Automatic Millionaire

Automatic Millionare

I recently read a book called Automatic Millionaire. It was all truth and well experienced facts. I realize that is very easy to become a millionaire and it
is possible. It is not a one-night activity. If you want to become a millionaire in a day, then you need to inherit or you need to win a lottery... However your chance of becoming one that route is very less. Probability is very less to win a lottery.

But, there is definitely a slow and steady way for meeting our financial needs and dreams. To achieve our goals on the road and also live life happy during
our retirement.

Making the saving and investing AUTOMATIC is the key way and best way to become an automatic millionaire.

Here are some quick pointers for doing things automatic...

1) Pay yourself first: If you are going to wait for the left-over money for saving, after you pay your bills, it is going to be difficult to save.
You won't find money to save and you will keep worrying that there is no money for saving. and you will keep worrying that you are living paycheck-to-paycheck. You have to cut a check or make arrangements for automatic debit from your checking account, like a bill payment - for saving money.

That is the best way of limiting your spending and paying yourself for the hardwork you are doing.

2) Spend Less and Save More: Be conscious about what you are spending. This can be achieved by budgeting and becoming conscious about your long-term and short-term goals.

3) Make saving automatic: Have the money, even little money like $50 go automatically from your checking account to savings and investment accounts, without your knowledge. This will make sure you have less money to spend and this will set expectations very well.

4) Make the money do the magically compounded and grow your nest egg: Let the money work for you, while you work on some other things. If you make your money under your control and treat as a servant, he will be a best servant and work for you very hard. If you keep pushing in small amounts of money periodically and diversify the investments in appropriate accounts after proper research, you will have a huge nest egg, in your retirement times. That is going to be real financial freedom. We will talk about nest eggs later, but for now - this is the gist of becoming automatic millionaire.