11 simple money habits that will help you build wealth in 2018

11 simple money habits that will help you build wealth in 2018

Simple money habits that will help you build wealth in 2018

Mastering your money can come down to establishing a few smart habits.

After all, “habits are the cause of wealth, poverty, happiness, sadness, stress, good relationships, bad relationships, good health, or bad health,” writes Thomas C. Corley in “Change Your Habits, Change Your Life,” a culmination of his research on hundreds of self-made millionaires.

Below, CNBC has rounded up 11 simple money habits you can adopt today that will help make 2017 a more lucrative year.

1. Automate your finances.

If your financial plan isn’t on auto-pilot, change that immediately, encourages self-made millionaire David Bach. Automating your finances — sending your money automatically to investment accounts, savings accounts, and creditors — allows you to build wealth effortlessly.

It’s “the one step that virtually guarantees that you won’t fail financially,” Bach writes in “The Automatic Millionaire.” “You’ll never forget a payment again — and you’ll never be tempted to skimp on savings because you won’t even see the money going directly from your paycheck to your savings accounts.”

Simply link your accounts, so that money from your paycheck goes straight to your 401(k) or from your checking account to your savings account, and set up the exact day you want to make transfers.

In addition to never making a late payment again, automation “frees up valuable time and allows you to focus on the fun parts of life, rather than spend time worrying about whether you paid that bill or if you’re going to overdraft again,” writes Bach.

Woman working with laptop

Getty Images

2. Invest your ‘spare change.’

Investing is one of the most effective ways to build wealth, and contrary to popular belief, you don’t need a lot of money to get started.

In fact, thanks to micro-investing apps such as Acorns, you can start by simply investing your “spare change.” The app will round up your purchases to the nearest dollar and automatically put any spare change to work.

Other apps also aim to make investing simple and accessible, and automated investing services known as robo-advisors can work for you, no matter how much you have in the bank.

The key takeaway: Start investing sooner rather than later to take full advantage of compound interest. As Bach explains, “the miracle of compounding can transform a relatively small but consistent amount of saving into major wealth.”

This CEO gifted his employees $500 to encourage them to invest

This boss gives each new employee $500 to invest

3. Ditch the small, daily purchases, such as your morning coffee.

Bach coined the term “The Latte Factor,” the idea behind which is that eliminating your $5 daily latte could help you save quite a bit of money over time.

Just as you can put your spare change to work, you can put this money to work. A $5 daily coffee amounts to about $35 a week, or $150 a month. “If you invested $150 a month and earned 10% annual return, you’d wind up with $948,611 in 40 years,” Bach notes.

Start by determining your “latte factor,” cut back on that expense, and direct the money towards an investment account, the financial advisor suggests: “We all throw away too much of our hard-earned money on unnecessary ‘little’ expenditures without realizing how much they can add up to.”

4. Come up with specific money goals.

“The number one reason most people don’t get what they want is that they don’t know what they want,” self-made millionaire T. Harv Eker writes in his book “Secrets of the Millionaire Mind.” “Rich people are totally clear that they want wealth.”

To reach that level of clarity, he suggests writing down goals for your annual income and net worth. Like all goal-setting, be realistic, but don’t be afraid to challenge yourself. After all, the wealthiest people aren’t afraid to think big.

The most important things to do with your money before 30

The most important things to do with your money before 30

5. Save, don’t spend, unexpected cash.

Pretend that extra money, such as a bonus, birthday check or any windfall, doesn’t exist.

Get in the habit of putting any surprise cash, even if it’s just that $20 bill you found in your coat pocket, to work. Apply it to student loans, debt, your emergency fund, or an investment account. It’ll add up. Plus, establishing this habit early on will help you avoid lifestyle inflation when you get more surprise cash in the form of a raise.

6. Tell yourself you deserve to be rich.

The wealthiest individuals believe that “success, fulfillment and happiness are the natural order of existence,” self-made millionaire Steve Siebold writes in his book “How Rich People Think.” “This single belief drives the great ones to behave in ways that virtually guarantee their success.”

On the flip side, the average earner remains average because theyexpect to, the self-made millionaire explains: “The masses think they aren’t worthy of great wealth. Who am I, they ask themselves, to become a millionaire?”

