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"Pay yourself first" Take 10% of any money that you receive and put it somewhere safe and where it takes real effort to get it back out. Then don't touch it un
by JohnFen 2y ago
"Pay yourself first"
Take 10% of any money that you receive and put it somewhere safe and where it takes real effort to get it back out. Then don't touch it unless your need is truly dire.
The idea is that regardless of your income level, you can almost certainly live on 10% less without a substantial hit to your standard of living, so pay it to Future You. The earlier in life you start, the better.
- marssaxman 2y ago> regardless of your income level, you can almost certainly live on 10% less This did not become true for me until my very late 20s, and by that point I was so well adapted to living on the edge, in a world which offered no end of surprising new ways to knock my financial situation out from under me, that it took years more before I started to see any value in planning for anything more than a couple months away.
- InfiniteLoup 2y ago>put it somewhere safe What is even "safe" these days? ETFs? Treasury bonds?
- JohnFen 2y ago"Safe" is a relative term, yes. Right now, there is no actual "safe" place, but there are some places that are less risky than others.