Is it really possible to autopilot wealth? Generating wealth can take some time and discipline but there’s several ideas you can benefit from. Taking the small actions over long time periods is the best way to autopilot wealth generation. Here’s a few ideas:
- Clear debt – Debt costs money in both payments and interest. So it’s a good idea to get out of debt, stay out of it and never buy something you don’t need on credit again!
- Buy don’t rent – Not everyone is in the position to buy a house but if you can it’s a good idea. Paying rent can cost far more over the long term and you’ll never own your home.
- Pay off mortgage early – Overpaying your mortgage payments might mean a leaner time of it in the present but a richer time in the future. You’ll save thousands in interest payments if you pay off early.
- Leverage your income – Most people trade their time for money. If you can find a strategy to use some kind of leverage (such as an online business), you can stop trading time for money and use systems to generate more income than you can in a job. (See autopilot earning)
Autopilot Wealth Ideas – On A Budget
- Start A Spending Diary – A Spending diary is a good strategy to account for your daily and weekly spending. Most people spend on autopilot and this is a good way to bring your bad spending habits into your conscious awareness and see how you can save money on needless spending. Autopilot wealth is not just what you earn, but what you spend. Most people can dramatically increase their disposable income just by altering their spending habits.
- Don’t be “big hat no cattle” – Propping up a massive ego with expensive “showcase” possessions like Rolex watches and fast cars makes you look good on the outside, but that money could easily be used to build wealth instead of showcase it. Over many years it’ll cost you dearly in peace of mind and actual wealth rather than “pretend” wealth.
- Pay into a pension fund – Pension funds might sound dull but you get to save on your taxes and can accrue payments from your employer towards your investment. So you get to make money twice!
- Live below your means – Most people increase their standard of living when they earn more. Extra money goes on nicer houses, cars, furniture and accessories. Instead use your increased income to save and invest, pay off debt and build assets.
- Pay yourself first – A universal trait of the wealthy is they know how to save. Most people look for things to spend money on. They pay all their bills first and then spend what’s left. Wealthy people pay themselves first. Set up an automatic payment into a savings account which goes out every month, or on payday. No matter how small, start doing this and it will pay in 2 ways: You’ll build up savings. You’ll learn to live on less.
- Change your habits – a spending diary will show you unnecessary spending habits which may be costing you in the long run. Are you justifying bad habits while complaining about not having enough? Give up the tobacco, alcohol or small “treats” for a month and see what you’ll save.
Autopilot Wealth – Small Daily Habits Compound Over Years
Most of these ideas can be implemented by anyone. Even if you are on a tight budget you can start doing a diary of spending, set up a small monthly savings payment of $1 a month, just to get started. It’s the habits you create which have a large effect over years and decades.
MoneyBox – Stocks & Shares For The Beginner
Another great idea to generate wealth over the long term is called MoneyBox. MoneyBox is an app which you can connect to your bank account which pays tiny amounts into stocks and shares on your behalf when you spend money on your debit card. You can automate payments at amounts which you’re comfortable with. Over time, you’ll be investing in stocks and shares which will bring a return according to the options of shares which you choose.
Affiliate Marketing – Build An Online Business
Anyone can learn how to build an online business on the internet. You don’t need previous experience or even any products. Affiliate marketing lets you earn a scalable income from the internet by selling other people’s products and services. Certain products even offer recurring income from each sale. See autopilot online business for more information, or sign up to the free video series on this site.
Wealth building on autopilot is a matter of getting your house in order. It’s the small daily things you do or don’t do which add up over the long run. Wealthy people build income producing assets and avoid liabilities which cost money.
Ditch the expensive, unnecessary purchases and habits and you’ll have more disposable income to spend on the things which can create more wealth. Keep doing this and avoid increasing your standard of living as you start earning more. Instead, keep living below your means and investing the extra capital you have earned.
See also wealth building habits.