Explain the concept of paying yourself first and what you should use with this money
What will be an ideal response?
Paying yourself first means that every time you get paid, you immediately take a set amount and transfer it somewhere else, perhaps to a mutual fund, a 401(k) plan (a long-term investment account with special tax incentives), or another type of retirement plan, and do not touch that money unless you are using it to make more money. Therefore, the first item on your budget should be to write a check to yourself.
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