Wealthy Barber Secrets： Pay Yourself First! #retirement
Episode Stats
Summary
In this episode I talk about how to get your spending under control and then get your debt under control as well. It s not rocket science, it s simple and it s something that most people struggle with. If you have a bucket full of water, and there s a leak in the bottom, you know what s going out is exceeding what s coming in every month, you re never going to catch up it. Your debt will continue to spiral and that s going to be a weight around your neck.
Transcript
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What I tell them is, first of all, it's not rocket science.
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I mean, it's so simple, but, you know, the idea of paying yourself first, right?
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Take 10% of your take-home pay and set it aside and just invest it for your entire career.
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If you start young enough, it's going to be a massive number one day, more than you're
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If you wait longer, it's going to be harder to get there.
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You might have to set aside a little bit more than 10%.
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pay yourself first and then it's a matter of uh quite frankly you know and this is the biggest
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thing that canadians struggle with it's just not spending more than you're bringing in every month
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and that may sound simple but it may sound obvious but it's amazing how many people don't get it
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right so you know because if you've got a you've got you know a bucket it's full of water and
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there's a leak in the bottom which because you're because you know what's going out is exceeding
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what's coming in every month you're never going to catch up it your debt's going to continue to
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spiral and that's going to be a weight around your neck so bottom line is get your spending
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under control and then get your then get your your debt under control as well