Automate your savings and investments from "summary" of MONEY Master the Game by Tony Robbins
The key to building wealth is to make saving and investing as effortless as possible. One of the most powerful ways to do this is to automate your savings and investments. By setting up automatic transfers from your checking account to your savings or investment accounts, you remove the temptation to spend that money instead.
When you automate your savings and investments, you are essentially paying yourself first. This means that before any other bills or expenses are paid, a portion of your income is set aside for your future financial goals. By making saving and investing a priority, you are more likely to reach your financial objectives over time.
Automating your savings and investments also helps you take advantage of the power of compound interest. By consistently saving and investing over the long term, your money has the opportunity to grow exponentially. This can lead to significant wealth accumulation over time, even if you are starting with small amounts.
In addition to the benefits of compound interest, automating your savings and investments can help you avoid emotional decision-making. When you have a set amount of money automatically transferred to your investment accounts each month, you are less likely to react impulsively to market fluctuations. This can help you stay the course and stick to your long-term investment strategy.
By setting up automatic transfers for your savings and investments, you are creating a habit of financial discipline. Over time, this habit can lead to significant financial security and freedom. So take the first step towards building wealth by automating your savings and investments today.
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