KEY TAKEAWAYS
“Pay yourself first” is a personal finance strategy of increased and consistent savings and investment while also promoting frugality.
The goal is to make sure that enough income is first saved or invested before monthly expenses or discretionary purchases are made.
What Is Pay Yourself First?
“Pay yourself first” is an investor mentality and phrase popular in personal finance and retirement-planning literature that means automatically routing a specified savings contribution from each paycheck at the time it is received.
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