Hi folks and thank you for joining me for another five minute Friday here on

meaningful money let's begin

someone pointed out to me that the concept of paying yourself first could be

misconstrued, misunderstood. I talk about paying yourself first a lot here so I

thought it might be worth just clarifying what I mean. So let's do that today

and as you know by now we're

gonna stick five minutes on the clock down here and I'm gonna attempt to stick to it.

I'm gonna say a quick thank you to my friends at 7 Investment Management down here

for continuing to sponsor meaningful money and we're going to crack on.

So the idea of paying yourself first comes from this book, The Automatic Millionaire by David Bach.

Highly recommended.

David Bach used to be at least a practicing financial advisor and he tells a

story of a couple who came into his office they didn't look anything much but

they turned out to be pretty wealthy and the whole book really is unpacking

their method for building wealth over time which is

paying yourself first now let's get this out of the way right at the top paying

yourself first does not mean fun money first by what you want and then make do with the

rest now that's not what it means at all neither does it mean live for today and

hope that the future will sort itself out the The person who asked me about this suggested

that it might be construed as that. So if it doesn't mean those things, what does it mean?

Put simply, it means increasing your own wealth before anybody else's. For the avoidance of doubt buying the

latest iPhone does not increase your wealth. It might increase your perceived

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