Anyone Can Become Rich

Do this to get on a path to becoming rich:

1. Optimize Your Credit Cards
2. Open high-interest, low-maintenance bank accounts
3. Open Investing Accounts
4. Start Your Conscious Spending Plan

Use a tracking tool to see where your money is going. (e.g. Mint) Don’t just go and “create a budget”.

Choose the things you love enough to spend on— and then cut costs on the things you don’t love. This leads to a happy, rich life, not living a life of frugality for no rea...

Invest in index funds not individual stocks. Put your own behavioral psychology to work here. Invest automatically and over long periods of time.

Once you’ve covered the basics (aka index funds), allocate 5-7% of your income to “mental outlets.” This is money for you to inv...

Open a no-fee online bank account (e.g. Ally, Capital One). Avoid brick n’ mortars banks

The problem with brick n’ mortar banks (e.g. Bank of America) is they need minimum balances to avoid fees. For example, Bank of America’s “free” checking account requires a minimum $1,5...

Open:

• a 401(K) account
• a regular investment account.

Next:

• If your employer offers a 401(k) match, invest to take full advantage of it. Contribute enough to get 100 percent of the match.
• Pay off debts. This give you a significant instant return.

A great place to start because it can have a big impact on your finances:

• Set up autopay to pay your CC bills
• Call to waive any past credit card fees
• Negotiate a lower APR
• Build credit history by keeping credit lines open
• Increased your credit allowance

Ramit Sethi lists his favourite approaches to money:

1. Behavior trumps information. Knowing the perfect right answer is less important than taking action. Focus on small, innocuous behaviors. Like saving small every month.
2. Focus on getting things 85% righ...