Good Morning my fellow Millionaire Gents and yes I am a Dr. Who fan, he does carry a gentleman aesthetic and manner after all. Okay so let's get to it, in the last newsletter we touched on becoming and staying debt free, I want to continue along that vein and discuss something you can do to assist you in staying debt free and automating your wealth creation process.
A very simple step you can do is at your bank you can create additional accounts to redirect portions of your income, you set up what is called a standing order. A standing order is an instruction to a bank by an account holder to make regular fixed payments to an account, particular person or organization. If you want to be a bit more strict, you can use other financial institutions that aren't easily accessible and don't take debit or credit cards as the goal is to keep physical access to the funds to a minimum. There are institutions such as credit unions where your funds purchase shares and they give you much better interest rates but there is a process to withdraw the funds so look for these sort of institutions in your area. The main goal of automating the process is so that you don't have to physically divide the money yourself to make payments into the accounts, it's all done for you, this will help you stay disciplined in your efforts.
I'll probably do a newsletter on different institutions and what they offer as investments to grow your money at a later date.
As always you know I like to keep these newsletter short and to the point.
If there are any topics you would like me to cover or questions, send me an email or leave me a message on the Facebook resource page as well.
This has been yours truly The Millionaire Gent
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