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Automating your savings and investments can help stay on track from "summary" of Playing with FIRE (Financial Independence Retire Early) by Scott Rieckens
Automating your savings and investments is a crucial step in achieving financial independence. By setting up automatic transfers from your checking account to your investment accounts, you ensure that a portion of your income goes towards your future financial goals before you even have a chance to spend it. This not only helps you save consistently over time, but it also removes the temptation to spend that money on unnecessary expenses. When you automate your savings and investments, you create a system that works for you without requiring constant monitoring and decision-making. This can be especially helpful for those who struggle with self-discipline when it comes to managing their finances. By eliminating the need to manually transfer money to your savings and investment accounts, you remove the burden of having to remember to do so each month. Additionally, automating your savings and investments helps you stay on track with your financial goals. It ensures that you are consistently saving and investing towards your future, even when life gets busy or unexpected expenses arise. This can provide peace of mind knowing that you are making progress towards financial independence without having to constantly monitor your accounts.- You create a routine that becomes ingrained in your financial habits. This regularity can help you build wealth more efficiently over time, as you are consistently setting aside money towards your long-term financial goals. In essence, automating your savings and investments sets you up for success by making it easier to stay disciplined and focused on achieving financial independence.
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