Automate The Millionaire Plan


This entry is part 4 of 8 in the series So You Want To Be A Millionaire

Automate

One of the regular problems with a good plan, is getting it implemented. It is good to put away a portion of your income to a retirement fund. It is good to save. But human nature being as it is, causes the plan to abort, if not before it even gets started, then probably in the very early stages. Most people just don’t have the discipline required to carry out something positive on a regular basis, for extended periods.

The good news is, that in this age we live in, many things can be automated. Automation means that you only need to set things in motion, so that your lack of discipline doesn’t interfere with your sound financial plan. So if you could automate the setting aside of some percentage of your income to go directly into your pension fund, then do it! Once done, you don’t have to manually do it again. Also, you won’t have it in hand to be tempted. If you’re also saving another portion of your salary in some kind of savings account, or mutual fund, then find out how you can automate this process. The chances are that your bank will be able to accomodate this. You just need to ask. Then do it!

Action Plan

+ Check with your financial institution your options for automatically making payments from your account
+ Apply this to your pension and the amount you decided to save

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Related posts:

  1. Build A Reserve Fund
  2. So You Want To Be A Millionaire? – Introduction
  3. Pay Yourself First!
  4. Multiple Income Streams
  5. Give Back To The Community


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