Pay Yourself First
Written By:  Steven J. Logwood

Performed By:  Keith Holland & Steven J. Logwood

Program Producer:  Keith Holland & Steven J. Logwood
Program Executive Producer:  Steven J. Logwood
 

Financial Education Song Concepts
PERSONAL FINANCE

FICO THE DOC (Credit Scoring)

The Bounce (Balancing Checkbooks)

For A Sunny Day (Saving)

When You Get There (Retirement)

Make It Grow (Investments)

Wall Street Soul (Stocks and Bonds)

For A Rainy Day (Insurance)

The Family Plan (Budgeting)

Career Cool (Employment Plan)

BUSINESS FINANCE

Hip Hop O Nomics (Macro/Micro Economics)

Hip Hop Wall Street (Stocks and Bonds)

The Rhythm of Debit and Credit

Part I - In the Red (Loss)

Part II - In the Black (Profit)

The Balance Sheet

Penny Saved

is a

Penny Earned

Pay Yourself First
 

Intro

If You Love Yourself – Pay Yourself First

A Penny Saved is a Penny Earned

Chorus 1

Jing-a-ling-ka-ching - America Saves - You've got to put some away for the rainy days

You're feeling all your bills – because they've got to be paid

No more money to burn – But you've got to learn to– Pay Yourself First

Verse 1 – Why Save

I can think of many things - There are so many things that I'd like to own

I really need a brand new car and maybe someday, I could buy a home

There's college for the kids - a comfortable retirement

That's why I've got to pay myself before all the money is spent

Now I'm not trying to be the guy who has to spends every single dollar he makes

I'm saving for my future – Yo – so that I can see a brighter day

What if I suddenly lose my job - or get sick unexpectedly

You know stuff happens in real life and I want to be prepared as I can be

Verse 2 – Overview of Saving/ Savings Tips

Some people believe that to save you have to earn a bunch of money

But that's not true, even small amounts can get you started

Five dollars a day grows to seventy K in thirty years

It can really adds up – so why not get yourself in savings gear

Before you pay your bills - before that monthly purchase - Have your savings deducted from your paycheck

You will see your money grow, and improve your living standard - Keep it steady because saving is financial planning

Chorus

Breakdown Verse 3 - Savings Action Plan

A savings plan is an action plan for a better future and can actually help you manage your money better

Even small savings payments can grow over time

That's because banks or other financial institutions

Will pay you compounding daily interest for keeping your money on deposit with them

With daily compounding interest accounts you'll earn a little bit of money every day

and you'll also earn money on the previously paid interest in addition to the money you deposit into your account.

Be sure to shop around for an account that best suits your needs and offers a competitive annual percentage yield.

You can also invest your money in options such as stocks, bonds, mutual funds, or even in a small business.  

When considering savings and investment options think about how much money you want to accumulate over a certain period of time?  How long you can leave your money invested?  And, how you feel about risking your money?

Generally the more risk you take, the more interest or dividends you'll earn and the quicker you'll reach your savings goal.  While savings accounts may pay a lower rate than other investment options, they are guaranteed by the FDIC or the National Credit Union Administration up to the standard maximum deposit insurance amount

That makes savings accounts less risky and you'll also have immediate access to the funds in your savings account.