Session #3 Notes Here
Perhaps the easiest thing to do with personal finance habits is to “One and Done” them. This is probably one of those rare times where “One and Done” is a good thing.
For many folks, money maintenance is tough, and our own psychology often acts against us. This session sets up a basic automatic system that’s going to limit the ability of ourselves to harm ourselves.
Most folks have some basic automation of their personal lives, and its catching on more and more since online computing makes this easier. For instance, our 401K contributions are automatically taken from our paychecks. We’re going to take this and move a few steps out.
For myself, when I look at my checking account, that’s what I can spend guilt-free. Doesn’t matter if its on a movie, a new shed, WWE PPVs, etc. I can blow all of it frivolously or I can be a miser. By restricting choice I’ve inexplicably freed myself at the same time.
While automation may change over time (hopefully we earn more, and invest more!), by establishing an out of sight, out of mind, we’ll lower the investment/investor gap.
See you all tonight.
