pitfalls of not paying yourself first
May 01, 2023 8:51 am
Beginning of the March a friend of mine of mine opened up:
He'd just started making consistent sales weekly, but there was a problem.
All that cash that was coming in?
It was going away as quickly as it came.
To be clear:
He doesn't live a lavish life...
Hardly ever buys stuff he doesn't need...
And is 100% content with keeping a low profile.
The problem?
Like most folks...
His monthly income was "automatically" split between family, friends and others.
A pattern you're probably familiar with.
Here's the summary of my feedback (if it helps):
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Did you ever hear this as a child?
"God first, others second, you third".
That's basically just code for:
"Pay others before you pay yourself."
Most of us were brought up this way.
And for many people...
It literally becomes their money script for life.
The rough sketch is something like:
Whenever money comes in...
Instead of investing in yourself or biz…
Or doing something nice for yourself (as a well-deserved reward for all that hardwork) ...
Your hardwired "money script" naturally forces you to distribute it to others first.
Friends, family, lovers, strangers etc.
Before you know it, you got nothing left.
Or very little left for yourself.
The following month, same thing.
Most people don't realize it...
But the way you spend money is basically a function of your childhood money script.
It is hardwired into your subconscious mind.
And keeps running in the background as your financial operating system...
Until you re-program your money script.
Good thing is, it's not a hopeless situation.
Which brings me to my suggestion that Sunday afternoon.
Easier said than done...
But, first thing is to always tell yourself...
"You worked hard for this $$...
It's okay to pay yourself first, then if you want to help others, you can do that with what's left...
Not the other way round".
Once you're clear with this...
You can then make a commitment to allocate "x" percentage of your income to personal growth.
Mentorship
Private coaching
Networking events
Paid ads to scale your offer/grow your biz
Masterminds
Courses
Etc.
Anything that can help you grow.
You've probably heard this 278 times already...
But here's a subtle reminder:
One of the smartest things you can do for yourself once you start earning a decent income...
Is to take some of that money and invest it in your personal growth (skill set, biz, etc).
There's no faster way to multiply your income.
"Benson, are you saying to ignore family, friends, lovers etc, when I have the money to help?"
I did not say that.
I only said pay yourself first.
Then whatever's left goes to folks who need it.
If there's nothing left...
Too bad, but it can wait until you have enough to give out after "paying yourself".
Or if the gods desire...
Help will come from elsewhere.
"But Benson, what if it's a matter of life & death?"
You may not like hearing it...
But 99% of the time...
It is not a matter of life and death.
And if it's a real "life & death" situation...
Like someone needs oxygen to survive...
Or they'll be dead by morning...
You can "choose" to make exceptions.
And if it's not too much trouble...
It helps to get used to saying...
"would've loved to help, but I have a few commitments right now"
...without feeling guilty.
You're not lying.
Making a commitment to invest in yourself...
...is just as noble as helping others.
So if you're currently in a place where you're struggling to justify paying yourself first...
Or you feel guilty everytime you do something nice for yourself (vs doing for others) ...
I hope this helps a bit.
PBUY
Benson.
P.S: Even philanthropists pay themselves first.
Happy New Month