This one tiny habit can help you save millions
May 3, 2017, 14:07 IST
Everyone wants to become rich as early as possible but what they lack is patience. Many people take the fast lane to build wealth and many others adopt the slow lane.
Both lead to wealth creation and savings but many have argued that slow lane is better as you save more.
In order to retire rich, you have to adopt one habit-saving. We all are aware that adopting tiny habits in our routine life helps us in living better lifestyle. Habits change the way we live and shape us as better human beings.
If you want to change something in your life, start by making a simple step as a habit, just like Chris Reining did. He used to send an automated mail to himself every morning which reminded him to greet everyone.
This habit changed several things in his life.
Another habit that changed his life forever is money related. By adopting this tiny habit, he saved millions and retired as a millionaire at the age of 37.
In his blog, Reining spoke about ‘hyperbolic discounting’ that helped him save money and retire rich.
He says humans are wired to think about short-term gains than long-term and in order to become wealthy, this needs to be changed.
Reining said one tiny habit to save wealth is -automating your money.
“What you do is have money automatically sent from your paycheck to your retirement account. I recommend investing 10% of what you earn, which means the remaining 90% of your income goes to your bank account. But you can start with as little as $50. The key is to start saving for retirement rather than doing nothing because you’ll be better off than mostly everyone else,” suggests Reining.
You can divide your paycheck in three parts-Credit Card, Rent and Savings. Each month you can automatically pay your student loans, credit cards, and rent. You can automatically set aside money each month for savings.
“I automated my money years ago and the benefit is I don’t have to make decisions about where my money should go,” he said.
Reining became financially independent at 35 and then retired at 37.
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Both lead to wealth creation and savings but many have argued that slow lane is better as you save more.
In order to retire rich, you have to adopt one habit-saving. We all are aware that adopting tiny habits in our routine life helps us in living better lifestyle. Habits change the way we live and shape us as better human beings.
If you want to change something in your life, start by making a simple step as a habit, just like Chris Reining did. He used to send an automated mail to himself every morning which reminded him to greet everyone.
This habit changed several things in his life.
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In his blog, Reining spoke about ‘hyperbolic discounting’ that helped him save money and retire rich.
He says humans are wired to think about short-term gains than long-term and in order to become wealthy, this needs to be changed.
Reining said one tiny habit to save wealth is -automating your money.
“What you do is have money automatically sent from your paycheck to your retirement account. I recommend investing 10% of what you earn, which means the remaining 90% of your income goes to your bank account. But you can start with as little as $50. The key is to start saving for retirement rather than doing nothing because you’ll be better off than mostly everyone else,” suggests Reining.
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You can set up automation for how the money in your bank account gets used. You can divide your paycheck in three parts-Credit Card, Rent and Savings. Each month you can automatically pay your student loans, credit cards, and rent. You can automatically set aside money each month for savings.
“I automated my money years ago and the benefit is I don’t have to make decisions about where my money should go,” he said.
Reining became financially independent at 35 and then retired at 37.