Simple Wealth: The Practical Guide to Transform Your Relationship with Money and Live in Abundance by Holly Morphew

Author:Holly Morphew [Morphew, Holly]
Language: eng
Format: epub
Publisher: Modern Wisdom Press
Published: 2021-01-23T20:00:00+00:00

The First Pillar of Wealth:

Maximize Cash Flow

Before you can eliminate debt, save, and create residual income, there’s one thing you need, and that is money! Positive cash flow (your Impact Factor) is where you begin your path to financial independence.

Financial wellness begins with steady income, and by creating consistent positive cash flow, you can amass lifelong wealth. The more cash flow you can create, the more wealth you can build. There are two ways to increase your cash flow. You can decrease expenses and spending and increase income and earnings.

The magic in this system is automation. Automating your personal finances makes them seamless and effortless. You will want to set up automatic payments to your debt and automatic transfers to your savings, retirement, and investment accounts from your personal checking account. If you don’t get paid regularly, you can ask your employer to deposit a portion of your paycheck into a savings account.

Pay your bills using online bill pay from your personal checking account. Don’t waste time visiting 20 websites to pay 20 bills. Set them all up as payees in your bank’s online bill payment. You will have more control over where your money is going and when, and you will be able to see all your transactions in one place. I also really like that it makes it much easier to do taxes because all bill payments are conveniently recorded in past payments.

Over time, as you have your money dates and build a healthy relationship with money, you will come to expect how much money will leave your account each month for bills and transfers. This amount is likely to remain steady from month to month, while spending is what you need to keep a daily eye on. But not to worry! In my own journey to marry my love for nice things with my thirst for financial freedom, I have created some fail-proof ways to prevent overspending and be at peace. I hope you find them as helpful as I have.

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