Try asking yourself, “Why not me?” After all, that’s what the millionaires and billionaires do.

Eclipse Sportswire | Getty Images

7. Spend 30 minutes a day reading.

Rich people tend to read. They continue to teach and invest in themselves long after formal education is over. “Walk into a wealthy person’s home and one of the first things you’ll see is an extensive library of books they’ve used to educate themselves on how to become more successful,” Siebold writes.

If it works for the millionaires and billionaires, it could work for you.

Check out CNBC’s round up of some of the best personal finance books out there, or consider Bill Gates’ favorite books of 2016.

8. Set your alarm clock earlier.

In addition to reading, wealthy people tend to wake up early. Self-made billionaires Richard Branson and Jack Dorsey start their days at 5:00 a.m., and they’re far from the only successful people to get up before the sun.

In a five-year study of hundreds of self-made millionaires, author Thomas C. Corley found that nearly 50 percent of them woke up at least three hours before their work day actually began.

We can’t guarantee that joining the early bird club will make you rich, but it can’t hurt, and it will almost certainly make you more productive.

Break your snooze habit with this 5-step strategy

Break your snooze habit with this 5-step strategy

9. Surround yourself with successful, high-earners.

Who you hang out with matters more than you may think. In fact, your net worth tends to mirror that of your closest friends, Siebold points out.

“Successful people generally agree that consciousness is contagious, and that exposure to people who are more successful has the potential to expand your thinking and catapult your income,” the self-made millionaire writes. “We become like the people we associate with, and that’s why winners are attracted to winners.”

Looking for a new crew to roll with? Consider joining a high-end tennis, golf, health, or business club, Eker suggests in “Secrets of the Millionaire Mind.” “If there’s no way you can afford to join a high-end club, have coffee or tea in the classiest hotel in your city,” he writes. “Get comfortable in this atmosphere and watch the patrons, noticing they’re no different from you.”

10. Track your spending.

You can’t build wealth if more money is leaving your wallet than coming in. To ensure you’re earning more than you’re spending, track your daily expenses.

There are a handful of apps that will do this for you, such as MintPersonal Capital, and Level Money. You can also use a spreadsheet on your computer or simply record your everyday purchases in a notebook or on your phone.

Perhaps you’ll find another “latte factor” that you can cut back on.

484828184

Geber86 | Getty Images

11. Prioritize high-interest debt.

It’s important to understand that all debt is not created equal. An effective strategy is to rank all of your debt in order of interest rate, from highest to lowest. Then, prioritize the debt with the highest interest rate, while still paying the minimum on all of your debts, in order to pay less over the lifespan of your loans.

There is an alternate option, too: Rank your debt in order of size and start with the smallest. It’s a strategy that personal finance expert Dave Ramsey calls the “snowball method.” The idea is that each time you pay off one form of debt, you build momentum, which helps you tackle the next biggest, and so on.

The important thing is that you get out of the red as quickly as possible. After all, it’s hard to start building wealth if you’re not debt free.

Kathleen Elkins
Share This!

233 thoughts to “11 simple money habits that will help you build wealth in 2018”

  1. I have discovered some essential things through your blog post. One other subject I would like to mention is that there are plenty of games available and which are designed specifically for toddler age kids. They consist of pattern recognition, colors, dogs, and models. These typically focus on familiarization rather than memorization. This keeps a child engaged without having a sensation like they are learning. Thanks

  2. I just want to mention I’m beginner to weblog and actually enjoyed you’re web blog. Most likely I’m likely to bookmark your blog . You amazingly have terrific articles. Thanks for sharing your web page.

  3. Oh my goodness! an excellent post dude. Thanks a ton Nevertheless We’re experiencing trouble with ur rss . Do not know why Unable to register for it. Will there be everyone getting identical rss difficulty? Anybody who knows kindly respond. Thnkx

  4. “What i do not understood is if truth be told how you are not actually much more well-liked than you might be right now. You are very intelligent. You realize thus considerably relating to this topic, made me in my opinion believe it from numerous various angles. Its like women and men are not fascinated until it’s something to do with Girl gaga! Your individual stuffs great. All the time maintain it up!”

