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Automate your savings from "summary" of The Automatic Millionaire by David Bach
When it comes to building wealth, one of the most powerful strategies you can implement is to set up automatic savings. This means that you designate a certain percentage of your income to be automatically transferred into your savings account each month, before you have a chance to spend it on other things. By doing this, you take the decision-making out of the equation and ensure that you are consistently putting money aside for your future. Automation is the key to success when it comes to saving money. It eliminates the need for willpower and discipline, and makes it easy for you to prioritize saving without even thinking about it. When you set up automatic savings, you are essentially paying yourself first, before you pay any of your other bills or expenses. This simple shift in mindset can have a profound impact on your financial well-being over time. Another benefit of automating your savings is that it helps you to build good financial habits. By consistently saving a portion of your income each month, you are reinforcing positive behavior that will serve you well in the long run. Over time, these small contributions can add up to significant savings, allowing you to achieve your financial goals more quickly and easily. In addition to helping you save money, automating your savings can also help you to avoid temptation and impulsive spending. When you have money automatically transferred into your savings account, you are less likely to spend it on unnecessary purchases. This can help you to stay on track with your financial goals and resist the urge to splurge on things that will not bring long-term value to your life.- Automating your savings is a simple and effective way to build wealth over time. By making saving a priority and taking the decision-making out of the equation, you can set yourself up for financial success and achieve your goals faster than you ever thought possible. So take action today and start automating your savings - your future self will thank you for it.
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