My FIRE cliffnotes

[calmloki]

I understand what is meant by the phrase "pay yourself first" but it has always offended me. Personal problem - I just really really believe in paying what I owe and if I pay myself first that means someone else may get short shrift as the money runs low.

 

[mystang52]

A long time ago I saw a great simple guide, but I can't remember the source. Anyway, this catches the spirit of it:
"LBYM
Save for retirement and big expenses
Avoid debt
The rest is just details."

 

[travelover]

I understand what is meant by the phrase "pay yourself first" but it has always offended me. Personal problem - I just really really believe in paying what I owe and if I pay myself first that means someone else may get short shrift as the money runs low.

Huh? I don't think the implication is that you stiff anyone - only that you set aside some savings before you buy nonessentials.

 

[audreyh1]

I understand what is meant by the phrase "pay yourself first" but it has always offended me. Personal problem - I just really really believe in paying what I owe and if I pay myself first that means someone else may get short shrift as the money runs low.

It doesn't mean stiff your creditors.

 

[kcowan]

Get as much relevant education as possible, get a job you are good at in a high paying field, work hard, save a reasonable amount. Worked for me.

I would add to that:
Take risks early in your career.
Take chances on investments too.

You will have plenty of time to recover if they go sideways. You have a chance to learn from your mistakes.

When I started to work, I had no idea what I would be good at. Eventually I discovered what I was good at and what was rewarding financially.