How to Automate Your Investing Strategy

This video is part of our 2015 #MoneyMinute contest. Click the “thumbs up” below to vote for this video as one of your favorites and check out all the video entries here. Remember, voting occurs daily!

Name:  Neal Frankle

Website: Wealth Pilgrim

Entry Category: Retirement and Investing

#MoneyMinute Voting is closed

Hi everybody, it’s Neal Frankle, your friendly Wealth Pilgrim, nice to meet you. If I had to give someone a quick one-minute money tip, my very best tip would be to automate your investing. Go down to a mutual fund company, a brokerage firm, and set up where they automatically deduct $25, $50 or $100 out of your bank account and invest that money for you. Use some index funds — you don’t need to get too sophisticated — but automate that so you can’t spend the money, you can’t procrastinate and, uh, and it grows for you on automatic.

Then what you do is every three or six months you get together with your family, and then try to find ways to increase the amount that you’re putting aside. That’s my number one tip.

For a bonus tip, I would say come over to Wealth Pilgrim, sign up so you can learn how to invest the money and some other important financial tips, but I guess I shouldn’t be doing that. Anyway, thanks for having me. I hope to meet you personally next year.