Contribute regularly to your retirement accounts from "summary" of The Automatic Millionaire Workbook by David Bach
To become an Automatic Millionaire, you need to make sure you are consistently contributing to your retirement accounts. This means setting up automatic contributions that come out of your paycheck before you even see the money. By doing this, you are paying yourself first and ensuring that you are building your retirement savings without even having to think about it. When you contribute regularly to your retirement accounts, you are taking advantage of compound interest. This means that your money is earning interest on top of interest, allowing your savings to grow exponentially over time. By starting to contribute early and consistently, you are giving yourself the best chance to build a substantial retirement nest egg. It's important to remember that time is your biggest asset when it comes to building wealth. The earlier you start contributing to your retirement accounts, the more time your money has to grow. Even small contributions made consistently over time can add up to a significant amount thanks to the power of compound interest. By automating your contributions, you are also removing the temptation to spend that money elsewhere. When you make saving for retirement a priority and automate the process, you are making sure that your future self is taken care of. It's a simple and effective way to ensure that you are building wealth for the long term without having to rely on willpower or discipline.- Contributing regularly to your retirement accounts is a crucial step in building wealth and securing your financial future. By making saving automatic and consistent, you are setting yourself up for long-term financial success. So take the time to set up automatic contributions today and watch your retirement savings grow over time.
