According to self-made millionaire David Bach, getting rich boils down to paying yourself first.
More specifically, he advises you save the equivalent of one hour's worth of income each day, he writes in "The Automatic Millionaire": "If you're not saving that much of your income right now, you are working too much for others and not enough for yourself."
How many hours are you actually working for yourself? Fill in the blanks of Bach's formula to find out:
Last week, I worked a total of ____ hours.
I earn $____ an hour (before taxes).
Last week, I put aside $____ for my retirement.
So last week, I worked ____ hours for myself.
Bach breaks down his formula: "To figure out how many hours you worked for yourself last week, you first need to ask yourself how much money you saved last week. If your answer is zero, then you worked zero hours for yourself last week.
"If, however, you did save something last week, then divide the amount of money you put aside for your retirement last week by your hourly income."