Feb 9, 2017
Pattie's financial tip of the day: Become wealthy automatically
If you want to create wealth – automate your life. Have money come right out of your account before you have any time to think about it, or worse, spend it.
We have totally automated our financial lives. Bill payments come directly out of our account. Investment money goes bi-weekly into our portfolio and virtual calendars remind us when our insurance and taxes are coming due. There is really no excuse in today’s automated environment to have a missed bill payment, late tax instalment or to not tuck a little away for a rainy day.
Look into programs and apps that will automate your investing habits and start building a savings that’s more interesting than the typical savings account. For example, there are apps that allow you to take the “round-up” money from each debit-card purchase you make and automatically invest it into your online portfolio. That means for every $3.75 latte you purchase, $0.25 is automatically plunked into your portfolio without even having to think about it.
Mindless automated savings.
No one becomes an automatic millionaire. It is hard work but when you automate your processes it sure takes the temptation and guess work out of the equation.
CTV's Chief Financial Commentator Pattie Lovett-Reid offers a financial tip of the day during the month of February for Your Money Month.
