4. Making Savings Automatic
Dec 05, 2019Are you a Saver or a Spender? You can only get your spending under control when you are willing to live within your income. Most people don’t and don’t care that they don’t - until it’s too late. When they are denied credit for a new home or car, then they care. By then, however, it’s too late.
You have to make savings automatic. “Pay yourself first” is the number one rule of the entrepreneur and just as important as saving for the future. Hey, sh!t happens and when it does, you have to be ready.
My book delves into this subject in greater depth, but keep your savings stashed at home and not all in one place. You’re not earning enough interest to keep it in a bank right now and a CD will make it costly to access your money in an emergency. Max out your contributions to your self-directed IRA each year. Saving for retirement should begin as soon as you begin to earn money.
If you have trouble saving on your own, treat saving like a bill and have a small percentage taken out of your checking account automatically after every paycheck. Start with one percent and build up to at least ten percent over the next year. The older you get, the larger the percentage should become. As your kids move out, replace what you spent on their phones and other expenses to your retirement savings account.
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