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By Dan Robey
Can you really build wealth automatically?
The answer is yes...you just need to acquire a new wealth
building habit.
You are going to love this habit because you do not even have
to remember it....a banking computer remembers the habit for
you! How is that possible? Read on and you will soon see.
Here is how the automatic wealth building habit works. It is
based on the miracle of compounding interest and the amazing
banking technology that is available to virtually all of us
today.
Step 1
If you do not have a bank account with "Bill Pay" go to a bank
that has it and open a new account. Ask them how many checks
can be sent per month, can it be managed via the internet,
what
are the costs. Many banks now offer this service for free as a
promotion to get more customers.
Step 2
Decide who it is that you want to help build wealth. Yourself,
your child, a grandchild, or even a friend. This habit also
works for building spiritual wealth...more on that later.
Step 3
After you open the account you now have the ability to select
any amount of money that you want sent to any person or
organization and at almost any time interval. Some banks even
offer an unlimited amount of bills that can be sent. The banks
will then mail checks at regular intervals to the people or
organizations you have designated...you do not have to do
anything.
The real power of this habit is that you are not going to be
sending bills in most cases...you will be sending wealth
building payments....automatically!
OK, before we get to step 4 let's look at the amazing power of
compounding interest to see how much wealth can be built over
time with this habit.
Here is an example of how much wealth you could build by
having
your billpay send just $50 per month into an account (mutual
fund, IRA, etc) that has a 5% yield.
1 Year = $615
5 Years = $3,400
10 Years = $7,764
25 years = $29,775
You can learn more about compounding interest by doing a
Google
search on the internet. Obviously the amount of wealth you can
build varies with the amounts and frequency of bill payments
sent to your wealth building accounts and your rate of
interest.
This is where research can help you, it is beyond the scope of
this article to show you all the amazing possibilities that
exist.
The beauty of the bill pay system is that it is very easy to
adjust your recurring amounts up or down based on your current
financial situation. As an example, you could set up your bill
pay to send $12.50 each week into an account (Equals $50 per
month) or change it to $15 per week for a few weeks and then
back down to $12.50 at a later time. You decide exactly who
gets the money, how much, and how often....you have complete
control at all times. It is amazing wealth building power.
Step 4
Now it is time to set up your automatic wealth building habit
using your banks billpay system. Get the address of the person
or organization you want the money sent to including the
account number. Go online and set up a new account with this
information. Set frequency and amounts. Note: I have been
doing
this since 1992 and have multiple accounts (Charities, IRA's
etc) that have received money from me every month for 14 years
and I have never written or signed a single check! I know from
personal experience that the system works and I have never had
any problems.
You can get very creative with how you build wealth and who
you
help build wealth.
* Set up an automatic bill pay to fund a child’s college
education. There are many states that have plans that start
with low monthly fees when the child is born or still young.
* Set up an automatic bill pay to fund a child’s savings
account, just have the money be sent to the child’s bank with
their account number listed on the check memo "Deposit to
account ######"
* Set up an automatic bill pay to send a charity a payment
every week. Remember that I said earlier that this habit can
help you build spiritual wealth? If your church receives an
automatic charity payment every week you are helping to
support
your church every week, even when you miss a Sunday service.
* Set up an automatic bill pay to send money to someone in
need.
* Set up your bill pay to actually pay bills that you have
paid
late in the past....you may be able to save enough in
prevented
late fees to fund your wealth building payments!
The possibilities are endless.....you just need to take action
and make it happen!
About The Author: Dan Robey is the author of the Best-Selling
book "The Power of Positive Habits" now published in 22
countries worldwide. To learn more and subscribe to a
complementary e-course on Positive Habits go to:
www.thepowerofpositivehabits.com
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