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Create a financial plan from "summary" of The Automatic Millionaire by David Bach
To become an Automatic Millionaire, you need to have a financial plan in place. This plan will serve as your roadmap to financial success, guiding you towards your goals and helping you make sound decisions with your money. Your financial plan should outline your short-term and long-term financial goals, as well as the steps you need to take to achieve them. This could include saving a certain percentage of your income each month, paying off debt, investing in the stock market, or purchasing a home. When creating your financial plan, it is important to be specific about your goals and realistic about what it will take to reach them. You should also take into account any potential obstacles or challenges that may arise along the way, and have a plan in place to overcome them. One key element of a successful financial plan is automation. By setting up automatic transfers from your checking account to your savings or investment accounts, you can ensure that you are consistently saving and investing without having to think about it. In addition to automation, your financial plan should also include regular check-ins to track your progress and make any necessary adjustments. This will help you stay on course and make sure that you are always working towards your financial goals. Remember, creating a financial plan is just the first step. The key to becoming an Automatic Millionaire is taking action and sticking to your plan over the long term. By following through on your commitments and staying disciplined with your finances, you can achieve financial success and build wealth over time.
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