Do yourself a favor

How’s your summer season going?

My wife and I went to Rio Villa Nuevo resort in Indang Trece Cavite last weekend. Its very hot these days but when you go there you cannot feel the heat of the summer because of the cold mineral water and cool breeze of different plants and trees covering the pools.

Mukhang madami nga akong nainum na tubig pero ok lang kase running water and mineral naman. I highly recommended this resort. It’s about 3-4 hours from Manila.

By the way, are you wondering why the government has a lot of funds to pay their bills, employees and projects?

That’s because many years ago they decided to pay themselves first. If you are an employee, before you get your salary they will automatically get their share first.

I’m not against on this because it’s for the sake of our country but corruption is a different story.

But if you want to lessen the tax that you are paying, you have to be a businessman or entrepreneur.

They deduct their expenses cost first before they get taxed by the government. The law favors them because they are giving jobs to people.

Listen, if you want to be wealthy you have to follow this principle.

Pay Yourself First.

What does it mean? Once you get your salary, you have to first deduct a portion of it as your savings and the remaining will be for your expenses.

In this way you are doing yourself a favor for your future.

You should not spend first such as paying the bills or buy what you want then you save what is left. It will ruin your financial life.

You may ask, Marvin “what if my earnings are really not enough?”

I may not be able to pay some bills if I do this such as electricity. My family will suffer if this will going to cut.

Well, you have to cut down some of your expenses especially those unnecessary such as:

  • Vices (alcohol and cigarette)
  • Desserts like ice cream
  • Internet mobile
  • Malling, etc.

Let me tell you this. This statement helps when I’m about to overspend and say it to myself, “I will not sabotage my future by overspending.”

The other alternative way is for you to create another source of income or find ways to get a raise.

In an airline pre-flight speech, in case of an emergency they will ask you to secure your oxygen mask first before you assist your child or someone who requires assistance.

It’s not an act of selfishness but it’s the practical way to do.

You will not be able to help others like your family, parents, relatives or friends if you didn’t help yourself first.

So, it’s a must to pay yourself first than your credit card companies, bills and many others.

 

To your financial success,

Marvin Basa

About The Author

Marvin Basa

Marvin Basa is a financial literacy advocate who helps Pinoys to have successful financial lives.

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