My Budget - How To Pay Yourself First

I'm going to give you my system on how I pay myself first, and how much that has helped me.

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1. The Young Man in the Book Said ( I already pay myself first so that’s fake news)
- But in reality, he paid the landlord first, the bills second, the debt third and expenses 4th, and whatever was leftover he used for himself
- And that’s the same way I was living and the same im guess a lot of you guys also live
- Where you want to invest but don’t have enough after you pay everyone else

The goal of this video is to:
- Pay yourself and sometimes even before you pay taxes
- You might say that’s impossible but it's not trust me I do it also
- And yes it is 100% legal

2. Step by step what I do with my Paycheck
- Before I paid everyone else and today I pay myself and whatever is left I use it for the bills
- If it's not enough then I start cutting bills because they are too high

Step by step:
Emergencies: 10%( without debt and with debt save 1k and do 1% each paycheck) of my paycheck goes inside here ( until I have 6 months worth of expenses ) – today I put 0 because I already reach my 6-month goal

Investing: Here I put 10-20%( with no debt) and 1% with debt | of my paycheck towards making more money
- This can be retirement accounts ( invest before taxes)
- Real estate
- Or anything that is an asset and will create more money for you ( for me that’s a diversified portfolio of mutual funds
- Today I invest nearly 95% of all the money I made

Debt: I recommend 20-40% ( the faster you get out of debt the faster you can start investing more money ) – and today I put 0$ towards this because I no longer have any debt

Expenses: the cost of living between 50-70% on average ( this the cost to maintain your car, cost for shelter and everything you need to live and the bills)

Fun: 1% if you have debt and 5-10% if you are debt-free ( money you use guilt-free and can spend on whatever you want

Charity: 1-10% and this can be towards any charity you want to put it towards

3. Instructions
- This basically an envelope system but it doesn’t have to be
- It can easily be automated
- So once you know your percentage here is what I recommend you do

Step by Step:
- Emergencies ( create a wealth front account and use it as an emergency account and they also give you a debit card ) – and set an auto transfer when you paid that’s around 10% of whatever you make – or you can ask your employer to send a portion of paycheck directly over there which is even better

- Investments: I use m1 finance so every Friday it takes that money from my account automatically, and so can your employer 401k or whatever investment platform you use

- Debt: I use to have auto-pay a custom amount of debt ( so instead of the minimum they would pull around 20-40% of my money)

- Expenses: set all your bills on auto-pay ( and save the rent in the temporary savings)

- Fun: I have a separate debit card with Robinhood, you can use vara and send your fun money every week to spend on whatever you want

- Charity: set up on auto-pay

If you do this correctly, you pay yourself first but most importantly you don’t have to think about (it's done automatically )

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

[freddiebutler]

I try it and i save over $1600 in 7month and pay off my credit card down to 0! Now i don't spend money like nut and invest in stocks and bond now i have over $12, 000 invest and $7, 000 in cash.🤑🤑🤑 and still learning!

[KeithJones]

Paying yourself 1st is foundational to managing your finances well

[jamesaugustin]

The Richest Man in Babylon was such an amazing book!

[freedomworks]

Wealth is freedom ❤
Pay yourself first ❤

[Courtney_Lorr]

I had no idea I could split my direct deposit between several accounts through my employer!! this just changed my life THANK YOU

[annaahmed]

Thank you very much TOMMY for great advice. As always.

[smart-money_]

You will reach 300k subs before the end of December!

[.Koreans.American]

I made like $300 on YouTube last month. So I’m gonna pay myself like $30 first🙌😂

[brucewayne]

This channel is gold. Thanks for the info & keep up the great work! :)

[fourthprince]

The richest man in Babylon. Speak of the same principles. GREAT READ.

[SuzanneB]

I wish I had even 1% of your knowledge or drive! This year has wiped me out - I can't believe the mess I've allowed myself to get into.

[newmrmoney]

So Great info! I should consider that in my next VIDS.

[cocoacrimson]

I always thought it made sense to save $1000 in an emergency fund before paying off debt, because if that emergency happens while you're still paying off debt, and you have no emergency fund, then you'll go even further into debt taking care of that emergency... just a thought!🙂

[modernadulting]

Try and set aside a certain portion of your income the day you get paid before you spend any discretionary money. Most people wait and only save what's left over—that's paying yourself last.

[jkfeatherranch]

Every Tuesday a percentage is taken out to cover monthly bills, automatic transfers are sent to yotta and acorns, weekly animal feed bill and whatever is left over for me to put into investment. Next year I will have an automatic payment going into M1 but for right now it's just what extra I have.

[ttime]

Wish I was obsessed with investing and making money at 18 or 19. Just started this lifestyle at 26 and I’ve made good progress in less than a year but i could only imagine if I started back then!

[Swaby]

I’ve heard you say this before and it changed my financial situation.

[JohnOnlySpeaks]

They taught us this in richest man in babylon. Such a great book

[MrAirassualt]

My wife and I have been debt free for about 21 months now... Minus the student loan. We keep trying to save for 6 months of expenses, but it seems like emergencies pop up 1-3 times a quarter. (My wife's car tires were stolen last week...left on blocks, emergency hospital bills, vehicle repairs) We have 2 months of expenses saved. Would you continue to build the emergency fund and hold off on investing, or try and do both? Currently investing with M1 and my company 401k. We want to buy a house soon, don't have anything for the down payment yet. Thank you for the advice!

[bayonina]

Very interesting! Gotta add this in my next vids.