In Singapore, we have systems to follow such as buying a train ticket, booking a movie ticket online etc. This goes the same as our personal lives. We have a basic system of survival - breakfast, lunch, dinner.
In your personal financial aspect, do you know your system well at your fingertips? For example, where your monthly income goes to and where does it gets funnel out?
A system to ensure that:
(a) Account A is used for emergency funds
(b) A % of your monthly take home pay goes to a savings account that is untouched?
(c) Extra MSI (multiple streams of income) goes to account C for specific purposes
(d) Dividends earned from shares channel back to ??? or kept for a reason?
(e) Monthly fixed expenses are debited from a separate current account?
(f) An account setup for big ticket items in the near future or for hobbies?
(g) Capital gains from investment, royalties & others get directed back to ???
In other words, create a system for disciplined cash inflow, cash outflow, savings, emergencies etc. A system that is robust, able to sustain unexpected financial storms and the ability to maximize investment opportunities as and when the time comes. To do so, have an objective. The objective can be " I must reach a six-figure sum by xxxx for this account because of..." This helps you to be focused.
Sometimes words of affirmation are useful to keep the motivation meter high.
Very soon, your system can be in automatic pilot. Your energy can be focused on the next wealth project. I have setup my personal financial system already. Right now, I am focusing my attention to other work.
What about you? Is your system in a mess or in a structured format? Perhaps your money is floating around without proper system validation?
Are YOU personally happy with the system or is there something missing out?