|Yeah, he looks like kind of a weiner|
So I turned to personal finance gurus Robert Kiyosaki and Suze Orman who gave me such sagelike advice as "Pay yourself first" and "Don't spend more than you make."
The don't spend more than you make advice is a no-brainer, but the pay yourself first one is something that I still struggle with and question whether or not it makes sense. Kiyosaki claims that by paying yourself first i.e. putting money into savings for yourself before paying anyone else--like your credit cards, you will find a way to find the money that you need for your bills, and then you will also have savings. It's kind of like the out of sight, out of mind strategy where you hide your savings in a separate account that you rarely see so you won't be tempted to go buy shoes.
Except, I've tried this strategy, and then had to dip back into savings to pay my bills--cause you need to pay those. I'm a big fan of keeping the lights on, and would prefer to love $.01 worth of interest in order to do that. So, I like the idea, but it's not always the best move. Also, I don't want to be rich, just comfortable and Kiyosaki seems to have nothing but derision for those of us who don't want to be millionaire entrepreneurs. While it might be an adventure to make money that way, it's just not me. I'm a wage slave (for now), and I'm just fine with that.
Anyway, what got me thinking about this was the fact that I'm still adjusting to my new salary and frequency of wage-earning. I'm used to getting paid every week, and now it's every other week. I'm used to my money going directly into my savings and IRA, now I have to tell it to go there, and it's a bit painful.
|I regret nothing!|
It's totally cute!
So, in defiance of Robert Kiyosaki's rule, I will be paying my Visa bill first and myself second. Honestly, I kind of already paid myself in goods and self-congratulatory 'yay for new job' treats, so now it's time to settle up.
How about you? Do you follow the pay yourself first rule, or are you more flexible? Has anyone really found a way to make that work all the time, or is it more of a guideline?