In the New York Times' bestseller “The Automatic Millionaire,” David Bach told us about a couple who have unimpressive menial jobs and dress modestly but will enjoy retirements as millionaires. Here's there simple trick: You have your check direct deposit in your checking account, electronically debit from checking to savings 10-20% in your savings or money market savings account (the concept is to pay yourself first), invest another 10-20% in investments or debt reduction, max out your 401(k) and if qualified Roth IRA (there's other IRA accounts but Roth has more tax advantages), live below your means (thus, don't take on debt if you can help it), and pay cash for everything (you can put it on a credit card but you MUST pay the balance off each month). I would also like to add budget and planning for meals and errands. I think that covers the basic.
What is your personal finance and investment strategy or tip?
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