Pay yourself last

We’ve all heard the money advice “Pay Yourself First”.

What does it mean to you? I know what it’s supposed to mean. I can also hear various other ways it could be interpreted. I know, it’s semantics. And it matters! (We like word here, remember?)

What if I said “Pay Yourself Last?” It’s been on my mind this year, and apparently others have also adopted this reframing. When I say Pay Yourself Last, I mean pay Future You and Past You before Present you. I mean Your savings and future needs are important. I mean reaching toward debt free living is important – and achievable.

Tim Herrera writes in today’s Smarter Living from NYT about the psychology behind visioning, and paying, Future You:
“In other words: When I’m brushing off responsibilities, part of my brain unconsciously believes that they’re now the problem of an actual stranger. Yikes.
How do we get around this? It starts with thinking of your future self as … you.
Meet your new best friend: Future Happy You, the far more content cousin of Future You.”

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