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And if you use it wisely, you could allow greater wealth and security to bloom.
Also consider what a bank teller had to say about withdrawing your savings right now.
Open multiple free accounts at different banks to keep funds separate for different financial goals.
Have one for essential bills, one for discretionary spending and another for saving, he said.
But did you know that setting up automation can help you build wealth or even pay for retirement?
Its another tip Fritch offered clients.
Automate as much as possible.
Out of sight, out of mind.
Ive helped many clients build wealth simply by automating good financial habits.
One bank offers clients $500 to $1500 just for using their bill pay feature regularly.
Another provides brokerage services so clients can invest cash balances, he explained.
High-yield accounts can generate substantial interest over time through compounding.
Small advantages add up.
Reading through your statements can also clue you into areas where you could improve your spending.
Look for errors or unauthorized transactions to dispute charges promptly.
Analyze expenses to reduce costs and improve budgeting, he said.
For example, one client cut shipping fees by 15% after realizing they used premium shipping too often.
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