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I will Teach You to Be Rich
Save while Sleeping

Save while Sleeping

Do More Before Doing Less

The Curve of Doing More Before Doing Less:

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  • It would be easier to do nothing—but that would mean you’d have to manage your money constantly for the rest of your life.

  • Setting up an Automatic Money Flow will take you a few hours up front, but you’ll end up saving huge amounts of time over the long term.

    → Your money flow will be automatic, and each dollar that comes in will be routed to the right account in your Conscious Spending Plan

The Power of Defaults

The key to taking action is simply making your decisions automatic.

How to Spend Only 90 Minutes a Month Managing Your Money

Let’s take your Conscious Spending Plan and make it automatic. 💪

Use a concept called the Next $100

  • Allocate the next $100 according to your Conscious Spending Plan (e.g.,$50 to fixed costs, $10 to investment, $10 to savings, $20 to guilt-free spending)

Create Your Automatic Money Flow

  1. Start by linking all your accounts together
  2. Set up automatic transfers to happen on various days

Example:

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Tweaking the System for You

  • If you’re paid twice a month

    • Replicate the above system on the first and the fifteenth—with half the money each time
    • Save a “buffer” of money, which you can use to simulate getting paid once a month.

  • If you have irregular income

    In months where you make a lot, you’re going to save and build a buffer for the slow months. Over time, you’ll build enough of a buffer that you can simulate a stable income, letting you use this system as designed.

Review Your Credit Card Bill

When Do I Get to Spend My Money?

Once you’ve gotten your money under control and you’re hitting your targets, you absolutely should spend your leftover money.

Living only for tomorrow is no way to live. Consider one investment that most people overlook: yourself. If you invest in yourself, the potential return is limitless.

If you’re meeting your goals, another route you could take is to start saving less and increase the amount you allocate to your guilt- free spending money.

Advantage of Automatic Money Flow/System

The beauty of this system is that it works without your involvement and it’s flexible enough to add or remove accounts anytime. You’re accumulating money by default.

  • Your automated money flow takes advantage of human psychology.
  • Your system will grow with you.
  • Your system lets you go from “hot” to “cool.”