Thursday, 22 September 2011

The First Pillar “Pay Yourself First”

"The chains of habit are too weak to be felt until they are too strong to be broken” 
Samuel Johnson

Simple words. Powerful actions. Teach your children how to invest in themselves and build a habit that will pay off for years to come. 

It will teach them how to:
  • Save and build the saving habit. 
  • Acquire the skill of living within their means. 
  • Build wealth - getting their money working for them. 
  • Become self-confident in handling money. 
  • Invest in their future. 

How to get them started

Help set them up:  At the bank have them set up two savings accounts, one that holds their regular saving and a second one to hold their "Pay Myself First" money. 

Help them build the habit:  Give them an incentive to get started and keep going! For young ones, give a reward. For teens and young adults match the amount they put in their “Pay Myself First Account” for the first six months. For young adults give them a lump sum to start off a Tax Free Savings Account (TFSA).

“A year from now you may wish you had started today” Karen Lamb

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