Stacking Habits The Habit of Paying Yourself First - Joji Davenport | Ep 8
This episode provides an inspiring discussion about developing rock-solid personal finance habits! The guest, Joji Davenport, explains how he was able to save an incredible 75% of his income and reach a net worth over $1 million by age 29. His secret? Paying himself first by automatically transferring savings each month, so the money is out of sight and out of mind. He recommends getting started with small monthly savings, even just $200, to build this crucial habit. Listen in to learn Joe's tactics for playing offense with your finances rather than defense, plus tips for increasing your income through side hustles. You'll leave feeling motivated to take control of your money and work smarter, not harder, towards financial independence.
Takeaways:
- Living well below your means is crucial for building wealth and achieving financial independence.
- Start small with savings if needed, even just $200/month, to build the habit.
- Focus on increasing your income through side hustles rather than obsessively cutting expenses.
- Automating savings and investments can make it easier to stick to your financial goals.
Resources:
- Profit First (book)
- I Will Teach You to Be Rich (book)
- The Psychology of Money (book)
- Mr. Money Mustache (blog post)
- ChooseFI (podcast)
Connect with Joji Davenport:
Learn more at stackinghabits.com or follow our habit adventures on Instagram.