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The Personal Finance Podcast

How to Automate Your Money - The Set it and Forget it System

The Personal Finance Podcast

Andrew Giancola

Business, Investing, Entrepreneurship

4.7 • 1.4K Ratings

🗓️ 27 May 2020

⏱️ 19 minutes

🧾️ Download transcript

Summary

Episode 2: How to Automate Your Money - The Set it and Forget it System  Habits are for suckers and systems are for winners. This is a proven system that Andrew uses week in and week out.  In fact, Andrew spends an hour a month on his personal finances with this system.  In this episode we cover:  How to Make Money Management Simple  How Andrew spends an hour or less a month on his personal finances with this system  Why Would you Want to Auto-Invest Always Paying Yourself First  How to automatically pay down debt  Set-up Payments for Your Student Loans or Debt  Set-up Payments for Your Bills Automatically Track Your Spending How to Increase Your Automatic Transfers When You Get a Raise  Resources in this episode:  Corporate Politics Book: How to Win Friends and Influence People  M1 Finance ROTH IRA or Brokerage Personal Capital Free Budget App YNAB Paid Budget App  MINT  Vanguard Roth IRA Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

On this episode of the Personal Finance Podcast,

0:02.8

we're going to talk about how you can automate your finances

0:05.8

and how you can treat yourself at the same time. What is up everybody and welcome to the personal finance podcast? I'm your host

0:28.7

Andrew founder of Dollar After Dollar.com and today we're going to be talking about how to automate your finances.

0:37.0

And conventional wisdom will say that motivation is the key to changing our habits.

0:41.0

Maybe if you wanted it badly enough, you would make sure it gets done. But honestly, let's get real.

0:47.0

Because what we really want is the path of least resistance. We want to take the easier route and many productivity gurus will tell you that this is a dumb strategy

0:57.3

But what they fail to recognize is that it's actually a really smart strategy why Why? Because your energy and my energy is finite and it's

1:06.3

precious. We only have so much energy. And it's in our nature to conserve as much of our

1:11.8

energy as we possibly can.

1:14.0

This is the key to understanding, and this is why we all gravitate towards the path of least effort.

1:20.1

So if you're deciding between two options, and one of those options reaps the same result but is much easier,

1:26.2

which do you think you're going to choose? You're always going to choose the easier option.

1:31.1

We want to find the option that brings us the highest return with the least amount of effort

1:36.0

and every person on this planet is motivated to do what is easy.

1:40.0

In other words, we want it easy like Sunday morning.

1:44.0

The same goes with our money. Every action requires effort.

1:48.0

The higher the efforts you have to put out, the lower the chances are you will actually take action and each effort

1:54.2

use on something that does not produce value creates an additional obstacle in

1:58.3

your life. You're obviously capable of doing a hard things but the problem lies

2:01.9

when your willpower becomes fatigued and it wears down.

2:06.0

See you have to have a set plan in place.

...

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