Mo’ Money, Fewa’ Problems?
Sunday, March 29th, 2009
Maybe Biggie got it wrong.
As the song by the Notorious B.I.G. once mused, “It’s like the more money we come across; the more problems we see,” so it stands to reason that the more money you have the more difficult your life will become. If that was true, I’d have to be absolutely insane to attempt to make as much money as I am (Which I may very well be). But what if Biggie got it wrong? Just as someone can choose to work smart instead of hard, so to can you choose to forgo “mo’ problems” in favor of a smarter approach to money. This is the very same approach that millionaires the world over use…though they often pay someone to do it for them. However, the secret to this smarter approach is something that you can do yourself, and you don’t even have to be a millionaire to do it. That secret is automation.
As you know from your everyday life, though there may be a few big issues with money, the majority of the problems that you come across are relatively minor, but given enough of them they can become overwhelming. The trick then is to get your money to work for you and not against you, through automation. By doing this you can clear your schedule and leave more time to enjoy the money you have, or even make more of it, like I’m attempting to do.
This article posted by Timothy Ferriss, author of the spectacularly engaging book The Four-Hour Work Week, and written by Ramit Sethi, author of the boldly-titled I Will Teach You to be Rich, lays out some great approaches to automate your money. The article includes great tips on setting up accounts to help organize your finances, getting money wired into those various accounts automatically without you having to lift a finger, and even how to get your bank to waive some fees and surcharges (With some helpful scripts you can use to make it happen). There’s also a lot of helpful advice about setting up an “emergency fund;” something that has become increasingly important in these tough economic times.
Following the advice in that article might not make you a millionaire, but it may just make you think like one. So, give some of the tricks a shot and let me know how they work out for you. Who knows, you might be able to save yourself some money and some headaches, leading to a life with more money and fewer problems.
-Nick