Do you pay yourself when you get your paycheck

Do you pay yourself when you get your paycheck every two weeks? Paying yourself means that you put some of your income aside in savings.

The Bible talks about the wisdom behind saving and financially preparing for the future:

Luke 14:28-“Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it.”

Proverbs 21:20-“The wise store up choice food and olive oik, but fools gulp theirs down.”

#daveramsey recommends that you save 10-15% of your monthly income every month!

“How Money Works” talks about the 3 types of savings funds you need to save for:

1. The emergency fund: it’s for emergencies (duh!)! It should have 3-6 months worth of expenses in it to cover any unexpected expenses in the next 2 years.

2. The short term savings fund: this is for expected expenses in the next 3-5 years (nee car, down payment on a house). It should have a minimum of 6 months worth of income saved to accommodate this.

3. The retirement/wealth building account: you need enough money to be able to retire with dignity, and at tbe same (or better) standard of living as you are now. The average American family needs between $2-$4Million to achieve this goal.

Message me for a free consultation to help get you on track for retirement and savings!

The Bible app I use: https://www.bible.com/app

Dave Ramsey “Total Money Makeover:” The Total Money Makeover: A Proven Plan for Financial Peace https://a.co/d/bSurcLI

“How Money Works:” https://static1.squarespace.com/static/

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