Rise High Investor Weekly Video #4 – Pay yourself first

Why Pay Yourself First?

The truth is, many Australians are struggling to get ahead financially. Alarming statistics reveal that:

• One-third of Australians spend more than they earn daily.
• 56% of Australians wouldn’t have enough cash to survive if they lost their job.

The solution lies in shifting your mindset about money. Most people spend their paycheck first and save whatever’s left—if anything. Instead, paying yourself first means setting aside a portion of your income for savings and investments before spending on anything else.

How to Pay Yourself First

1. Decide on a Percentage:
   Commit to saving a specific portion of your income, such as 10%, 15%, or 20%.
2. Make It Automatic:
   Set up automatic transfers to separate accounts for your investment fund and emergency fund. This removes the temptation to spend before saving.
3. Stick to Your Plan:
   Treat your savings as non-negotiable. This money isn’t for everyday expenses—it’s for building your future.

Can You Afford to Save?

You might feel like saving 10% or 20% is impossible, but think back to a time when you earned less than you do now—you still managed to get by. Most of us can find ways to save if we prioritize it.

The best way to secure your financial future is to pay yourself first. Make saving and investing a priority, automate the process, and commit to your goals. This single habit can transform your financial habits, grow your savings, and set you on a path to financial independence.