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re: Ouch, Market Taking a Beating
Posted on 8/15/13 at 5:38 pm to Vols&Shaft83
Posted on 8/15/13 at 5:38 pm to Vols&Shaft83
quote:It will pay off . . . In Spades, Vol!
Obviously. And it is psychological. And it works. I'm not on a salary, my income fluctuates month to month, so I have to be disciplined. Back when I used to pay bills first, and then invest/save what was left over
There are times I look back now, and wonder "How the H...., did this happen."
Good stuff.
Posted on 8/16/13 at 9:22 am to NC_Tigah
quote:
It will pay off . . . In Spades, Vol!
I've had success doing that - I set my retirement contributions and vowed to "increase it until it hurts". I went from $0 to $40k in less than 40 months by "paying myself first" - and I did debt reduction and other investments, too (although a lot of that was with "found money" - extra military training events, life insurance proceeds, etc.)
How did that happen?
Another thing I highly recommend is the automatic mortgage payment, tied to your paycheck. That is the greatest psychological boon I've ever discovered - although it technically hits the bank account, I never see it reflected in the available balance. So, in essence, I pay myself first (never goes into the bank), and the mortgage second - everything else is literally child's play to pay.
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