Strategies Tagged: "Wealth building"

The "Pay Yourself First" principle is a cornerstone of personal finance. It means allocating a portion of your income to savings or investments before you pay any other bills or make discretionary purchases. Essentially, you treat your future self as your most important creditor.

This strategy emphasizes the importance of beginning to invest as early as possible, even with small amounts, to take full advantage of compound interest. Compound interest is interest earned on both the initial principal and the accumulated interest.