Today Jay and I swap stories about the habits that help us grow wealth.
Here’s a sampling of the many habits we share in today’s episode:
- Increase your savings by 1% every month (Paula)
- Sell one item on Craigslist every week (Jay)
- Max out your retirement accounts (Paula)
- Pay bills a month in advance (Jay)
- Set your bills on auto-pay (Paula)
- Pay cash for a rental property (Paula, of course!)
- For properties with mortgages: Double the principal portion of the payment and/or round up to the nearest hundred (Paula)
- Keep a buffer in your checking account (Jay)
What are our favorite financial habits?
Jay loves tracking his net worth every month. He’s watched it rise from $40,000 to half a million dollars, and he’s confident that tracking this number helps him make better decisions.
I’ve developed a super-simple budgeting technique that I love. Here’s how it works: choose the amount you want to save. Pull this from the top. Relax about the rest. Don’t worry about tracking tiny details. You’ve hit your savings target; the rest is yours to enjoy.
Check out the many habits we share in today’s episode.