Although setting aside more of your wealth and investing is an excellent goal, it’s often easier said than done. Everything from juggling the costs of your children to simply paying the monthly bills can chip away at the excess wealth you want to stow away for your future self. In addition, all the daily responsibilities and goals in your own life can ultimately distract you from focusing on this milestone.
How to save your excess wealth without thinking about it
Automating your savings or investments is a great solution for setting aside a portion of your wealth without “thinking” about it.
Automation is essentially putting aside a portion of your money to be automatically transferred to an account repeatedly. One great way to use this is by automating your savings account. Instead of having all of your paycheck go into to your checking account (presumably to be spent), a portion will automatically be set aside for future investing.
This method can also be an incredibly powerful tool for retirement. Certain investments, like a 401(K), can have an automatic withholding option, where a portion of your paycheck is placed into that investment every month. This eliminates the burden on your end, as well as the temptation to use that wealth elsewhere.
Want to learn more about saving and investing more of your wealth?
When you’re working with a financial advisor your initial investment should just be the beginning of the process. At LexION Capital, we always encourage clients to set new future goals, and work with them individually to make them a reality. Don’t hesitate to contact us today so we can help.
