5. Pay yourself first: the power of self-discipline
If you cannot get control of yourself, do not try to get rich. It makes no sense to invest, make
money, and blow it. It is the lack of self-discipline that causes most lottery winners to go
broke soon after winning millions. It is the lack of self-discipline that causes people who get
a raise to immediately go out and buy a new car or take a cruise.
It is difficult to say which of the 10 steps is the most important. But of all the steps, this step
is probably the most difficult to master if it is not already a part of your makeup. I would
venture to say that personal self-discipline is the number-one delineating factor between the
rich, the poor, and the middle class.
Simply put, people who have low self-esteem and low tolerance for financial pressure can
never be rich. As I have said, a lesson learned from my rich dad was that the world will
push you around. The world pushes people around, not because other people are bullies, but
because the individual lacks internal control and discipline. People who lack internal
fortitude often become victims of those who have self-discipline.
In the entrepreneur classes I teach, I constantly remind people to not focus on their product,
service, or widget, but to focus on developing management skills. The three most important
management skills necessary to start your own business are management of:
1. Cash flow
2. People
3. Personal time
I would say the skills to manage these three apply to anything, not just entrepreneurs. The
three matter in the way you live your life as an individual, or as part of a family, a business,
a charitable organization, a city, or a nation.
Each of these skills is enhanced by the mastery of self-discipline.
I do not take the saying, “Pay yourself first,” lightly.
The statement, “Pay yourself first,” comes from George Classen’s book,
The Richest Man in
Babylon.
Millions of copies have been sold. But while millions of people freely repeat that
powerful statement, few follow the advice. As I said, financial literacy allows one to read
numbers, and numbers tell the story. By looking at a person’s income statement and balance
sheet, I can readily see if people who spout the words, “Pay yourself first,” actually practice
what they preach.
A picture is worth a thousand words. So let’s review the financial statements of people who
pay themselves first against someone who doesn’t.
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