ENCORE: 3 Millionaires' Savings Secrets
Be Wealthy & Smart
Linda P. Jones
4.8 • 883 Ratings
🗓️ 7 November 2018
⏱️ 10 minutes
🧾️ Download transcript
Summary
Learn how 3 millionaires saved money and created a million dollars.
Also learn why saving isn't the only thing you need to do to grow
your savings into $1 million.
Article is here: https://www.cnbc.com/2017/03/21/3-self-made-millionaires-share-their-no-1-money-saving-trick.html
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Transcript
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| 0:00.0 | Be wealthy and smart, episode 350. You're going to. Welcome to Be wealthy and smart. I'm Linda P. Jones, America's wealth mentor, empowering women and men worldwide to financial freedom. |
| 0:45.2 | On today's show I'm going to share with you stories of three self-made millionaires who share |
| 0:50.4 | their number one money saving trick and this comes to us from |
| 0:53.9 | cnBc.com and Kathleen Elkins and it says when it comes to building wealth |
| 0:59.9 | the formula is simple save more and spend less. Of course that's easier said than |
| 1:06.0 | done. To help you start saving more we rounded up tips from self-made |
| 1:10.6 | millionaires who have socked away lots of money. |
| 1:13.6 | From millionaire entertainers to everyday people who felt the need to turn around their financial |
| 1:17.6 | lives, here are great savers top strategies. |
| 1:21.6 | Number one, automate everything. In just five years, grant of millennial money |
| 1:27.0 | went from having $2.26 in his bank account to $1 million. During his five-year journey to seven figures, in addition to focusing on |
| 1:37.2 | earning he saved 50% of his income. The key to saving half-year income |
| 1:41.9 | grant says is to make things automatic. |
| 1:45.0 | He calls that essential. |
| 1:47.0 | He recommends talking to your HR department and having a portion of your income sent to a savings is investment account. |
| 1:53.2 | This is in addition to contributing to your 401k. |
| 1:56.9 | He's not the only one who advises putting your financial plan on autopilot, as self-made |
| 2:01.3 | millionaire David Bach writes in the automatic millionaire, automating your finances |
| 2:06.4 | is the one step that virtually guarantees that you won't fail financially. |
| 2:11.2 | You'll never be tempted to skimp on savings because you won't even see the money going directly from your paycheck to your savings accounts. |
| 2:19.0 | Number two, generate more than one income and save the largest. |
| 2:24.0 | We can't all be Jay Leno, but we can save like he does. |
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