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here is the story about how I went from being a broke guy in my early 20s to a millionaire by 30.

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Summary

Achieving financial freedom often seems like a complex puzzle, but sometimes, a simple shift in approach can lead to profound results. In a compelling video, a former army serviceman shares how adopting the principle of “paying yourself first” revolutionized his financial trajectory, leading him from modest beginnings to owning multiple properties and amassing a net worth of $8 million. This article delves into the insights from his journey, exploring how prioritizing your future self can be the cornerstone of wealth building.

The video narrates the transformative journey of a young man from the northeast of England who, at 24, faced a crossroads as he approached the end of his army career. Despite being debt-free and owning a car, he realized his financial growth was stagnant. During a posting in the Falkland Islands, he discovered George S. Clason’s classic book, The Richest Man in Babylon. The book’s central tenet, “pay yourself first,” became the catalyst for his financial metamorphosis. By consistently allocating a portion of his income to investments before addressing other expenses, he set the foundation for accumulating substantial wealth over time. Wealest Personal Banking

Deep-Dive Breakdown with Added Insights

Understanding ‘Pay Yourself First’

The principle of “paying yourself first” entails prioritizing savings and investments by allocating a specific portion of your income to them before addressing any other expenses. This proactive approach ensures that wealth accumulation becomes a non-negotiable part of your financial routine. As highlighted in The Richest Man in Babylon, setting aside at least 10% of your earnings can significantly impact your financial future.

Why It Matters

By consistently saving a portion of your income, you create a financial buffer and enable your money to grow through investments, leading to long-term financial security and independence.

Additional Resources & Insights

Automating Savings: Setting up automatic transfers to your savings or investment accounts can help enforce the discipline of paying yourself first. This method reduces the temptation to skip contributions and ensures consistency. wellsfargo.com
Budgeting Methods: Incorporating budgeting strategies like the 80/20 rule, where 20% of income is allocated to savings and 80% to expenses, can simplify financial planning and ensure savings are prioritized.

Implementing the Principle in Daily Life

Adopting the “pay yourself first” strategy requires intentional adjustments to your financial habits. Begin by assessing your income and determining a fixed percentage to allocate towards savings and investments before addressing other expenditures.

Why It Matters

Integrating this practice into your routine ensures that wealth accumulation becomes a priority, paving the way for financial growth and stability.

Additional Resources & Insights

Financial Education: Investing time in understanding personal finance through books, courses, and seminars can enhance your money management skills and decision-making.
Seeking Professional Advice: Consulting with financial advisors can provide personalized strategies tailored to your financial goals and circumstances.

Overcoming Common Challenges

While the concept is straightforward, implementing it can be challenging due to existing financial commitments and spending habits. It’s essential to start with manageable amounts and gradually increase savings as you adjust your budget.

Why It Matters

Addressing and overcoming these challenges is crucial to ensure the sustainability of the “pay yourself first” approach and to achieve long-term financial success.

Additional Resources & Insights

Mindful Spending: Regularly reviewing and adjusting your spending habits can free up more funds for savings. Identifying and cutting unnecessary expenses can significantly boost your savings rate.
Emergency Funds: Building an emergency fund can prevent the need to dip into your savings for unforeseen expenses, thereby protecting your wealth-building efforts. wellsfargo.com

Practical Application: Action Steps

Set a Savings Goal: Determine a specific percentage of your income to allocate towards savings and investments. Starting with 10% is a common recommendation.
Automate Transfers: Arrange for automatic transfers of the predetermined amount to your savings or investment accounts each time you receive your paycheck.
Review and Adjust: Periodically assess your financial situation and adjust your savings rate as your income and expenses change.
Educate Yourself: Invest time in learning about different investment vehicles and strategies to make informed decisions about where to allocate your savings.
Monitor Progress: Regularly track your savings and investment growth to stay motivated and make necessary adjustments to your financial plan.

Relevant Tools & Resources

Books: The Richest Man in Babylon by George S. Clason – A classic that introduces fundamental principles of personal finance.
Budgeting Apps: Tools like Mint or YNAB (You Need A Budget) can help track expenses and ensure you adhere to your savings plan.
Financial Advisors: Professional guidance can provide personalized strategies and insights tailored to your financial goals.

Conclusion & Call-to-Action

Embracing the “pay yourself first” principle is a transformative step towards financial empowerment. By prioritizing your future self through consistent savings and informed investments, you lay the groundwork for lasting wealth and security. Begin today by assessing your finances, setting clear savings goals, and committing to this proactive approach. For more insights and strategies on financial growth and personal development, consider subscribing to MillionaireFuel’s newsletter and exploring our curated content designed to fuel your journey to financial independence.