  5. hi!,I like your writing so much! proportion we keep in touch extra about your article on AOL? I need a specialist in this house to resolve my problem. Maybe that is you! Looking ahead to peer you.

  6. What’s Happening i am new to this, I stumbled upon this I have found It positively helpful and it has aided me out loads. I hope to contribute & help other users like its helped me. Good job.

  7. Thanks , I’ve just been looking for information about this subject for a while and yours is the greatest I have came upon so far. But, what about the conclusion? Are you certain concerning the source?

  8. Impressive document! I personally experienced any learning. I’m hoping to see increased from your site. In my opinion , you can have impressive wisdom and in addition visual acuity. I’m now really contented utilizing this guidance.

  9. Hmm it seems like your blog ate my first comment (it was super long) so I guess I’ll just sum it up what I had written and say, I’m thoroughly enjoying your blog. I too am an aspiring blog blogger but I’m still new to the whole thing. Do you have any helpful hints for first-time blog writers? I’d certainly appreciate it.

  10. I am typically to blogging and that i actually appreciate your content regularly. The article has truly peaks my interest. I am going to bookmark your site and maintain checking achievable data.

  11. It’s not easy, but i believe you just have to be objective about your self and realize that occasionally when somebody is criticizing they are only giving

  12. Aw, this was a really nice post. In idea I wish to put in writing like this additionally – taking time and precise effort to make a very good article… but what can I say… I procrastinate alot and on no account appear to get something done.

  13. You lost me, buddy. I mean, I suppose I get what youre saying. I recognize what you are saying, but you just appear to have forgotten that you will find some other individuals in the world who look at this issue for what it definitely is and may well not agree with you. You may perhaps be turning away a lot of persons who might have been supporters of your blog site.

  14. Varick Street Litho , VSL Print is one of the top printing company in NYC to provide the best Digital Printing, Offset Printing and Large Format Printing in New York. Their printing services in NYC adopts state of the art digital printing services and offset digital printing for products postcards, business cards, catalogs, brochures, stickers, flyers, large format posters, banners and more for business in NYC. For more information on their digital printing nyc, visit http://www.vslprint.com/ or http://www.vslprint.com/printing at 121 Varick St, New York, NY 10013, US. Or contact +1 646 843 0800

  15. Faytech North America is a touch screen Manufacturer of both monitors and pcs. They specialize in the design, development, manufacturing and marketing of Capacitive touch screen, Resistive touch screen, Industrial touch screen, IP65 touch screen, touchscreen monitors and integrated touchscreen PCs. Contact them at http://www.faytech.us, 121 Varick Street, New York, NY 10013, +1 646 205 3214

  16. Emery EPS is a Search Engine Optimization company that provides SEO Services. Their proprietary SEO strategies help struggling websites and aspiring business owners to rank their websites higher in multiple search engines like Google , Yahoo and Bing. They provide local and gmb map ranking for businesses in Coasta Rica, New York, Los Angeles, Portland, Sacramento, Phoenix, Las Vegas, Denver, Houston, California and many other local areas. Find more at https://www.emeryeps.com.

  17. Admiring the persistence you put into your blog and detailed information you offer.
    It’s great to come across a blog every once in a while
    that isn’t the same old rehashed information. Wonderful read!
    I’ve saved your site and I’m including your RSS feeds to my Google account.

  18. Nice post. I discover something more difficult on different blogs everyday. It will always be stimulating to learn to read content from other writers and use something from their website. I’d would prefer to use some while using content in my small blog whether or not you don’t mind. Natually I’ll provide a link in your web blog. Thanks for sharing.

  19. This is the best time to construct some options for the possible future. I’ve digested this piece of writing and if I have the ability to, I wish to encourage you number of interesting assistance.

  20. It really is near close to impossible to encounter well-educated americans on this area, still, you appear like you comprehend what you’re indicating! Gratitude

  21. Emery EPS is a Search Engine Optimization company that provides SEO Services. Their proprietary SEO strategies help struggling websites and aspiring business owners to rank their websites higher in multiple search engines like Google , Yahoo and Bing. They provide local and gmb map ranking for businesses in Coasta Rica, New York, Los Angeles, Portland, Sacramento, Phoenix, Las Vegas, Denver, Houston, California and many other local areas. Find more at https://www.emeryeps.com.

