Pay Yourself First with David Bach
The Chase Jarvis LIVE Show
Chase Jarvis
4.8 • 641 Ratings
🗓️ 31 October 2018
⏱️ 27 minutes
🧾️ Download transcript
Summary
David Bach is a legend in the personal finance space — a master at helping creators and entrepreneurs make -and keep- more of the money we earn. He’s one of America’s best known financial gurus, having put nine consecutive books on the NYT best sellers list. In short, when David Bach talks - and you’re a creator who wants to make money - you listen.
We had David in the CL studios not long ago to share wisdom from his epic class Start Late, Finish Rich. Some of this material was so fundamental for creators making a living and a life doing what they love that I felt was crucial to get it seen by as many people in our community as possible. So much so that in addition to the class on CL, I wanted to share it here on the podcast, for free.
So…in this episode, David covers so many things, among them the mindset around how to best get paid…AND how to pay yourself first (as in pre-tax and pre-debt collectors). If this sounds curious already - it’s a must listen. Think you got it all sorted and don’t need financial advice? Think again. This is helpful stuff to anyone who wants to earn money over the long haul. From concept down to the detailed tactics, these 30 minutes are a quick code for getting your long term finances on rails.
In this episode,
- There are six routes to wealth. Winning it, marrying into it, inheriting it, suing for it, budgeting for it and PAYING YOURSELF FIRST. Every paycheck you get or dollar that you earn, make sure you get your cut before Uncle Sam, debt collectors, or anyone else.
- All it takes is stashing 14% of every paycheck to be a millionaire. Pay yourself 14% of every paycheck before it touches Uncle Sam’s fingers (through legit mechanisms!) and if you can bump that up to saving 20% of every dollar you earn, you’ll have enough to retire early.
- The government makes it pretty easy for self employed people to save money. BUT, of acronyms like IRA, SEP and IRS make you queasy you need to spend this 30 min with David in your ears. Stuff like this sounds scary but in reality setting up a SEP IRA to save money pre-tax only takes ten minutes to set up.
- …and more ;)
Enjoy!
Today's episode is brought to you by CreativeLive. CreativeLive is the world's largest hub for online creative education in photo/video, art/design, music/audio, craft/maker and the ability to make a living in any of those disciplines. They are high quality, highly curated classes taught by the world’s top experts -- Pulitzer, Oscar, Grammy Award winners, New York Times best selling authors and the best entrepreneurs of our times.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Hey everybody, what's up? It's your friend Chase, and I have a message for you. This is important. |
| 0:10.6 | Of course, it's important that a new podcast episode is dropping today, and you know, you're here at the |
| 0:15.9 | Chase Travis Live show on Creative Live, and it's for the community, and all these things are important. |
| 0:19.7 | But you know what else is important? Money. And money is, it's the thing that a lot of creatives we don't like to talk about, |
| 0:26.5 | right? We feel dirty. We feel, oh gosh, I don't have enough of it or I have, I don't want to |
| 0:31.3 | compromise my work. We tell ourselves a bunch of strange stories. But you know what? The reality is that money's important. And what is also important is the management of that. And that is why on this episode, I have brought on my friend David Bach. So David is absolute best-selling author around the area of personal finance. He does a great job of delivering great messages for creators and |
| 0:55.7 | entrepreneurs. So if that is the thing you might want to pay attention to, this episode's going to |
| 1:00.4 | really help you out. So the thing that I'm going to share in this particular episode is this is |
| 1:06.0 | an excerpt from a lecture that David gave at Creative Live, which blew my mind. |
| 1:11.8 | The class is called Start, Late, Finish, Rich. |
| 1:16.1 | But this particular episode is one that I have handpicked, |
| 1:19.7 | and it's something that all us creators and entrepreneurs need to know, |
| 1:23.5 | which is you've heard that you've got to, you know, |
| 1:26.0 | you've got to pay your bills, you've got to pay Uncle Sam or whatever tax tax or whatever country you're in, you got to take care of all this stuff. And then at the end, if there's some money left over for you, then you should feel happy and lucky. Well, that's not the case. What David does in this particular episode is tell us how to very legally shift our mindset to paying ourselves first. And of course, |
| 1:47.5 | there's tactics we talk about in this thing in this show, but it's also a mindset shift. |
| 1:55.0 | Say that three times fast. It was remarkable for me, and it's been a hugely popular class and I wanted to pull this |
| 2:04.5 | particular average it's about 20 something minutes it's going to really unlock something for you I'm |
| 2:09.3 | sure of it so I'm going to get out of my way but before we do again I'm also planning on having |
| 2:15.6 | david on back on the show because this particular thing was so |
| 2:18.5 | powerful. You have to just trust me on this one. And you know that we creatives are not great at |
| 2:25.1 | finance, right? You know that? And even if you are, you can get better. Chances are you're in the |
| 2:29.9 | first camp and these behaviors are learned. They need to be learned. They need to be a part of the |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Chase Jarvis, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Chase Jarvis and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.