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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Pay yourself first

Pay yourself first

Go down  Message [Page 1 of 1]

1Pay yourself first Empty Pay yourself first Wed Feb 05, 2014 8:21 am

Mahawawtta


Manager - Equity Analytics
Manager - Equity Analytics
Dear friends, thanks to one of your member I was able to read the book 'Rich dad Poor dad'. and now it is like a bible to me I read one or two pages of it every night.
The best part of it is, I now pay myself first, i.e. sooner I get my salary I put a considerably high amount from it to another a/c which is not the a/c I get my salary.

By doing so within few months I was able to free from all my debts including a housing loan I took. Not only that I buy fundamental share in each month using part of my salary.
The relief I got after clearing all debts are incredible. I know not like me most of our members doing will. But I post this as I can see lot of new comers. So if you have your own experiences and thoughts please share with us for the benefit of all.



2Pay yourself first Empty Re: Pay yourself first Wed Feb 05, 2014 9:20 am

yellow knife


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Robert Kiyosaki has written few good books and its worth reading for any investor. His way of looking at the world is different but rewarding a lot. However he recommend more on real states than stocks but I too apply his thinking in stocks and not at all in real states.

There are few good books which I think should have influenced Robert Kiyosaki as well. RICHEST MAN IN BABYLON is another nice book that I recommend to read.

ECONOMIC WISDOM FOR BABIES is another nice book by Sri Lankan writer Dr. Wijewardhana. Specially its preface is nice to read.

3Pay yourself first Empty Re: Pay yourself first Wed Feb 05, 2014 10:48 am

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
OMG Mahawatta, either ur earning a top notch salary or ur extremely lucky that your housing loan is lower to settle it Smile Either ways, congratulations.. I know how it feels to getting over from debts Smile Ur doing great towards saving and investing..

Count me in if there are vacancies in your company Wink

4Pay yourself first Empty Re: Pay yourself first Wed Feb 05, 2014 10:50 am

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Mahawawtta wrote:Dear friends, thanks to one of your  member I was able to read the book 'Rich dad Poor dad'. and now it is like a bible to me I read one or two pages of it every night.
The best part of it is, I now pay myself first, i.e. sooner I get my salary I put a considerably high amount from it to another a/c which is not the a/c I get my salary.

By doing so within few months I was able to free from all my debts including a housing loan I took. Not only that I buy fundamental share in each month using part of my salary.
The relief I got after clearing all debts are incredible. I know not like me most of our members doing will. But I post this as I can see lot of new comers. So if you have your own experiences and thoughts please share with us for the benefit of all.




Isn't Kiyosaki's point not to pay suppliers first? (eg- Pay the loans and creditors last) and not to take housing loans that don't lead to income generation.

If you follow Kiyosaki you shouldn't pay down your debts (if you can use the debt to generate more income)

5Pay yourself first Empty Re: Pay yourself first Wed Feb 05, 2014 11:56 am

Mahawawtta


Manager - Equity Analytics
Manager - Equity Analytics
Thanks friends for your comments. i belive some may misundersatnd my effoets. Of course i get a considerably good salary and i am proudly work for my current employer.

Second thing is if you have debts then you have to pay interests as well. but if you apply "pay yourself first" then use that money to reduce your debt then you will not pay for the huge interest that bank has pass on to your a/c . specially when it comes to housing loans, they at the beginning they get the interest most and deduct very less in capital. ex. if you take 500000 as a loan for a longer period then you will pay 1500000 by the end of loan period. but you repay your loans early then you can increase the amount of "pay yourself first" and then for more investments as well.

6Pay yourself first Empty Re: Pay yourself first Wed Feb 05, 2014 12:27 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Mahawawtta, buddy explain this a lil' more pls.. Its good that you're applying a strategy explained in a book but wil it reduce a lot if you put extra money towards a loan?

7Pay yourself first Empty Re: Pay yourself first Wed Feb 05, 2014 12:50 pm

Mahawawtta


Manager - Equity Analytics
Manager - Equity Analytics
Smallville, it can be done. But I am not talking for one or two months it is a long term plan, I am telling it through my experiences, for example, if you have a credit card loan above 30000, then monthly you have to pay approx 1000 - 2000 as its interest. No one give us loans for nothing they will get the interest, but if you can save and go for it, I believe you can do a lot not only that then your decision making power will boost as you do not have to worry about your loans etc..

