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Automate your savings and investments from "summary" of Manage Your Money Like a F*cking Grown-Up by Sam Beckbessinger
One of the most effective ways to build wealth over time is to set up automatic transfers from your checking account to your savings and investment accounts. By automating your savings and investments, you remove the temptation to spend that money before putting it away for the future. This simple strategy takes the guesswork out of saving and ensures that you consistently set aside money for your financial goals. Setting up automatic transfers is easy to do and can be done through your bank's online banking platform. Simply decide how much you want to save or invest each month, choose the accounts you want the money to go into, and set up a recurring transfer. Once it's set up, you can sit back and watch your savings grow without having to lift a finger. Automating your savings and investments also helps you take advantage of the power of compounding. By consistently saving and investing over time, you can benefit from the growth of your money as it earns interest or returns in the market. This compounding effect can significantly increase the value of your savings and investments over the long term, allowing you to reach your financial goals faster. In addition to helping you build wealth, automating your savings and investments can also help you develop good financial habits. By making saving and investing a regular part of your routine, you train yourself to prioritize your financial future and make it a priority. Over time, this can lead to a mindset shift where saving and investing become second nature, making it easier to reach your financial goals.- Automating your savings and investments is a simple yet powerful strategy for building wealth and achieving financial success. By setting up automatic transfers, you can take the guesswork out of saving, benefit from the power of compounding, and develop good financial habits that will serve you well in the long run. So go ahead and automate your savings and investments today – your future self will thank you for it.
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