If You Pay Your Bills On Time, Good For You, But This Won’t Build Wealth
Investing is serious business; paying your bills on time isn’t
Outside of credit cards and anything that might incur an unreasonable fee, I’m not ashamed to admit that I don’t always pay my bills on time; it’s an area of my life I allow myself to be lazy, and the consequences are essentially zero.
However, I have the complete opposite approach when it comes to investing. I take investing very seriously and never allow a month to go by that I am not investing and acquiring more assets.
Why?
I realize the only way to build wealth is to pay yourself first. If you don’t prioritize paying yourself first, you will never build real wealth.
Most people pay everyone else first.
They pay their rent or mortgage.
They pay their utilities.
They pay for multiple streaming subscriptions.
They pay for new clothes, shoes, bags, and other accessories.
They pay to get their hair, nails, eyebrows, and lashes done.
They pay for some new gadgets on Amazon.
They pay for their car note.
They pay for their vacations.
They pay for their date’s enjoyment.
They pay to eat out.
They pay their minimum debt payments.
They pay for going out, partying, drinking, and substances.
You get the point.
But where does investing fall?
For many, it can come into play when you’re in the mood to jump in on a new fad or remember that investing actually matters.
But for many, they’re focusing on the here and now — what’s right in front of them, which is often bills and experiences that require their resources RIGHT NOW.
If I don’t pay my bills on time, I might get a reminder, “Hey, it’s time to pay your bill, or your bill is past due.” Okay cool. I will pay.
If you don’t pay yourself first and save and invest your resources, the consequences are much more severe.
You will wake up one day and realize you have nothing in your bank account or at least not enough, which will require you to continue working and limit your financial freedom and peace.
We don’t need to respect or over-stress paying our bills on time unless it affects our credit and incurs unreaonable fees. However, we do need to respect and prioritize investing. One thing you can never get back is time. If you’re not careful, time will fly by, and you’ll look at your bank accounts and feel strongly dissatisfied.
The thing about people who focus on accumulating stuff (and sometimes experiences) or being a “responsible person,” or spending their money on dumb shit all the time is that they forget there is only one way to build wealth: investing (on top of living below your means).
Focus on living in the moment and spending all of your resources on experiences and accumulating won’t make you wealthy.
Paying your bills on time also won’t make you wealthy friends, but if you do pay your bills on time, good for you.
Thank you for reading | destinyh.com
This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.
I invest as soon as my wage lands in my bank account. That's the 'Pay yourself first' principle.