Automated money

I recently learned about this concept from Sam Parr of the My First Million podcast. He automates his monthly salary to go to the few buckets - savings, investments, credit account. There are apps that can do that. You just need to set it up with your bank and the deductions will automatically go through every month. I already do that for my insurance payments… so why not the other aspects of my money?

“Pay yourself first”, they say.

Since I need to get more serious about my money habits as part of #30daysofmoney, money automation should play a big part of my money habit systems.

Not just savings, but also investing. Investing in myself, my company, and in stocks/crypto.

• Investing in myself - automatically moving some money into a bucket for courses, ebooks, info products.
• Investing in my company - I noticed I would keep the profits and not reinvest it to grow my products. What if I could set aside a bucket of cash for hiring a part-time virtual assistant, or to buy Facebook ads? What would I experiment in if I had that budget?
• Investing in stocks - I’d always seen investing in stocks and other financial assets as a lot of work that I’m not interested in. But there’s investments that doesn’t require me to do extensive research or track the markets daily like a day trader. Just buy, and hold for a decade. Investing in stocks also doesn’t require huge sums of money upfront. I found an app called SNACK that allows for small amounts of investing, as little as $1 each time. I got to treat it like a monthly SaaS subscription - stocks or assets that I just automatically buy at fixed times on fixed budgets:

Beginner Investing Tip: Automate your investments. Think of it like another monthly subscription. – @FiftySatFinance

I’d just signed up for the SNACK, setting up my account now. The interesting thing is they have this programme where it extracts a small premium to be invested (with a weekly cap) from every lifestyle purchase I do. That’s my one task done for the day!

Onwards!