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Pay Yourself First Before Bills

From few days, I was reading great book "Rich Dad and Poor Dad". From this book, I got great knowledge. It also improves my one weakness. As student of finance and accounting, I always do some experiment.

Before reading this book, I always pay bill first before paying myself or increasing my own assets. After reading this book, I was very shocking, I was doing big mistake. As per this book, "We should pay ourselves first before paying our bills. Bills means lots of services which we have taken. It may be relating to business and personal. Now, We understand, why should we do this. Following are its main reasons



1. For Becoming Rich Fastly

You know that assets converts our own capital which we can invest in business and earn money without taking loan. So, more you will collect your assets, you will have more own capital which generate big incomes. If you are doing your job and earning Rs. 25000 per month. You will have to pay lots of bills regarding electricity, internet, tax, installment of your debt and repairing charges. Instead of paying them in first date, you have to pay last date.

In my case, I spend internet of Rs. 2000 per month. At the beginning of month, I had paid but still last due date was end of the month. From many year, I was doing foolishness. I can use my money for 30 days for buying my new asset which is free of cost of debt. From, this day, I have promised to myself, I will pay first for buying my asset because I have to become rich. If you want to leave your job and become rich. This small trick will be helpful. More you will pay for buying your assets, more you will become rich.

2. More Trust of Your Future Incomes

If you have decided to pay first for yourself or buying your own assets, you will depend on your incomes for paying your bills. This faith will win. This will make a great habit. For example, your total bill liability is $ 10,000. Before paying your bill, you have invested it in your assets. Now, you will depend on your income. Pray to God to get power for paying your bills. God will sure help you because you are generating the source of incomes. At the due date, you will pay your bills. In my words, this is the construction of resources not destruction of resources.

3. Win on Your Mind

Do you know why does your salary not show in the second day of beginning of month. Because you have your own mind. With this mind, you buy anything what you want. Effect will be on pocket money. When there is zero money in your pocket, you take debt and then take debt. So, you see big bills. There is limitation of your salary. But bills are big. If you come at the first day and invest your whole money in the asset, you will win on your mind. Now you will depend on the incomes.

For example


(A) Property 

It gives your rent income. It gives your capital gain. It gives your storage. So, it helps you decrease the cost of storage bill. Buy buying it, you will depend on rent or capital gain instead of your salary.

(B) Fixed Deposit

It gives you the interest. It saves your money. If you buy first the FD, you will depend on the interest instead on your salary.

(C) Shares and Mutual Funds

It gives you dividend. If you buy the shares and mutual funds before paying bill. You will depend on the dividend and then you will pay your bills out of dividend.

(D) Business Machines 

It gives you profit. You will buy any new business machine and start production before paying your bills. Receive profit from it and then pay bills.

(E) Human Resource Machines 

It increases your incomes 10 times, if you use smart people with smart way. So, buy these machines and use it before paying your bills. 

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Accounting Education: Pay Yourself First Before Bills
Pay Yourself First Before Bills
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