Connect with us

Subscribe

Subscribe

Personal Finance

You are your greatest investment; Three simple steps to paying yourself first

BY KEISHA BAILEY

Life happens.

I get it.

It’s hard enough to make the bill payments each month, much less to think about the future and trying to make things financially better. Frustration easily sets in because you want to feel more secure about your finances, but at the same time you simply don’t have enough money to invest. I believe that money is possible for everyone and with a few simple steps you can start freeing up cash to be able to invest in your future wealthy self.

If you feel like you never have enough money to invest, realize that the change starts within you. The change begins when you change how you look at money. Once you understand that money is a tool, much like a hammer is used to drive in nails, money is used to achieve the financial goals that you have for yourself.

So how exactly do you unlock the true potential of your money? When you decide to take control of your finances and direct money to its rightful purpose then you unlock the true potential of money.

Have you ever heard of the term pay yourself first? It is important that you find money from your salary to invest in yourself, just as you would pay any other expense, such as your utilities, groceries etc. Once you have cash, you will find a reason to spend, as expenses will always surface, especially now with the spike in prices resulting from inflation.

Here’s my golden rule:

50% of your income is the maximum for NEEDS (bills & utilities)

30% of your income is the maximum for WANTS (splurges and fantasy items)

20% of your income is the minimum to Savings + Investments

Here are some additional tips to support paying yourself first:

  1. Set up an automatic salary deduction to transfer money to an investment account monthly.
  2. Create a monthly budget to ensure you always have some money to invest. If you see where your expenses exceed your income, then that is a red flag and needs urgent attention. To correct this problem, see where expenses can be cut, so that you can find money in your budget for investing. Remember, we do not work to live just for today. There will come a day when you no longer receive a monthly salary, and that is when the investments that you made become even more important, by allowing you to live a quality life.
  3. Just start! These are two very powerful words, even if $100 is all you have to start; it is still a step in the right direction. As the saying goes, something is always better than nothing at all. Additionally, you will be quite surprised at what $100 can become when it is being invested consistently into the right type of investment over time.

I believe in your future wealthy self. I see you accomplishing all your financial goals and being secure in your personal finances.

 

Newsletter Signup

Stay in the loop with exclusive news, stories, and insights—delivered straight to your inbox. No fluff, just real content that matters. Sign up today!

Written By

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending

In today’s political landscape, anthem-booing has become yet another weapon for the terminally outraged

News & Views

Sundé Social; A perfectly orchestrated symphony of the senses, a truly unforgettable evening at Stackt Market

News & Views

GhostGPT: The new threat in cybercrime

Junior Contributors

Studies show that children’s brains respond more effectively to new learning experiences

Junior Contributors

Newsletter Signup

Stay in the loop with exclusive news, stories, and insights—delivered straight to your inbox. No fluff, just real content that matters. Sign up today!

Legal Disclaimer: The Toronto Caribbean Newspaper, its officers, and employees will not be held responsible for any loss, damages, or expenses resulting from advertisements, including, without limitation, claims or suits regarding liability, violation of privacy rights, copyright infringement, or plagiarism. Content Disclaimer: The statements, opinions, and viewpoints expressed by the writers are their own and do not necessarily reflect the opinions or views of Toronto Caribbean News Inc. Toronto Caribbean News Inc. assumes no responsibility or liability for claims, statements, opinions, or views, written or reported by its contributing writers, including product or service information that is advertised. Copyright © 2025 Toronto Caribbean News Inc.

Connect
Newsletter Signup

Stay in the loop with exclusive news, stories, and insights—delivered straight to your inbox. No fluff, just real content that matters. Sign up today!