Comments on: Barrel of Monkeys or Barrel of Money? http://www.savingadvice.com/blog/2009/05/14/104554_barrel-of-monkeys-or-barrel-of-money.html Bridging the gap between saving money and investing Tue, 24 Nov 2009 22:38:31 -0800 http://wordpress.org/?v=2.8 hourly 1 By: Jackie http://www.savingadvice.com/blog/2009/05/14/104554_barrel-of-monkeys-or-barrel-of-money.html/comment-page-1#comment-588863 Jackie Thu, 14 May 2009 19:07:55 +0000 http://www.savingadvice.com/blog/?p=4554#comment-588863 Several years ago, I accumulated debt on my credit cards that I struggled to pay off. When one of my coworkers found out, he was appalled that I paid my credit card balance first and my savings account (practically nonexistent) second. He was a firm believer in "pay yourself first". It took about 2 minutes to explain why I was paying off debt that charged double digit interest before saving money at single (1% or so) digit rates. He was so sold on the slogan, he didn't take the time to consider the details. Paying yourself first is a great concept to help people get in the habit of saving, but you have to look at the whole picture with some basic common sense. Several years ago, I accumulated debt on my credit cards that I struggled to pay off. When one of my coworkers found out, he was appalled that I paid my credit card balance first and my savings account (practically nonexistent) second. He was a firm believer in “pay yourself first”. It took about 2 minutes to explain why I was paying off debt that charged double digit interest before saving money at single (1% or so) digit rates. He was so sold on the slogan, he didn’t take the time to consider the details.

Paying yourself first is a great concept to help people get in the habit of saving, but you have to look at the whole picture with some basic common sense.

]]> By: Ares http://www.savingadvice.com/blog/2009/05/14/104554_barrel-of-monkeys-or-barrel-of-money.html/comment-page-1#comment-588843 Ares Thu, 14 May 2009 17:29:27 +0000 http://www.savingadvice.com/blog/?p=4554#comment-588843 Excellent, practical advice. I had tons of financial trouble as a young man, and then someone told me about 'The Richest Man in Babylon'. After reading that book, I had a practical, step-by-step understanding of how to accumulate wealth. Like this article, it's all about common sense and discipline. Excellent, practical advice. I had tons of financial trouble as a young man, and then someone told me about ‘The Richest Man in Babylon’. After reading that book, I had a practical, step-by-step understanding of how to accumulate wealth. Like this article, it’s all about common sense and discipline.

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