Based on my own conversations with wealthy individuals regarding the arrangement of their estates, I have gathered that the process of building wealth is best done when the strategy is put on semi-autopilot, and I am outlining that process below:
First, you create a bank account for your investments that is separate from your bank account that is used to meet daily expenses. Your primary bank account takes on the function of a working capital account. It is used to pay your utility bills, car payments, food purchases, mortgage, and the other needs and wants of life.
Second, you allocate a portion of your disposable income to get transferred from your primary working capital account (where your primary career income is deposited) into this second bank account that you created.
Third, you deduct a certain amount to invest each month that is less than the amount being added to your … Read the rest of this article!