Hello there,
It’s your financial literacy plug, CoachMO.
Last week, we kicked off our series on The 6 Money Commandments with a deep dive into Commandment #1: Know Thyself. I loved hearing from so many of you about your money beliefs and how journaling sparked those “aha” moments. Remember, ignorance is the real root of financial struggles, and self-knowledge is the first step to overcoming it.
This week, we’re building on that foundation with Commandment #2: Pay Thyself First. It’s the principle that turns your earnings into lasting wealth, and it’s especially powerful for those of us without a finance degree, just everyday people like teachers, artists, and entrepreneurs charting a path to abundance.
Let’s pick up where we left off in our tale. Young potter John, armed with the ancient scroll’s wisdom, had begun to know himself. He’d uncovered his spender tendencies, rooted in a childhood of scarcity, and mapped his affordability matrix to see what he could truly handle. But self-awareness alone wasn’t enough; his coins still vanished by the market’s end. One crisp morning, as John fired his kiln, he revisited the scroll under the rising sun. There, etched boldly, was the second commandment: Pay Thyself First. “A portion of all you earn is yours, and only yours to KEEP, more than 10%,” it declared.
John pondered this. In his village, folks paid the landlord, the baker, the tax collector first, everyone but themselves. Money, the scroll reminded him, is more than a medium of exchange or a store of value; it’s a product of the value you create through hard work. Yet, without keeping a share, how could he ever build? The words echoed the deeper truth: “When it comes to financial freedom and money, it is not about how much you MAKE, rather it is all about how much you KEEP. If you don’t retain, you can’t multiply. Stop wanting multiplication when you lack the capacity to retain.”
Inspired, John decided to act. The next time he sold a batch of pots for 100 coins, he didn’t rush to settle debts or splurge on extras. Instead, he set aside 10 coins, his portion, sacred and untouchable, into a hidden clay jar labelled “Future Me.” It felt odd at first, like short-changing others, but the scroll assured him it was self-preservation, not selfishness. This habit, tied to #KnowBeDo (know the principle, understand it, apply it), shifted everything. Over weeks, the jar grew. John’s mindset evolved, too, from seeing money as fleeting to viewing it as seeds for a harvest.
As months passed, John noticed friends trapped in cycles of earning and losing, much like the 78% of professional athletes who face hardship within five years of retirement because they never learned to keep. But John? His retained portion became a buffer against lean times, laying the groundwork for future investments. By paying himself first, he honoured the idea that wealth starts with retention, paving the way for the commandments ahead.
For you, dear reader, this commandment is a game-changer if you’re new to wealth-building. Whether your income comes from a steady job or irregular gigs, automate that 10% (or more) transfer to savings the moment it arrives. It’s not about depriving yourself today; it’s about ensuring abundance tomorrow. As the proverb reminds us: “The rich and the poor have this in common: The Lord made them BOTH.” Wealth isn’t luck. It’s applying principles like this.
Takeaways from CoachMO
- Make It Automatic: Set up direct deposits or app transfers for at least 10% of every paycheck. Treat it like a non-negotiable bill to yourself.
- Start Small if Needed: If 10% feels steep, begin with 5% and build up. The key is consistency to form the habit.
- Link to Self-Knowledge: Use insights from Commandment #1 to determine where your “keep” portion should go: emergency fund? High-yield savings?
- Visualize the Growth: Like John’s jar, track your progress. It motivates and shows how retention leads to multiplication.
- Action Step: This week, calculate 10% of your next income and move it first. Share your wins (or challenges) by replying – let’s support each other!
Next week, we’ll explore Commandment #3: Control Thy Expenditure.
Until then, Pay Thyself First, your future self will thank you!
Until next time,
CoachMO
Your Financial Literacy Plug
