Wed Jul 17 2024, by Tyler Gardner

Stop Giving Away Your Money: 2 Myths and 1 Solution

Here are the two ways that you have been completely brainwashed to give away all of your money, and the one way that you can put a stop to it today. I'm Tyler, a former financial advisor and portfolio manager, and now I create financial content for free to help you make informed decisions.

1. Automating Payments to Others

You have been led to believe that it’s a good thing to automate paying other people first. Yes, it's easy to automate your bills. And no, you don’t have to think about it. And that’s the problem. You’re not considering how much of your money is flying out the door every single month.

2. Monthly Subscription Payments

You’ve also been conditioned to think in terms of monthly subscription payments. Oh, it’s only $3 a month, $11 a month, $2.99 a month, $4 a month. But it’s not just $5 a month. It’s $60 a year for the rest of your life, just for that one random show you don’t even like that much!

3. Automate Paying Yourself First

Now, you need to flip that script. De-automate paying other people, think in terms of the true cost over time, and starting today, automate paying yourself that $3 a month first. Put it into a Roth IRA and invest it in low-cost index funds. You’ll see in a few years that money really does add up. But now it’s your money, not somebody else’s.

If any of this information resonates with you, please like and follow, and I’ll keep working to get you one step closer to financial independence.

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