Dr. Ndubuisi Egwim argues discipline alone fails at saving money. Instead, set up automated transfers of 20% of your income into a separate account each month. The system does the work so you don't have to.
Being disciplined with money could make you miserable and frustrated. Don't do it. Here's what I'll do instead. Hi, I'm Dr. Ande Ikwim. I'm an investor and founder of moneywisedoctor.com, we're a former salary GP and our resources and content out have already helped over 10,000 men make smarter financial decisions. We've all heard how things can be disciplined with your money. Parents, teachers, even the 17 year old YouTube finance guru his parents basement. They preach you like gospel. But discipline alone, it's not enough. In fact, it often leads to things like procrastination, delays, missed opportunities Let me share a quick story. I'll share a quick story with you. In January last year, an AIE consultant who just joined the Monow doctor community, she told me she set a monthly target save some money. So determined to save some money that she can start investing for her future. But it didn't work. January smooth sailing. February still on track. But by March you know a big deal throughout. By April HMRC letter and everything fell apart. Our problem wasn't motivation, it was just a lack of a system. When busy professionals like us don't need more discipline, we need systems that will make our money work harder for us. System is simply save yourself time, energy and money. So here the money wise doctor and master system, been using it for a long time just means activate monthly automated saving system. So this came out of necessity in 2019 when I knew we were becoming parent. I needed some clarity and I needed a system. So I set it up and it's quite simple. First you assess your goals and what you need to save. I'll usually say at least 20% of your income should be going into saving for your future. 2. Instead of a direct damage 3, you make sure that it goes out monthly to a separate account. That is the fairly separate account and best with something like a cash ISO first, especially if you haven't started it yet and just automate it that way and it saves your mind. You don't have to think about it. This works really quite well because there's no guilt forgetting the same. There's no mental effort. And guess what gives you the freedom to focus on the big picture while the system works in the background. You'll be shocked at how much you can save and then invest from there just by having a system. Rather so I don't know, do you have a system that you used to save and invest consistently? I'd like to know. Let me know in the comments or share your own system. If you've got a better system that works. I'll be sharing more insights here on how to make a right brew, how to take time off your financial.