I started "pay yourself first" in last June and now I do not have a single debt. In fact I have some money which I never touch (in an FD) which I gradually increase in every 2 months, while I use my "pay yourself first' a/c money for investment now, which I used earlier to get rid of my debts.

8Pay yourself first Empty Re: Pay yourself first Wed Feb 05, 2014 1:53 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
That's a good one mate.. Its nice to know..

Just hope if you can tell us how this was started.. U mean u started paying urself while u were paying de debt part of the loan (or CC bal)?

9Pay yourself first Empty Re: Pay yourself first Wed Feb 05, 2014 2:51 pm

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
It is really interested, I also start to open an a/c as paying urself and see how would work for me.

@Mahawawtta I have small clarification, How can you control urself from withdrawal from paying urself for your daily needs or urgent needs. That bit difficult isn't it.

10Pay yourself first Empty Re: Pay yourself first Wed Feb 05, 2014 3:07 pm

besthope


Manager - Equity Analytics
Manager - Equity Analytics
@seyon wrote:
@Mahawawtta I have small clarification, How can you control urself from withdrawal from playing with urself for your daily needs or urgent needs. That bit difficult isn't it.  

very very difficult to do. must practice self control. that is what i say. practice practice.
otherwise you will prematurely evacuate your account. you must practice withdrawing at correct time.  sometimes it may require a no hands policy. it may result is temporary correction of your savings. but income will grow again.
better you open account at nations thrust bank. that will help. their motto is hope you come again.

welcome back after long time to forum no yes in reverse !

11Pay yourself first Empty Re: Pay yourself first Wed Feb 05, 2014 3:50 pm

Leon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@yellow knife wrote:Robert Kiyosaki has written few good books and its worth reading for any investor. His way of looking at the world is different but rewarding a lot. However he recommend more on real states than stocks but I too apply his thinking in stocks and not at all in real states.

There are few good books which I think should have influenced Robert Kiyosaki as well. RICHEST MAN IN BABYLON is another nice book that I recommend to read.

ECONOMIC WISDOM FOR BABIES is another nice book by Sri Lankan writer Dr. Wijewardhana. Specially its preface is nice to read.

can someone give a safer link to down load Richest man in Babylon and the Economic wisdom for babies??

12Pay yourself first Empty Re: Pay yourself first Wed Feb 05, 2014 10:53 pm

shanesmith


Stock Analytic
Stock Analytic
Its good your shared your success . I was in deep debt few years back and I too recovered from Kiosaki's advise . I red the book but more importantly I played his CashFlow101 game . That was really amazing and helped me to learn many financial fundamentals.

13Pay yourself first Empty Re: Pay yourself first Thu Feb 06, 2014 1:25 am

sriranga

sriranga
Co-Admin
@Leon wrote: can someone give a safer link to down load Richest man in Babylon and the Economic wisdom for babies??

http://sharemarket-srilanka.blogspot.co.uk/

14Pay yourself first Empty Re: Pay yourself first Thu Feb 06, 2014 8:20 am

yellow knife


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Dear Shanesmith

How did you got cashflow game... I ve read many books and played MONOPOLY but I ve never played Kioysakis Cashflow games... How do you purchase that kit in sl

15Pay yourself first Empty Re: Pay yourself first Thu Feb 06, 2014 8:32 am

Leon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@sriranga wrote:
@Leon wrote: can someone give a safer link to down load Richest man in Babylon and the Economic wisdom for babies??




Thanks Sri. I really thought you the one to do this. Thanks again.

16Pay yourself first Empty Re: Pay yourself first Thu Feb 06, 2014 10:37 pm

shanesmith


Stock Analytic
Stock Analytic
Dear Yellowknife

You can play it online for free

http://www.richdad.com/apps-games/apps-games-landing

but this is not the exact one I used to play , recently they have changed the game . If you can find cashflow101 in torrent that would be more interesting than the online version.

17Pay yourself first Empty Re: Pay yourself first Fri Feb 07, 2014 8:52 am

yellow knife


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Dear Shanesmith

thanks a lot.....for sharing your experience and the link

18Pay yourself first Empty Re: Pay yourself first Wed Feb 12, 2014 4:32 pm

rmark

rmark
Manager - Equity Analytics
Manager - Equity Analytics
Sriranga, thank you very much for sharing the link.

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