Pay Yourself First Before ‘The Eagle Flies on Friday’
By Michael Poppen
These days, most of us receive our wages biweekly, but decades ago employees were paid on a weekly basis.
At that time, there was no Friday direct deposit. Before credit and debits cards, one would grab whatever cash was needed for a weekend of fun.
In fact, a popular turn of phrase in the 1940s and ’50s was, “The eagle flies on Friday!” This meant when things started hopping at the local joint, those coins and dollar bills (with minted eagles) would be trading hands quickly.
Some things never change.
Today, like years ago, after a productive week, we’re ready for a night on the town! Although credit and debit cards have become the chosen means of payment, ordering some cocktails and perhaps a romantic dinner is still going to cost some coin.
Pay yourself first
Just remember, before you let those “eagles fly” on the weekend, pay yourself first.
Typically, it’s best practice to salt some money away for personal savings, retirement, debt or any other financial objective.
An individual’s or family’s savings should equal that of three to six months of income to accommodate any emergency or contingency. A good rule of thumb for retirement is to set aside a minimum of 10% of your income.
And of course, it ideally makes the most sense to reduce or eliminate the debt that carries the highest interest.
Please check out the song “Stormy Monday,” by T-Bone Walker, for a bluesy reference, and have a great summer!
For a no-obligation consultation, contact Dupaco Financial Services at 800-373-7600, ext. 2305.
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