The Automatic Wealth Building Habit

The Automatic Wealth Building Habit



The Automatic Wealth Building Habit
Can you really build wealth automatically?
The answer is​ yes...you just need to​ acquire a​ new wealth building habit.
You are going to​ love this habit because you do not even have to​ remember it....a banking computer remembers the​ habit for​ you! How is​ that possible? Read on and​ you will soon see.
Here is​ how the​ automatic wealth building habit works .​
It is​ based on the​ miracle of​ compounding interest and​ the​ amazing banking technology that is​ available to​ virtually all of​ us today.
Step 1
If you do not have a​ bank account with Bill Pay go to​ a​ bank that has it​ and​ open a​ new account .​
Ask them how many checks can be sent per month, can it​ be managed via the​ internet, what are the​ costs .​
Many banks now offer this service for​ free as​ a​ promotion to​ get more customers.
Step 2
Decide who it​ is​ that you want to​ help build wealth .​
Yourself, your child, a​ grandchild, or​ even a​ friend .​
This habit also works for​ building spiritual wealth...more on that later.
Step 3
After you open the​ account you now have the​ ability to​ select any amount of​ money that you want sent to​ any person or​ organization and​ at​ almost any time interval .​
Some banks even offer an​ unlimited amount of​ bills that can be sent .​
The banks will then mail checks at​ regular intervals to​ the​ people or​ organizations you have designated...you do not have to​ do anything.
The real power of​ this habit is​ that you are not going to​ be sending bills in​ most cases...you will be sending wealth building payments....automatically!
OK, before we get to​ step 4 let's look at​ the​ amazing power of​ compounding interest to​ see how much wealth can be built over time with this habit.
Here is​ an​ example of​ how much wealth you could build by having your billpay send just $50 per month into an​ account (mutual fund, IRA, etc) that has a​ 5% yield.
1 Year = $615
5 Years = $3,400
10 Years = $7,764
25 years = $29,775
You can learn more about compounding interest by doing a​ Google search on the​ internet .​
Obviously the​ amount of​ wealth you can build varies with the​ amounts and​ frequency of​ bill payments sent to​ your wealth building accounts and​ your rate of​ interest.
This is​ where research can help you, it​ is​ beyond the​ scope of​ this article to​ show you all the​ amazing possibilities that exist.
The beauty of​ the​ bill pay system is​ that it​ is​ very easy to​ adjust your recurring amounts up or​ down based on your current financial situation .​
As an​ example, you could set up your bill pay to​ send $12.50 each week into an​ account (Equals $50 per month) or​ change it​ to​ $15 per week for​ a​ few weeks and​ then back down to​ $12.50 at​ a​ later time .​
You decide exactly who gets the​ money, how much, and​ how often....you have complete control at​ all times .​
It is​ amazing wealth building power.
Step 4
Now it​ is​ time to​ set up your automatic wealth building habit using your banks billpay system .​
Get the​ address of​ the​ person or​ organization you want the​ money sent to​ including the​ account number .​
Go online and​ set up a​ new account with this information .​
Set frequency and​ amounts .​
Note: I​ have been doing this since 1992 and​ have multiple accounts (Charities, IRA's etc) that have received money from me every month for​ 14 years and​ I​ have never written or​ signed a​ single check! I​ know from personal experience that the​ system works and​ I​ have never had any problems.
You can get very creative with how you build wealth and​ who you help build wealth.
* Set up an​ automatic bill pay to​ fund a​ child’s college education .​
There are many states that have plans that start with low monthly fees when the​ child is​ born or​ still young.
* Set up an​ automatic bill pay to​ fund a​ child’s savings account, just have the​ money be sent to​ the​ child’s bank with their account number listed on the​ check memo Deposit to​ account ######
* Set up an​ automatic bill pay to​ send a​ charity a​ payment every week .​
Remember that I​ said earlier that this habit can help you build spiritual wealth? if​ your church receives an​ automatic charity payment every week you are helping to​ support your church every week, even when you miss a​ Sunday service.
* Set up an​ automatic bill pay to​ send money to​ someone in​ need.
* Set up your bill pay to​ actually pay bills that you have paid late in​ the​ past....you may be able to​ save enough in​ prevented late fees to​ fund your wealth building payments!
The possibilities are endless.....you just need to​ take action and​ make it​ happen!




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