Most of the things in life cost a certain amount of money. Traveling, even if my airfare is free, costs money. Riding my motorcycle, even though I fully own it, costs money since it needs gas and wants maintenance. In addition to the more or less mandatory monthly expenses like rent, the mortgage, gas and utilities, I need money to go towards those larger things I want to do in life. I’ve never missed a mortgage or rent payment, but it’s also never been my first priority to pay either of those.
I’ve always paid myself first. Whenever I get a paycheque or income from my companies, I set aside a portion of that money in a savings account, every time. Depending on how much money I made and what my other obligations were, the amount I set aside has been as low as ten dollars. But even if that were all I could afford, I would still set aside the first ten dollars from that paycheque for myself. I pay myself first, then everyone else. The small contributions add up over time, and combined with the power of compounding interest they will over time generate financial freedom on “auto pilot”.
With little income, I became more committed to what I wanted to do. Was being a photographic artist really my passion? If that’s what I was really passionate about, how could I reverse-engineer my life to build it around my passions? I recommitted to what I love the most, and was able to do many other things on the side, like writing my first book, which would have never happened had my original plans worked out the way I envisioned them.
Ready to take control and commit to the next step? Here’s what you can do next: