Why Pay Yourself First Is Horrible Advice | Queer Money Ep. 560

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11d ago 7:24

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You've heard the adage, "Pay yourself first." So, why is that bad advice?

In Queer Money episode 560, hosts John and David debunk the traditional 'pay yourself first' advice and provide a comprehensive approach to managing finances tailored for the LGBTQ+ community. They explain the importance of prioritizing savings and retirement accounts before spending on discretionary items. The episode introduces a new strategy of allocating funds to your future self, past self, and present self in that order. This approach aims to enhance financial well-being and ensure long-term financial security while still enjoying present-day pleasures.

Topics Covered:

00:00 Introduction: Busting the Myth of 'Pay Yourself First'
00:12 What Does 'Pay Yourself First' Really Mean?
01:33 The Reality of Paying Yourself First
03:07 A New Approach: Paying Yourself in Three Ways
04:39 Why This New Approach Works
06:43 Conclusion and Upcoming Episodes

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