ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Pay yourself first
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Buy new sneakers
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Pay your bills
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Go to the movies
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Detailed explanation-1: -Pay yourself first is a popular phrase in personal finance and retirement-planning literature. It is also an investor mentality that means automatically routing a specified savings contribution from each paycheck at the time it is received.
Detailed explanation-2: -Put it in your savings account A big chunk of your first salary should be deposited in a bank. If you do not have a bank account yet, open one. It’s one of the things that will help you manage your money.
Detailed explanation-3: -When you pay yourself first, you pay yourself (usually via automatic savings) before you do any other spending. In other words, you are prioritizing your long-term financial well-being.
Detailed explanation-4: -“Pay yourself first” was a phrase which was first used in a book called The Richest Man in Babylon. But this simple statement has been converted into a profound personal finance rule by Robert Kiyosaki.
Detailed explanation-5: -Time to Clear Off Your Debts. You are earning now and it’s your responsibility to pay off your debts. An Emergency Fund Is a Must. Purchase Health and Life Insurance. Start Investing Now. Help Someone. Backpacking. Don’t Forget to Pamper Yourself. 18-Nov-2022