Why and How to Pay Yourself First

Why and How to Pay Yourself First

Paying yourself first is a foundation for financial success, but what does that mean and why should you do it. Many people are currently living paycheck-to-paycheck. That means that at the end of the month or the end of the year, after work their butt off all year, there’s no money in the bank to show for. In that case, if you were a business, your business might fail because you have no profit. You might be fine for a little while but you won’t go the long haul. My guest, Rocky Lalvani is back on the show to talk about why you should pay yourself first and how you can do it. Rocky is the Profit Answer Man and a Profit First Professional. He helps business owners achieve financial success and utilize their business profits to live a life of abundance. Rocky is the millionaire next door. He started out with basically nothing when his parents immigrated to the United States when he was two years old, and his dad was 42. It was his parent’s second big move in life, and they were starting over again to create the American dream. Despite many struggles and his Mom passing away when he was 7, he has achieved financial success and wants to share the lessons he has learned along the way so others can achieve success much faster. Rocky and I have a great conversation about the principles behind the super successful book, Profit First. And how you can apply those principles to help your personal finances turn a profit.

Thank You!

Support for this podcast comes from Charles Schwab. Whatever your unique financial picture looks like—Saving for retirement? Putting kids through college?—Schwab has the resources and solutions to help. You can learn more at Schwab.com.

How to Pay Yourself First Episode Details

  • What Profit First is
  • How it Profit First can help run your family business
  • The principles of paying yourself first
  • What paying yourself first means
  • Why you should pay yourself first
  • What living paycheck to paycheck really means
  • How you can set up your savings accounts
  • The best place to set up savings for success
  • How to get your expenses in line with your savings goals
  • Common problems with paying yourself first
  • How to get started
  • How to build wealth
More on prosperity: How to Build Prosperity in Life

How to Pay Yourself First Resources

More on paying yourself first: Practical Wealth Building

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