  22. It’s nearly unthinkable to find well-educated women and men on this theme, unfortunately you seem like you understand whatever you’re talking about! Appreciation

  23. Emery EPS is a Search Engine Optimization company that provides SEO Services. Their proprietary SEO strategies help struggling websites and aspiring business owners to rank their websites higher in multiple search engines like Google , Yahoo and Bing. They provide local and gmb map ranking for businesses in Coasta Rica, New York, Los Angeles, Portland, Sacramento, Phoenix, Las Vegas, Denver, Houston, California and many other local areas. Find more at https://www.emeryeps.com.

  24. I merely have to reveal to you that I am new to putting up a blog and utterly liked your site. Very possible I am prone to save your blog post . You indeed have excellent article content. Appreciate it for share-out with us your very own blog article

  25. It’s actually almost close to impossible to encounter well-qualified men and women on this issue, nevertheless you appear like you know whatever you’re covering! Gratitude

  26. I really want to advise you that I am new to writing a blog and utterly valued your site. Quite possibly I am probably to store your blog post . You truly have extraordinary article information. Admire it for discussing with us your favorite domain report

  27. It’s almost impossible to see well-educated americans on this content, nevertheless you come across as like you are familiar with which you’re indicating! Gratitude

  28. Might be near close to impossible to encounter well-updated users on this content, and yet you appear like you realize what exactly you’re writing on! Appreciate It

  29. I just hope to show you that I am new to writing and utterly loved your website. More than likely I am inclined to bookmark your blog post . You indeed have excellent article information. Love it for sharing with us your favorite domain page

  30. Heya there, just started to be aware about your web page through Google, and have found that it is genuinely informational. I’ll take pleasure in in the event you keep up this post.

  31. I just wish to reveal to you that I am new to wordpress blogging and really cherished your report. Very likely I am most likely to remember your blog post . You simply have great article materials. Be Grateful For it for sharing with us your url post

  32. Hiya here, just became conscious of your website through Search engines like google, and discovered that it is really educational. I will take pleasure in if you persist this.

  33. Undeniably consider that that you said. Your favorite reason seemed to be on the internet the simplest factor
    to have in mind of. I say to you, I certainly get annoyed whilst folks consider issues
    that they plainly do not recognise about. You managed
    to hit the nail upon the top and defined out the entire thing without having side-effects , folks can take a signal.
    Will probably be again to get more. Thank you

  34. I’m amazed, I must say. Rarely do I encounter a
    blog that’s equally educative and engaging, and without a doubt, you have hit the nail on the head.
    The issue is something that not enough people are speaking intelligently about.

    I’m very happy I stumbled across this during my search for something regarding this.

  35. Attractive section of content. I just stumbled upon your website and in accession capital
    to assert that I acquire in fact enjoyed account your blog posts.
    Any way I’ll be subscribing to your feeds and even I achievement
    you access consistently rapidly.

  36. Wonderful blog! I found it while searching on Yahoo News.
    Do you have any tips on how to get listed in Yahoo News?
    I’ve been trying for a while but I never seem to get there!
    Appreciate it

  37. Pretty great post. I just stumbled upon your weblog and wished to say that I’ve
    really loved browsing your weblog posts. In any case I will be subscribing
    on your rss feed and I am hoping you write once more very soon!

  38. Please let me know if you’re looking for a article author for your blog.
    You have some really great posts and I believe
    I would be a good asset. If you ever want to take some
    of the load off, I’d really like to write some material for your blog in exchange for a link back to mine.
    Please send me an email if interested. Regards!

  39. Write more, thats all I have to say. Literally, it seems as though you relied on the video
    to make your point. You obviously know what youre talking about, why
    waste your intelligence on just posting videos to your site when you could be giving us something informative to read?

  40. Oh my goodness! Incredible article dude! Thank you, However I am encountering troubles with
    your RSS. I don’t understand the reason why I can’t join it.
    Is there anybody getting identical RSS problems?
    Anybody who knows the answer will you kindly respond? Thanx!!

  41. Hello! I just wanted to ask if you ever have any trouble with hackers?

    My last blog (wordpress) was hacked and I ended up losing
    a few months of hard work due to no data backup.

