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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 $1,500 balance. This locks up your capital.
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MORE IDEAS ON THIS
This is the main premise of the best selling book by Ramit Sethi. He structures his ideas into 4 buckets:
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Use this schedule to help you set up your own automation:
If you’re paid on the 1st of the month. Switch all bills to arrive on or around that time, too.
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Do this to get on a path to becoming rich:
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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...
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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...
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“Spend extravagantly on the things you love, and cut costs mercilessly on the things you don’t.”
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Open:
Next:
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A great place to start because it can have a big impact on your finances:
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Ramit Sethi lists his favourite approaches to money:
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