Comments on: Pep Talk: Pay Yourself First http://www.getrichslowly.org/blog/2006/05/26/pep-talk-pay-yourself-first/ personal finance that makes cents Fri, 04 Jul 2008 21:28:59 +0000 http://wordpress.org/?v=2.5.1 By: Vee http://www.getrichslowly.org/blog/2006/05/26/pep-talk-pay-yourself-first/#comment-82237 Vee Mon, 26 Mar 2007 16:24:43 +0000 http://www.getrichslowly.org/blog/2006/05/26/pep-talk-pay-yourself-first/#comment-82237 Nice blog, good reasonable and straight forward information. I struggle with saving & budgeting just like anyone else. I usually try to save a penny here and there. I understand that all financial institutions has some sort of fee but <b>ShareBuilders</b> $4 fee for automatic deposits seems unreasonable. That's $48 for the full year. I'm all for getting int the habit. I understand that there is a lot of discipline involved but I would suggest just simply saving or use automatic deposits from companies that don't charge you a fee to save. I just read your recent post about low-yield online savings accounts and found my way towards this old post. ING and Emigrant does not charge for automatic deposits. Nice blog, good reasonable and straight forward information.

I struggle with saving & budgeting just like anyone else. I usually try to save a penny here and there. I understand that all financial institutions has some sort of fee but ShareBuilders $4 fee for automatic deposits seems unreasonable. That’s $48 for the full year. I’m all for getting int the habit. I understand that there is a lot of discipline involved but I would suggest just simply saving or use automatic deposits from companies that don’t charge you a fee to save. I just read your recent post about low-yield online savings accounts and found my way towards this old post. ING and Emigrant does not charge for automatic deposits.

]]> By: Canadian Capitalist » Carnival of Investing # 26 http://www.getrichslowly.org/blog/2006/05/26/pep-talk-pay-yourself-first/#comment-407 Canadian Capitalist » Carnival of Investing # 26 Mon, 12 Jun 2006 13:15:17 +0000 http://www.getrichslowly.org/blog/2006/05/26/pep-talk-pay-yourself-first/#comment-407 [...] Pep Talk: Pay Yourself First: Get Rich Slowly encourages readers to save ten percent of everything they earn. [...] [...] Pep Talk: Pay Yourself First: Get Rich Slowly encourages readers to save ten percent of everything they earn. [...]

]]> By: Get Rich Slowly » Life After Graduation http://www.getrichslowly.org/blog/2006/05/26/pep-talk-pay-yourself-first/#comment-179 Get Rich Slowly » Life After Graduation Thu, 01 Jun 2006 15:46:42 +0000 http://www.getrichslowly.org/blog/2006/05/26/pep-talk-pay-yourself-first/#comment-179 [...] Become a young automatic millionaire — Pay yourself first. Save ten percent of everything you earn. “The sooner you start to save money the more freedom you will have to be who you really want to be.” [...] [...] Become a young automatic millionaire — Pay yourself first. Save ten percent of everything you earn. “The sooner you start to save money the more freedom you will have to be who you really want to be.” [...]

]]> By: Cat Connor http://www.getrichslowly.org/blog/2006/05/26/pep-talk-pay-yourself-first/#comment-159 Cat Connor Mon, 29 May 2006 17:55:33 +0000 http://www.getrichslowly.org/blog/2006/05/26/pep-talk-pay-yourself-first/#comment-159 One more point to add to this: get as much money out of your paycheck <i>pre-tax</i> as possible. Taking savings out pre-tax is double-plus-good: not only are you saving, you are reducing your taxable income! One more point to add to this: get as much money out of your paycheck pre-tax as possible. Taking savings out pre-tax is double-plus-good: not only are you saving, you are reducing your taxable income!

]]> By: cribcage http://www.getrichslowly.org/blog/2006/05/26/pep-talk-pay-yourself-first/#comment-146 cribcage Sat, 27 May 2006 05:49:01 +0000 http://www.getrichslowly.org/blog/2006/05/26/pep-talk-pay-yourself-first/#comment-146 As long as we're on the subject of oft-repeated financial advice, I'll toss in a chestnut that comes up repeatedly in <i>The Millionaire Next Door</i>: The amount of time you spend thinking about financial decisions is directly proportional to the degree of wealth you build. The point being, sometimes it can be overwhelming to think about taking the first step — when in fact you've already taken that first step, by coming here and reading this blog. As long as we’re on the subject of oft-repeated financial advice, I’ll toss in a chestnut that comes up repeatedly in The Millionaire Next Door: The amount of time you spend thinking about financial decisions is directly proportional to the degree of wealth you build. The point being, sometimes it can be overwhelming to think about taking the first step — when in fact you’ve already taken that first step, by coming here and reading this blog.

]]> By: Geode http://www.getrichslowly.org/blog/2006/05/26/pep-talk-pay-yourself-first/#comment-144 Geode Fri, 26 May 2006 21:28:50 +0000 http://www.getrichslowly.org/blog/2006/05/26/pep-talk-pay-yourself-first/#comment-144 I've been in the "pay yourself first" habit for the past five years or so. It is, by far, the best way to save for retirement (or any other financial goal). My setup is really simple. I get paid every two weeks via direct deposit. I have automatic mutual funds contributions deducted from my bank account on the same day as my payday. Every two weeks, the money's deposited to my retirement account. I use what's left in my bank account to pay for the essentials (bills, groceries, etc) and then whatever is left after that is "fun money". The nice thing about this system is that it doesn't require any active steps on my part every two weeks - the retirement account contributions simply happen. I’ve been in the “pay yourself first” habit for the past five years or so. It is, by far, the best way to save for retirement (or any other financial goal).

My setup is really simple. I get paid every two weeks via direct deposit. I have automatic mutual funds contributions deducted from my bank account on the same day as my payday. Every two weeks, the money’s deposited to my retirement account. I use what’s left in my bank account to pay for the essentials (bills, groceries, etc) and then whatever is left after that is “fun money”.

The nice thing about this system is that it doesn’t require any active steps on my part every two weeks - the retirement account contributions simply happen.

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