Transcript

This is me aged 17, an average bloke from the north east of England trying to figure out how to one day afford a house. Fast forward to today, I’ve grown a beard, have 4 mortgage free properties and have a total net worth of 8 million dollars. Not bad for a guy who started working life in Asda.

But believe it or not, all my financial success can boil down to just one simple change I made in my 20s. And it’s something I have never talked about here on YouTube. In this video, I want to share with you the key moment that financially transformed my life forever and got me out of the day-to-day rat race.

And it all starts with some wise words from a man called George. I know the human being and fish can co-exist peacefully. No, not that George. In fact, it’s probably better I give you more context.

This is me at age 24. I have a few small investments, some stocks and a couple of hundred dollars in a savings account. Nothing to massively ride home about. I was coming to the end of my army career and I was at a crossroads, not knowing which way to go.

On the left, I had a normal day-to-day job and on the right, a completely new venture and career. Whichever way I went, the only thing I knew is when I left the army, I wanted to be rich. I wanted to be more successful than the George Foreman Grill.

My last military posting was to the Falkland Islands, a strange, cold, wet windy place where the trees literally grow sideways. It’s a place nobody really wants to go to. I think even the penguins there hate it. But little did I know, this would be the foundation, the key, the starting block that would change my life forever.

Now there’s a phrase in the British Army that when you are sent to the Falkland Islands, you have two options. You either get fat or get fit. Now I did go to the gym once or twice, but I also had a few beers in a very strange place called Stanley.

I didn’t find the athletic fitness I was promised, nor the current state of my fatness. But I did find the truth about how to get rich.

All thanks to that guy called George. Not that George either. To add some more context, back home, I did have a decent car, the latest Forn, and enjoyed my weekends. But I wasn’t reckless.

I was never in credit card debt and seldomly in my overdraft. But for some reason, I wasn’t getting any richer. As fate would have it, in the Falklands on April the 10th, 2010, whilst waiting to be told off for enjoying tourganite too much, I stumbled on a 100 year old book from a man called George S.

Clayson. And I’m not joking when I say this book literally changed my life. Now before we get into the simple three word message from this book, I want you to understand and acknowledge something. When you go online and you buy something, let’s say on Amazon, we’re all okay with paying in advance for it, right?

You pop in your little credit card details and then a few days later, a CD signed by Boy George magically turns up at your door like it’s normal. It is normal, but it’s not normal to do this with your finances for some illogical reason. The book in question was about a fictional character called Arkad, who I personally could really relate to, and I’m pretty sure you could too.

He was just like me. He was neither rich nor poor. He just had dreams of one day becoming ultra wealthy. He was willing to learn and work hard and put in the extra graft to get to his dreams of being financially successful.

He just didn’t know how to get there. One day, a rich man visits him at his work and they strike a deal that the rich man will educate him how to become ultra rich. Eventually, through the lessons and the teaching, Arkad becomes the richest man in the ancient city of Babylon, just because of three words, pay yourself first.

As I started reading this book, I have to be honest, I felt pretty damn good. I’d been paying myself. I had my car paid off. I didn’t have loans or debt.

I didn’t overspend my salary. All my bills were paid for, but as I continued to read the book, I realized I was a fool. I didn’t understand the message from this great book. In fact, I was completely…

wrong. The message from this book should actually be pay your future self first because the car I had at home, my new clothes or anything that doesn’t compound or generate its own form of value or dividend was just a waste of my own income. The message was that before I buy food, clothes or any expensive George Clooney coffee, I should first invest in my future self.

That way I am truly putting my own finances as a priority and in turn setting myself up to become richer every single month. Guaranteed. I mean think about it. You pay a company like Netflix to provide you a service.

You’re in essence putting your money, your hard-earned cash into the hands of a CEO you’re never gonna meet or know and you’re willing to do that first before you pay your future self. It doesn’t make sense. I realized that by setting up my investments first, I will be richer as time passes and as time did pass the bills took care of themselves But I do implore you to go and read the book The Richest Man in Babylon because as I’ve been doing my one-on-one calls with my audience, I’ve realized this foundation level, this key to financial success is missing.

But I have to be ultra clear as well. Just doing this alone will not guarantee you financial success. You have to pair it with another money skill that is utterly vital. It’s a skill that only takes three weeks to master and it will skyrocket your wealth to be bigger than George Lucas’s Death Star.

So make sure you watch this video next to put your finances into a galaxy far far away. Right, that’s enough of Georges. I’ll see you later.