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Money Habit #9 – Have Systems for Handling Your Money

Wealthy people look at building wealth like a project — an accumulation of actions that need to be managed. 

They have systems for handling their money.  You need systems, designed by you, that you will follow through with and revise as your financial situation changes. 

These systems include:

  • Tracking your money—income and outgo
  • Reviewing both income and expenses regularly
  • Planning and setting aside money for large outlays ahead of time
  • Tracking of investment performance
  • Periodic brainstorming, perhaps with your accountant or financial adviser,  to see how you can manage your money for the biggest net worth outcome

 

Next, Habit #10 – Creating Multiple Streams of Income

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