Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

Pay Yourself First, Avoid Going Broke

12 Dec 2024 · 1 min

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Richard Canfield and a co-host explain why you should pay yourself first to avoid financial trouble. They cite R. Nelson Nash's rule: invest only in what you deeply understand. Nash, trained as a forester, stuck to land and forestry investments.

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I always tell my clients, pay yourself first before you pay anybody, before you pay your mortgage, before you pay your rent, before you pay the IRS or the cra. Pay yourself first, because if you pay yourself first, you'll never go broke.
It reminds me, when you talk about investor DNA, of something that the late R. Nelson Nash would say, and he said that an investment was only, or should only be in something you know a great deal about. Everything else, he would repeat, everything else is speculation. That's why he invested in land and forestry, and because he was trained as a forester, he understood the dynamics of real estate and land in the path of development, something that he was willing to wait long time frames.