KAFE This Morning

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5 habits that will make you rich!

Rich people love to give advice…but when it’s advice on how to become rich, we’ll take it! Here are 5 habits that they say will make you rich:

Keep your Eye on the Prize: Becoming rich takes serious willpower and long-term vision. Set both short and long term goals and do your best to stick to them.

Start Early: The sooner you put plans in place that put your money to work, the more time it has to grow into the nest egg you’ll need for retirement.

Automate: The best way to protect yourself from your own bad habits is to automate your savings. That means setting up recurring transfers on a regular basis from your checking account to your savings and investment accounts (or setting up auto deduction from your paycheck to your employer-sponsored retirement plan). This way, you force yourself to avoid bad money habits and save what you would likely otherwise spend.

Maximize Contributions: Even if you can’t max out now, do as much as you can now and work towards the full amount.

Live Like You’re Poor: The more you live like you don’t have any money, the more money you’ll be saving for the future.

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