In the context of establishing a sizable savings balance, the concept of "pay yourself first" suggests that you:
A) use a substantial amount from your savings account for charitable purposes every month.
B) have a predetermined amount from each paycheck automatically deposited into your savings account.
C) invest a major part of your paycheck in one specific financial security rather than investing in a diversified financial portfolio.
D) make discretionary and nondiscretionary payments prior to investing in financial securities.

Question

Quizplus · Accepted Answer

The "pay yourself first" strategy involves automatically saving a predetermined amount from each paycheck before spending on anything else, ensuring consistent savings growth.

In the Context of Establishing a Sizable Savings Balance, the Concept