automatic wealth building habit

The Automatic Wealth Building Habit

By Dan Robey

OK, here it is...the amazing, automatic wealth building

habit I have been tellingyou about.

You are going to love this one because you do not

even have to remember the habit....a banking computer

remembers the habit for you! How is that possible? Read on and you will soon see.

Here is how the automatic wealth building habit works. It is based on the miracle of compounding

interest and the amazing banking technology that is available to

virtually all of us today.

Step 1

If you do not have a bank account with "Bill Pay" go to a bank that has

it and open a new account. Ask them how many checks can be sent per month, can it be managed via the internet, what are the costs. Many

banks now offer this service for free as a promotion to get more customers.

Step 2

Decide who it is that you want to help build wealth. Yourself, your child, a

grandchild, or even a friend. This habit also works for building spiritual wealth...

more on that later.

Step 3

After you open the account you now have the ability to select any amount of money that you want sent to any person or organization and at almost any time interval. Some banks even offer

an unlimited amount of bills that can be sent.The banks will then mail checks at regular intervals

to the people or organizations you have designated...you do not have to do anything.

The real power of this habit is that you are not going to be

sending bills in most cases...you will be sending wealth building

payments....automatically!

OK, before we get to step 4 let'slook at the amazing power of

compounding interest to see how much wealth can be built over

time with this habit.

Here is an example of how much wealth you could build by having

your bill pay send just $50 per month into an account (mutual

fund, IRA, etc) that has a 5% yield.

1 Year = $6155 Years = $3,40010 Years = $7,76425 Years = $29,775

You can learn more about compounding interest by doing a Google search on

the internet. Obviously the amount of wealth you can build varies with the

amounts and frequency of bill payments sent to your wealth building accounts

and your rate of interest.

This is where research can helpyou, it is beyond the scope of this article to show you all the amazing possibilities that exist.

The beauty of the bill pay system is that it is very easy to adjust your recurring amounts up or down basedon your current financial situation. As an example, you could set up your bill pay to send $12.50 eachweek into an account (Equals $50 per month) or change it to $15 per week for a few weeks and then back down to $12.50 at a later time. You

decide exactly who gets the money, how much, and how often....you have complete control at all times. It is amazing wealth building power.

Step 4

Now it is time to set up your automatic wealth building habit using your banks bill pay system. Get the address of the person or organization you want the money sent to including the account number. Go online and set up a

new account with this information. Set frequency and amounts. Note: I have been doing this since 1992 and have multiple accounts (Charities, IRA's etc) that have

received money from me every month for 14 years and I have never written or signed a single check! I know from personal experience that the system works and

I have never had any problems.

You can get very creative with how you build wealth and who you help build wealth.

* Set up an automatic bill pay to fund a child’s college education. There are many states that

have plans that start with low monthlyfees when the child is born or still young.

* Set up an automatic bill pay to fund a child’s savings account, just have the

money be sent to the child’s bank with their account number listed on the

check memo "Deposit to account ####"

* Set up an automatic bill pay to send a Charity a payment every week. Remember that I said earlier that this habit can help you build spiritual wealth? If your church

receives an automatic charity payment every week you are helping to support your

church every week, even when youmiss a Sunday service.

* Set up an automatic billpay to send money to

someone in need.

* Set up your bill pay to actually paybills that you have paid late in the past......you may be able to save enough in prevented late fees to

fund your wealth building payments!

The possibilities are endless.....you just need to take action

and make it happen!

Dan Robey

www.thepowerofpositivehabits.com