The Curve of Doing More Before Doing Less
Invest time upfront
The Curve of Doing More Before Doing Less is a principle that involves investing time upfront to set up automated systems that will save time and effort in the long run. This principle is applied to managing personal finances, where setting up an Automatic Money Flow will take a few hours but will save huge amounts of time over the long term.
- Investing time upfront can lead to long-term savings of time and effort.
- Automation is key to managing personal finances effectively.
- Setting up an Automatic Money Flow can save huge amounts of time over the long term.
- Set up an Automatic Money FlowSet up an automatic system that will transfer money from one account to another without manual intervention.Pro tipUse a tool like LastPass to securely store account information.WarningMake sure to review and adjust the system regularly to ensure it is working correctly.
- Link accounts togetherLink checking, savings, and investment accounts to enable automatic transfers.Pro tipUse the 'Link Accounts' or 'Transfer' option in each account to connect them.WarningEnsure that all accounts are connected correctly to avoid errors.
- Set up automatic transfersSet up automatic transfers to happen on various days, such as monthly or biweekly.Pro tipUse a calendar to remind yourself to review and adjust the system regularly.WarningMake sure to review and adjust the system regularly to ensure it is working correctly.
Michelle's Automatic Money Flow
Michelle sets up an Automatic Money Flow that transfers money from her checking account to her savings and investment accounts, and pays her bills automatically.
OutcomeMichelle saves time and increases her savings, and is able to enjoy her guilt-free spending money without worrying about her finances.
Not investing time upfront
Not investing time upfront to set up an automated system can lead to wasted time and effort in the long run.
Not reviewing and adjusting the system regularly
Not reviewing and adjusting the system regularly can lead to errors and inefficiencies.
The author introduces this principle as a way to automate personal finances, citing his own experience of setting up an automated system that has saved him time and increased his savings.
Source · BOOK
I Will Teach You to Be Rich, Second Edition: No Guilt. No Excuses. No B.S. Just a 6-Week Program That Works.