Episode 560: “When ‘paying yourself first’, what ratios do you apply to debt, savings or other things?”

Today’s episode was recorded from the stage during a Platinum Mastermind in Costa Rica, with Diamond member Moshe Vaknin, who lives in New Jersey in the USA. Moshe wants to know how to apply the payments he is “paying himself first” in terms of debt, savings, or other necessities.

I explain that my direction was to set a fixed percentage of any revenue coming in and always put that money in savings or in a place where you can not touch it – instead of spending it on debt, bills, or other expenses.

I talk about the goal of this habit, which is to put money aside and figure out a way to pay your other bills with whatever is left because we all know that we will find a way to meet our obligations when we need to.

I discuss the importance of accepting this disciplined habit; as it will serve you well moving forward as a life habit.

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