Everything You Need To Know
- You are number 1. You’ll always have yourself around, so you need to look after yourself!
- You need to look after number 1. Biggest reason is that you have to see yourself through. Relying on other people is suboptimal. They may let you down, the rules might change, circumstances might change.
- Looking after number 1 and looking after others are not mutually exclusive. While you are looking after yourself, you can also provide for and look out for the other people in your life – it’s a question of degree and priority.
Everything You Need To Do
- Equip yourself. Obviously we need to know how to look after number 1 in terms of health, and wellness and all the important things. Keep learning – don't settle for a basic grasp. Learn everything you need to.
- If you are in a relationship and your partner all the financial stuff, you are vulnerable.
- Provide for yourself. Follow the order of operations. See the Finance OS podcast season.
- Some money in your own name.
- Don't take out debt in your name for someone else. Avoid lending money to family or friends.
- Prioritise yourself. How you interpret prioritising yourself over your partner will be down to you, but if there’s a choice, I think you should look after Number 1. Just do it thoughtfully and carefully.
- Don't stop or reduce your own pension contribution to put money aside for your children.
- You do not have to contribute to your parents care fees. You can top-up, however, but some local authorities may make this difficult.
- Only then consider others. This is Dave Ramsey's seventh baby step – build wealth and give. Giving to others is a core part of a well-lived life. We just need to decide when and how to give.
