by Riley
Pay yourself first is a phrase commonly used in personal
finance and retirement planning it means to automatically route a specified saving
contribution from each paycheck to the time it is received. Pay yourself first
doesn’t refer to earning money but refers to saving money. Basically you are
taking out your own sum of money and putting it into a retirement fund or any
kind of fund with no middle man. This method helps with people who don’t save
enough for retirement or an emergency fund. Personally I think this is a good
method it makes sure you have money in those funds whether it’s emergency or
life insurance or your 401k. The pay yourself first simplified is just put
money in to your funds before you pay for your bills.
https://www.investopedia.com/terms/p/payyourselffirst.asp