    Do you have any solutions to stop hackers?

  42. Nice post. I was checking constantly this blog and I am impressed!
    Extremely useful information specially the last part
    🙂 I care for such info much. I was seeking this certain information for a long
    time. Thank you and good luck.

  43. Hello there, I discovered your web site by the use of Google even as looking for a similar topic,
    your site got here up, it seems good. I have bookmarked it in my
    google bookmarks.
    Hello there, just became aware of your blog thru Google, and found that it is truly informative.

    I’m going to watch out for brussels. I will be grateful should you continue this in future.
    Lots of other folks might be benefited out of your writing.
    Cheers!

  44. I used to be recommended this web site by means of my cousin. I’m no longer certain whether
    this submit is written via him as no one else understand such distinct approximately my
    difficulty. You are incredible! Thank you!

  45. Hiya! Quick question that’s entirely off topic. Do you know how to make your site mobile friendly?

    My website looks weird when browsing from my iphone.

    I’m trying to find a template or plugin that might be able
    to correct this problem. If you have any recommendations, please share.
    Cheers!

  46. I’m impressed, I must say. Rarely do I encounter a blog that’s equally educative and amusing, and without a doubt, you’ve hit the nail on the head.

    The problem is something which not enough people are speaking intelligently
    about. Now i’m very happy that I came across this in my search for something relating to
    this.

  47. Wow that was odd. I just wrote an really long comment but after I clicked submit my comment
    didn’t show up. Grrrr… well I’m not writing all that over again. Anyways, just wanted to say fantastic blog!

  48. I know this if off topic but I’m looking into starting my own weblog and was
    curious what all is required to get setup? I’m assuming having a blog like yours
    would cost a pretty penny? I’m not very internet smart
    so I’m not 100% sure. Any recommendations or advice would be greatly appreciated.
    Thanks

  49. Thanks a lot for sharing this with all folks you actually understand what you’re
    speaking approximately! Bookmarked. Please additionally seek advice from my website =).
    We will have a link exchange agreement between us

  50. Greetings I am so excited I found your webpage, I really found you by
    accident, while I was searching on Aol for something else, Nonetheless I am here now and would
    just like to say thank you for a marvelous post and a all
    round enjoyable blog (I also love the theme/design), I don’t have time to read through it all at the moment but I have bookmarked it and also added your RSS
    feeds, so when I have time I will be back to read more, Please do keep up
    the superb job.

  51. wonderful submit, very informative. I’m wondering why the
    other specialists of this sector don’t understand this. You should proceed your writing.
    I am sure, you have a great readers’ base already!

  52. Hey there! I know this is somewhat off topic but I was wondering which blog platform
    are you using for this site? I’m getting sick and tired
    of WordPress because I’ve had issues with hackers and I’m looking at options
    for another platform. I would be great if you could point me in the direction of a good platform.

  53. Thanks for your marvelous posting! I seriously enjoyed reading it, you may be
    a great author. I will make certain to bookmark your blog and will come back
    in the foreseeable future. I want to encourage one to continue
    your great writing, have a nice weekend!

  54. When I initially commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I get several emails with the
    same comment. Is there any way you can remove people from that service?
    Thank you!

  55. Hey! Someone in my Myspace group shared this site with us so I came to check it
    out. I’m definitely enjoying the information. I’m book-marking and will be
    tweeting this to my followers! Terrific blog and amazing design and style.

  56. Great items from you, man. I’ve take note
    your stuff prior to and you’re just too great.
    I actually like what you have obtained here, certainly like what you’re stating and the way wherein you are
    saying it. You’re making it enjoyable and you still care
    for to stay it sensible. I cant wait to read much more
    from you. That is really a great website.

  57. Hi there, i read your blog from time to time and i
    own a similar one and i was just wondering if you get a
    lot of spam comments? If so how do you protect against it, any plugin or anything you can suggest?
    I get so much lately it’s driving me mad so any assistance is very much appreciated.

  58. I’ve been exploring for a little for any high quality articles or blog
    posts on this sort of space . Exploring in Yahoo I finally stumbled upon this website.
    Reading this info So i’m happy to express that I’ve a very good uncanny feeling I discovered exactly what I needed.
    I such a lot for sure will make sure to do not forget this website and give it a look regularly.

