Tactical Wealth - Pay Yourself First
Tactical Wealth.Actionable Financial Tips for Military Families and Veterans |
Budgeting - Pay Yourself First"Paying Yourself First" isn't just a financial strategy; it's a pragmatic approach to securing your financial future. Many times my Marines would have plenty of money at the end of the month to pay a 500 dollar car payment, but even after multiple promotions never had money for savings or investing. Imagine that. Let's get down to the nuts and bolts. Priority One: Your Savings Account Before dealing with bills or discretionary spending, allocate a fixed percentage of your income directly into your savings account. This upfront dedication ensures your financial goals take precedence. Set It and Forget It: Automation Advantage Avoid the hassle by automating your savings. Arrange for an automatic transfer to your savings account as soon as your paycheck hits. This way, you don’t have to think about it – it just happens. Compounding Gains - The Numbers Game Consistent contributions, combined with the magic of compounding interest, grow your savings exponentially over time. It’s not just what you put in; it’s what your money can do for you. Budgeting Discipline: Your Tactical Plan Craft a budget to thwart impulsive spending. Having a clear spending plan acts as a practical tool to keep your financial priorities intact and prevent unnecessary expenditures. Saving 20% of your gross income for an extended period of time makes it incredibly difficult NOT to end up financially successful. Keep an eye out for a full budgeting class coming soon on the V1Academy website. Milestones Matter: Track Your Progress Establish savings milestones. Celebrate hitting these targets as you progressively build your financial reserves. Small wins contribute to long-term success. Freedom in Numbers: Financial Independence Paying yourself first isn’t just about accumulating wealth; it’s a step towards financial independence. As your savings grow, so does your ability to navigate life’s uncertainties with confidence. See you next week! Daniel P. Lehman
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Daniel P. Lehman
Marine Corps Veteran writing mostly about personal finance and entrepreneurship.
Issue #1 Tactical Wealth. Actionable Financial Tips for Military Families and Veterans Read time: - 2 minutes Budgeting - Pay Yourself First "Paying Yourself First" isn't just a financial strategy; it's a pragmatic approach to securing your financial future. Many times my Marines would have plenty of money at the end of the month to pay a 500 dollar car payment, but even after multiple promotions never had money for savings or investing. Imagine that. Let's get down to the nuts and bolts....