget Tool and Retirement Calculator.Schedule a Discover Call here: https://calendly.com/brian-d-muller/discovery-callPre-order my new book "Momentous Decisions: 7 Steps to Better Health, More Wealth, and a Richer Life" at:⁠⁠⁠⁠https://www.momentouswealthadvisors.com/bookBrian D. Muller (AAMS©), Founder and Wealth AdvisorPodcast Disclaimer:The Wealth Decisions Podcast is provided solely for general information purposes and should not be construed as accounting, legal, tax, or any other professional advice. Visitors are advised not to act upon the information or content found here without first seeking appropriate guidance from a qualified accountant, financial planner, lawyer, or other relevant professional.Please note that any federal tax advice is not intended to be used to avoid penalties under the Internal Revenue Code or to promote, market, or recommend any transaction or matter addressed herein. It is important to ensure compliance with the requirements imposed by the IRS and Circular 230. We strive to ensure that the content published on the Wealth Decisions Podcast is accurate and up-to-date. However, we cannot guarantee the accuracy, timeliness, or relevance of any of the information provided. We are not responsible for any information present on the Wealth Decisions Podcast and disclaim any liability for the accuracy, completeness, or reliability of any information. This includes but is not limited to, any errors, omissions, or misleading or defamatory statements.Takeaways: The principle of paying oneself first is foundational for achieving financial independence and freedom. To cultivate a secure financial future, one must prioritize savings before expenses, ideally at least 10%. It is imperative to maintain an emergency fund equivalent to six to nine months of living expenses. Individuals in their 40s should aim to have saved approximately three times their annual salary for retirement. For those in their 50s, it is advisable to have saved about six times their annual salary to ensure a comfortable retirement. Utilizing a financial advisor is crucial for creating a comprehensive and effective financial plan.