Automate Your Way to Wealth | Episode 017

In this episode Mark discusses a strategy for automating your finances. Using his personal experience, he explains how setting up systems for automatic deposits, payments, and savings can help achieve financial goals and provide for a stress-free financial future. 

He delves into the specifics of using a core cash management account and provides a step-by-step automatic cash flow process for both working individuals and retirees. Mark emphasizes the importance of monitoring financial transactions and maintaining a buffer. 

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Episode Links:

Watch this Episode on the YouTube channel

Cash Flow Automation Flowchart - Working

Cash Flow Automation Flowchart - Retired

Fidelity Cash Management Account vs. Schwab Investor Checking

Timestamps:

• 00:27 Automating Your Finances: A Deep Dive
• 01:50 Choosing the Right Cash Management Account
• 02:38 Schwab vs. Fidelity: A Comparison
• 06:39 Setting Up Your Paycheck and Savings
• 13:58 Automating Bill Payments and Credit Cards
• 18:19 Managing Finances in Retirement
• 22:33 Tax Withholding Strategies
• 23:46 Roth Conversions and Tax Planning
• 26:09 Managing Estimated Taxes and Bill Payments
• 35:48 Automating Cashflow in Retirement
• 38:25 Final Thoughts and Recommendations