Paying Yourself First Sounds Crazy!!!

[Anthony Winston III]

In the past few months I've read numerous real estate investing books. It all started with Rich Dad, Poor Dad. One concept that was discussed, in other books as well, was pay yourself first. I would be considered a high earner but I ALWAYS pay my bills first before I pay myself (I own an Engineering firm). So far I've incorporated and registered my own real estate investment company and I'm trying to come up with the downpayment on my first multifamily property (4-6 units). Most properties go for about $700k - $800k. I want to self fund the downpayment on my first deal so that I can prove myself before approaching private investors (I've owned 2 single family rentals but recently sold). Is my point of view totally wrong? Is there something I'm missing? Am I taking the long road to my goal by not paying myself first? I know once I get my first multifamily property, things will take off since I'm constantly consuming information on the subject but I just need to put it into action!

[Mike Dymski]

Paying yourself first simply means to take your earnings and set aside some saving before spending any of it.  If someone does that, they will naturally have to reign in their spending to fit what's left.  Most people spend everything they earn regardless of how much they earn.