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Set up automatic investment contributions from "summary" of The Smartest Investment Book You'll Ever Read by Daniel R. Solin
Setting up automatic investment contributions is a simple and effective way to consistently grow your investment portfolio. By automating your contributions, you remove the need to manually transfer money into your investment accounts each month. This not only saves you time and effort but also ensures that you are consistently investing a set amount of money on a regular basis. Moreover, automatic contributions help you avoid the temptation of spending that money elsewhere. When you have money automatically deducted from your paycheck or bank account, you are less likely to miss it or spend it on unnecessary expenses. This disciplined approach to investing can help you stay on track towards your financial goals and build wealth over time. In addition, setting up automatic investment contributions allows you to take advantage of dollar-cost averaging. This strategy involves investing a fixed amount of money at regular intervals, regardless of market fluctuations. By consistently investing over time, you can reduce the impact of market volatility on your portfolio and potentially benefit from lower average costs per share. Furthermore, automatic contributions can help you take advantage of compound interest. By consistently investing over time, you can benefit from the exponential growth of your investments. The earlier you start investing and the more consistent you are with your contributions, the more you can benefit from compound interest and grow your wealth over time.- Setting up automatic investment contributions is a simple yet powerful strategy for building wealth and achieving your financial goals. By automating your contributions, you can save time, avoid the temptation of spending money elsewhere, take advantage of dollar-cost averaging, and benefit from compound interest. Start automating your contributions today and watch your investments grow over time.
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