Pay Yourself First
I just read an article by Bill Bachrach about a guy whom he says, "fervently believes that if people will pay themselves first—that's all they have to do, over time—they can become millionaires.
"He's written a string of bestsellers, has appeared on Oprah twice, and has a standing appointment with CNN each Thursday morning as their resident expert on personal finances.
"How did this happen? Is it because he knows so much more about financial planning than you do?
"David Bach is the first one to admit that it's not that he knows more than other financial professionals. He's built much of his success on one simple idea: pay yourself first.
"Ever heard that before? Probably a hundred times. So if David's not reinventing the wheel, why are people flocking to him for advice?
"It's because of the way he shows up in the marketplace: 'This is so cool! You can be a millionaire! People make it so complicated, and it doesn't have to be. Simple: Pay yourself first.'
"And Oprah leans forward to say, 'That's incredible, David, tell me more.'
"And he tells her, 'You know how you automatically pay your mortgage, your insurance premiums, your cable bill? You just write those checks without thinking about it or have the amounts automatically deducted from your account. You can set it up so the first one to get paid is you. Isn't that great? Wouldn't you like to get paid before anyone else?'
"And the audience cheers, offering a collective, 'Whoaaa! That would be incredible!'
"David assures them, 'That's how simple this is!'
"By contrast, most advisors show up in the marketplace sighing, 'Pay yourself first. Who hasn't heard that frickin' idea? I'm looking for a new idea . . . lessee here. Lemme tell ya about stretch IRAs, okay?'
"My point is not that 'pay yourself first' is the open sesame of financial planning. It's that the way you present yourself has everything to do with how you're received.
"You've gotta figure out what you're passionate about and then let people know it. Now, I don't mean that you have to jump around and wave your arms. If you watch David on CNN, you'll see that he has an understated enthusiasm. He shows that you can have your own personality, and if you also have conviction, you can produce incredible results."
Bill Bachrach, considered by many top producers to be our industry's foremost interview skills coach, has spoken 4 times at MDRT Annual Meetings, 7 times at the FPA Success Forum, and at MDRT Top of the Table. For more about Bill's Values-Based Selling™ Mastery System, and his other programs visit http://www.bachrachvbs.com