<description>&lt;p&gt;&lt;strong&gt;You've heard the adage, "Pay yourself first." So, why is that bad advice?&lt;/strong&gt;&lt;/p&gt;&lt;p&gt;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.&lt;/p&gt;&lt;p&gt;&lt;strong&gt;Topics Covered:&lt;/strong&gt;&lt;/p&gt;&lt;ul&gt;&lt;li&gt;00:00 Introduction: Busting the Myth of 'Pay Yourself First' &lt;/li&gt;&lt;li&gt;00:12 What Does 'Pay Yourself First' Really Mean? &lt;/li&gt;&lt;li&gt;01:33 The Reality of Paying Yourself First &lt;/li&gt;&lt;li&gt;03:07 A New Approach: Paying Yourself in Three Ways &lt;/li&gt;&lt;li&gt;04:39 Why This New Approach Works &lt;/li&gt;&lt;li&gt;06:43 Conclusion and Upcoming Episodes&lt;/li&gt;&lt;/ul&gt;&lt;br/&gt;&lt;p&gt;&lt;strong&gt;Follow us:&lt;/strong&gt;&lt;/p&gt;&lt;ul&gt;&lt;li&gt;&lt;a href="https://www.instagram.com/queermoneypodcast/" rel="noopener noreferrer" target="_blank"&gt;Queer Money Instagram&lt;/a&gt;&lt;/li&gt;&lt;li&gt;&lt;a href="https://www.youtube.com/channel/UCCs5KTfEmEQlAPr8v9sPzbQ?sub_confirmation=1" rel="noopener noreferrer" target="_blank"&gt;Queer Money YouTube&lt;/a&gt;&lt;/li&gt;&lt;li&gt;&lt;a href="https://www.tiktok.com/@queermoneypod" rel="noopener noreferrer" target="_blank"&gt;Queer Money on Tiktok&lt;/a&gt;&lt;/li&gt;&lt;li&gt;&lt;a href="https://www.linkedin.com/in/john-auten-schneider-0851061b/" rel="noopener noreferrer" target="_blank"&gt;&lt;strong&gt;&lt;em&gt;Connect with John on LinkedIn&lt;/em&gt;&lt;/strong&gt;&lt;/a&gt;&lt;/li&gt;&lt;li&gt;&lt;a href="https://www.linkedin.com/in/david-auten-schneider-b7a6039/" rel="noopener noreferrer" target="_blank"&gt;&lt;strong&gt;&lt;em&gt;Connect with David on LinkedIn&lt;/em&gt;&lt;/strong&gt;&lt;/a&gt;&lt;/li&gt;&lt;/ul&gt;&lt;br/&gt;&lt;p&gt;Mentioned in this episode:&lt;/p&gt;&lt;p&gt;&lt;strong&gt;Subscribe to the Queer Money Weekly Newsletter&lt;/strong&gt;&lt;/p&gt;&lt;p&gt;Subscribe here to get weekly money tips, show notes, Queer Money take-aways, give-aways, access to events and more.&lt;/p&gt;&lt;p&gt;&lt;a href="https://queer-money.captivate.fm/newsletter"&gt;Subscribe to the Queer Money weekly newsletter&lt;/a&gt;&lt;/p&gt;</description>

Queer Money®: How Gay People Do Money

Queer Money

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

NOV 19, 20247 MIN
Queer Money®: How Gay People Do Money

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

NOV 19, 20247 MIN

Description

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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