The 1% challenge is a way to boost your savings by an additional 1% of your income. It's super easy to calculate, which is part of the reason I like it. If you continue doing this, if you continue just boosting your savings rate by 1% extra every month, then after a year, you'll increase your savings rates by 12%.
#3: Paula and J. Money share the financial habits they use to grow wealth.
Full show notes can be found at http://themoneyshow.co/03
Listen as they share their favorites (and a couple neat tricks):
- Track Net Worth
- Maximize retirement savings accounts
- Pay bills at least 1 month in advance
- Set up bills on auto-pay
- Leave a buffer in your checking account
- Round up debt payments
- Double the principle payments of your mortgage
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