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A New Way to Look at Savings: The Wealth Accumulation Account

So many people go about spending money the wrong way.
That’s because when they get paid, the money is put into their checking account and they pay out monthly expenses from there.  And what happens after expenses are paid?  The money’s usually gone, right?  Nothing left for savings…any “extra” money gets frittered away because it’s in a place that is meant to be spent out of — a checking account.
That can change if when you get paid, you deposit all your money into what I call the “Wealth Accumulation Account” or WAA.
This is a liquid savings account that earns interest. Your goal is to getshutterstock_111534983 (644x800)your spending under control through tracking so that you triple the money in the account (or if you are really excited about using a WAA, until you have accumulated one month worth of expenses plus $1,000).
Now, once a month, you withdraw enough money from the account to pay for expenses as noted by category in your spending plan and leave the rest in the WAA to continue earning interest.
What is the value of this practice?  Most of my clients do not understand how powerful it can be until they live it.  It seems like a simple enough idea, but nobody thinks to do it.  Changing your mindset from checking account spending to WAA savings changes your entire perspective and makes savings so much easier to do.

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