As Robert Kiyosaki, founder of the Rich Dad Company, explains, “It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.”
Paying yourself first doesn’t just apply to people who own businesses. It applies to everyone. Frequently, people get paid, spend money on bills, treat themselves to a few nonessentials and then plan to save whatever is left.
It’s important to develop both in-demand soft skills and hard skills. Soft skills include interpersonal skills, personality traits, attitudes and social and emotional intelligence.
Be aware of “lifestyle inflation,” where people start to increase expenses as soon as their pay increases. Consider sticking to debit cards to limit how much available money you have to spend.
Prioritize your goals in terms of what is critical, what you eventually need, and what you want. For example, you might have a surgery coming up that your insurance won’t fully cover and it’s critical to your health.