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Automate your savings and investments from "summary" of Start Over, Finish Rich by David Bach
One of the most powerful ways to build wealth over time is to automate your savings and investments. By setting up automatic transfers from your checking account to your savings or investment accounts, you can ensure that you are consistently putting money away for the future without having to think about it. When you automate your savings and investments, you remove the temptation to spend that money on other things. By making saving and investing a priority and setting up automatic transfers, you can take advantage of the power of compounding interest and dollar-cost averaging. Automating your savings and investments also helps you to build a disciplined savings habit. Rather than relying on willpower to save money each month, automatic transfers make it easy to consistently save and invest a portion of your income. Another benefit of automating your savings and investments is that it allows you to take advantage of any employer-sponsored retirement accounts or investment options. By setting up automatic contributions to your 401(k) or other retirement accounts, you can ensure that you are taking full advantage of any employer matching contributions and tax benefits. In addition to setting up automatic transfers to savings and investment accounts, you can also automate your bill payments and debt repayments. By setting up automatic payments for bills and debts, you can avoid late fees and penalties and ensure that you are consistently making progress towards your financial goals.- Automating your savings and investments is a simple and effective way to build wealth over time. By making saving and investing a priority and setting up automatic transfers, you can take the guesswork out of managing your finances and make progress towards your financial goals with minimal effort.
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