2969: How to Pay Yourself First AND Automate Your Finances by Ryan H Law on How to Build Wealth

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Self-improvement, Education, Business

4.5 • 1.3K Ratings

🗓️ 14 December 2024

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2969: Ryan H Law highlights the transformative power of "paying yourself first," a foundational personal finance principle. By automating savings through strategies like 401(k) contributions, Roth IRAs, or direct deposits into savings accounts, you can build long-term wealth effortlessly. This approach fosters discipline and prioritizes future financial security over impulsive spending. Read along with the original article(s) here: https://ryanhlaw.com/how-to-pay-yourself-first/ & https://ryanhlaw.com/automate-your-finances/ Quotes to ponder: "Poor people spend their money and save what’s left, while rich people save their money then spend what’s left." "A part of all I earn is mine to keep." "Paying yourself first is all about deploying the gap: maybe some goes to beefing up your emergency fund, and another portion gets thrown at debt." Episode references: Policygenius: https://www.policygenius.com The Richest Man in Babylon: https://www.amazon.com/Richest-Man-Babylon-George-Clason/dp/1505339111 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:15.2	Let's send this, share this and shout this from the rooftops. Let's segment this, automate this,
0:20.3	and AI this for real results fast. Let's get out of this what we put rooftops. Let's segment this, automate this and AI this for real
0:21.6	results fast. Let's get out of this what we put into this. Let's build this. Let's grow this. Let's
0:26.6	win this. Get started today at constant contact.com. This episode is brought to you by Shopify.
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0:39.3	Shopify has the industry leading tools to help you create, control and grow your own business.
0:43.9	So get serious about selling and get Shopify today.
0:47.0	Sign up for a £1 per month trial period at Shopify.com.
0:50.7	com slash special offer or lowercase.
0:53.2	That's Shopify.com.com. slash special offer this is optimal finance daily
0:59.0	how to pay yourself first by ryan h law of ryan h law dot com business philosopher jim roan
1:08.0	taught that quote poor people spend their money and save what's left,
1:13.0	while rich people save their money, then spend what's left, end quote.
1:18.4	It's familiar advice that we've all heard. Pay yourself first. Pay yourself first is one of the most
1:26.0	repeated phrases about personal finances.
1:29.4	One of my favorite financial books, The Richest Man in Babylon, which was originally published in 1926,
1:37.0	repeats over and over the idea that, quote, a part of all I earn is mine to keep, end quote.
1:45.6	But how do we actually do this?
1:48.5	Today's post will give you a few ideas
	...

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