“That is truth, Kobbi, unpleasant thought though it be. We do not wish to go on year after year living slavish lives. Working, working, working! Getting nowhere.”George S Clason Richest Man in Babylon
One of the first important principles in the classic, Richest Man in Babylon, is to pay yourself first. When I first read this passage as a young adult, I had zero debt and zero obligations. I decided to give this a try and put away 10% of everything that I earned.
At the time, I mowed lawns, so not lucrative, but I paid myself 10% – really more, because savings is contagious. I also made sure to give 10% to my church, and in reality I believe this should be the first principle, to give 10% and save 10%.
Within a couple of months I had $500 saved, but that was too much temptation for my young self and I went a bought the newest PlayStation and games to play. That would have been OK had I started to save again, but I did not. It became too easy to borrow money on credit and for school to get the things I wanted at that time and I developed some awful money habits. Habits I am still paying for today.
I decided to put my faith in the pay myself first category and I have now checked the box to put 6% of my salary into my 401K that is matched for a total of 10%. I really do not feel I can afford it and it is going to be tight, but based on the first rules it has to be done and I have to have the faith that it will work out.