  59. Great beat ! I would like to apprentice while you amend
    your website, how can i subscribe for a blog web site?
    The account helped me a acceptable deal. I had been tiny bit acquainted of this your broadcast offered bright clear concept

  60. Hi, i read your blog from time to time and i own a similar one and i was just wondering if you get a
    lot of spam remarks? If so how do you prevent it, any plugin or anything you can recommend?
    I get so much lately it’s driving me insane so any assistance is very much appreciated.

  61. Hi, I think your site might be having browser compatibility issues.

    When I look at your website in Opera, it looks fine but
    when opening in Internet Explorer, it has some overlapping.
    I just wanted to give you a quick heads up! Other then that, awesome blog!

  62. Hi there! I know this is kinda off topic but I was wondering if you knew where I could locate
    a captcha plugin for my comment form? I’m using the same blog platform as yours and I’m having
    trouble finding one? Thanks a lot!

  63. obviously like your web-site but you need to check the spelling on quite a few of your posts.

    Many of them are rife with spelling issues and I
    in finding it very troublesome to tell the reality on the other hand I will certainly come
    again again.

  64. Woah! I’m really enjoying the template/theme of this website.
    It’s simple, yet effective. A lot of times it’s very difficult to get that “perfect balance”
    between superb usability and appearance. I must say that you’ve
    done a amazing job with this. In addition, the blog loads super fast for me on Safari.
    Superb Blog!

  65. Very good blog! Do you have any recommendations for aspiring
    writers? I’m hoping to start my own blog soon but I’m a little lost
    on everything. Would you advise starting with a free platform
    like WordPress or go for a paid option? There are so
    many options out there that I’m totally overwhelmed ..
    Any suggestions? Kudos!

  66. Can I just say what a comfort to find somebody who genuinely understands what they are talking about on the internet.
    You certainly understand how to bring a problem to light
    and make it important. A lot more people really need to look at this and understand this side of the story.
    I was surprised that you aren’t more popular given that
    you definitely possess the gift.

  67. Hello There. I found your blog using msn. This is an extremely well written article.
    I’ll be sure to bookmark it and come back to read more of your useful info.
    Thanks for the post. I’ll definitely return.

  68. Thank you a lot for sharing this with all people you actually recognise what you’re speaking approximately!
    Bookmarked. Kindly also consult with my web site =).
    We may have a link alternate arrangement between us

  69. Hi, I do believe this is an excellent web site. I stumbledupon it
    😉 I’m going to revisit yet again since i have saved as a favorite it.
    Money and freedom is the best way to change, may you
    be rich and continue to help other people.

  70. I really like your blog.. very nice colors & theme. Did you create this website yourself or did
    you hire someone to do it for you? Plz answer back as I’m looking to construct my own blog
    and would like to know where u got this from.
    thanks a lot

  71. Its like you read my mind! You seem to know so much about this, like you wrote the book
    in it or something. I think that you could do with a few pics
    to drive the message home a little bit, but instead of that, this
    is great blog. A fantastic read. I’ll certainly be back.

  72. My programmer is trying to convince me to move to .net from PHP.
    I have always disliked the idea because of the expenses.
    But he’s tryiong none the less. I’ve been using Movable-type on several websites for
    about a year and am nervous about switching to another platform.

    I have heard good things about blogengine.net. Is there a way I can import all my
    wordpress content into it? Any kind of help would be greatly appreciated!

  73. Thanks for your marvelous posting! I truly enjoyed reading it, you will be a great author.I will always
    bookmark your blog and definitely will come back in the foreseeable future.

    I want to encourage that you continue your great posts, have a nice day!

  74. Thank you a lot for sharing this with all of us you really recognize
    what you are speaking about! Bookmarked. Kindly
    additionally seek advice from my web site =).
    We may have a hyperlink change arrangement between us

  75. Right here is the right webpage for anyone who would like
    to find out about this topic. You understand so much its
    almost hard to argue with you (not that I really would want to…HaHa).
    You certainly put a brand new spin on a subject which has been discussed for
    decades. Great stuff, just wonderful!

Leave a Reply

Your email address will not be published. Required fields are marked *