Invest in Stock Market or Pay off Bills, 4 Non Painful Tips to Pay Yourself First

Invest in Stock Market or Pay off Bills, 4 Non Painful Tips to Pay Yourself First is a practical lesson in increasing your wealth while simultaneously paying off your debt. Imagine what it would be like to increase your net worth daily by investing in the stock market and paying your bills at the same time.

I know, I know you have heard from the so called experts who state that you need to pay off your debts before you even begin to set aside your money to invest. Believe me, this dilemma has been a constant source of debate in financial circles for decades. There are some valid points to this method but consider this……,

4 Practical Tips to Pay Yourself First.

1.Treat yourself like a creditor and write the first check to yourself. This is a time tested method that you as an earner need to implement immediately. See yourself as someone who is as important as any creditor you pay. You pay your creditors monthly, why not pay yourself monthly. In fact, you are more important than a creditor so why not pay your self every time you receive a paycheck whether semi-monthly or bi-weekly.

2. Take 10% off the Top, You will never miss it. I find that 10% is a good start to implementing a savings plan but you should stretch your goal to 20% or more of your income. The term often associated with this practice is called “tithing yourself” and is a must habit to develop.

3. Pretend you never received a raise.If you are lucky enough to secure a raise in this recession, Kudos! Now this is very important; pretend you never received it and deposit that raise into a savings account automatically every time you get paid. You will never miss it! If you were able to live for the last year without that raise, what has changed since the raise? Nothing! Do it now!!

4. Pay your smallest bills first.What? Are you correct? I know you are aware that paying your highest interest debt first is the correct way to eliminate debt. Technically and financially paying these first are correct, however visualize a time in your past when you accomplished something. How did it feel? I thought so. Pay off those small bills that can be done in 1 or 2 paychecks. You will start putting the momentum together and it will make you feel better about your plan. Once you do this then go back to the plan of paying higher interest rate debt first.

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