Pay Yourself First: The Wealth Account
Did you know the word wealth comes from the Old English word for well-being, weal, as in "health well-being?" Sometime around 1250 this word began to be used to describe happiness, prosperity, and riches. I would love to know what caused weal to make the leap from being physically healthy to being the label used for abundance of possessions/riches. Especially since we are so fond of saying money can't buy happiness and you don't have anything if you don't have your health or the best things in life are free. Ahh, the irony since seeking money wealth seems to cause so much angst, stress, and fear! I know from my over 25 years of accounting and finance experience that there is one money habit that works for those considered to be extremely rich and those who always have enough to do what they truly desire. It's not a special affirmation, it's not working 18 hours a day, it's not from winning the lottery or receiving a huge inheritance.
The Wealth Account: The Habit of Paying Yourself First
You've heard this before and maybe you know what it means conceptually and not in practice. Maybe you have a flat amount like $100 go into your savings (wealth) account(s) each month from your various checking accounts -- those automatic transfers the banks set-up in order to make your checking account free or some other arrangements. Or maybe you opened a savings account linked to your checking account because it just "makes sense" to have a savings (wealth) account only the balance never gets too high because you are always waiting for that unexpected extra at the end of each month to transfer into it or you need transfer money out of it to pay living expenses. The fastest way to wealth is by putting at least 10% of everything you receive into a savings account and leaving it there. This is what paying yourself first means, for every dollar that comes into you, you transfer 10% or more into your savings (wealth) account). Why 10%? Think of it as a tithe (tenth) to and for your Self. Do you feel absolutely sure there is no way you can transfer 10% of your incoming coins into your savings? I can assure you, from working with people who receive as little as $1,500 a month with extreme living costs and debt that it can be done, and easily. You may say, "I can't do that, I have to pay rent" or "no way, I won't have enough for food and gas." You're living on Someday Isle if these are your reasons and fears. Something changes when you put yourself first and transfer that 10% into your wealth account. It's like you're sending a big light beacon into the sky with the words "I'm taking myself seriously and I'm taking responsibility"; powerful forces begin to take notice. This is the beginning and the foundation of wealth consciousness. Trusting your Self and knowing that by taking control and ownership of your coins, you've just sent the powerful message of "I know I matter and I know there will be enough." As you see those coins add up quickly into your wealth account with each transfer, you'll soon feel and understand the meaning of wealth consciousness. The fastest and most assured way to wealth is to pay yourself first.
The things you need in life are those that will help to fulfill your dominant purpose. Things you may want but not need may lead you aside from that purpose. It is only by making everything serve your main objective that success is attained. -- Yogananda Paramahansa, The Law of Success: Using the Power of Spirit to Create Health, Prosperity, and Happiness.
Remember, your money wants to serve you, you just need to tell it how. Start with the habit of paying yourself first. Beginning this basic habit is the fastest means to lasting and true wealth.