Pay Yourself First: The Key to Wealth and Weight Loss
How would you like to increase your net worth dramatically this year?
And....how would you like to trim down and get in your best shape ever this year?
Interested? I thought so. Most of us would like to do both.
One of the oldest, most hallowed recommendations for investing and increasing your net worth - even to the point that you can become financially secure and independent - is to "pay yourself first".
This one principle is so important, it's biblical in nature.
The idea is to invest in yourself first, before you pay the first bill. Take money right off the top and put it into some sort of savings or investment account. Even better, set this up to be automatic.
Then, the power of compound interest will work its magic for you. And, over time, your initially modest monthly savings will grow and grow into a substantial amount.
The same principle can also help you if you wish to enhance your health and fitness.
In one of the newsletters I read, a contributing physician discussed a study that was done by Ohio State University's Center for Human Resources.
They found that significant decreases in weight are associated with significant increases in wealth. For example, people who shed 50 or more pounds saw an increase in wealth of $10,000. (Not sure whether this was an increase in income or net worth.)
The researchers made the point that workplace discrimination against obese or overweight people is the cause. And I'm sure that's part of it.
But I don't think that's the entire reason. There are plenty of pleasingly plump, overweight and obese people around these days. In fact, 60% of the population in this country is overweight or obese. So working with an overweight person is pretty common.
Here's another possible explanation:
I would venture to guess that the people they surveyed in the study felt entirely different after they lost all that weight. Not only did they feel better about themselves, they probably had more energy AND more confidence.
Significant weight loss is not just about losing weight, leaning out and looking better. The more important benefits are the intangible ones: the way you feel about yourself…the increased energy…the feeling of wellbeing when you do something good for yourself.Continued on the next page