***Healthy Financial Habits that Build Wealth Fast

When we hear that somebody has a habit, we immediately think that he or she smokes, or drinks too much, or is a compulsive gambler. I wonder why the word “habit” has taken on a negative meaning today. Some habits are truly negative, but there are good habits too. If your mom makes an entry in her checkbook register every single time she writes a check, that is a good habit. Or if you record every tax-deductible expense immediately, that is obviously a very good habit too. Here are some I would like you to consider adding to your routine: 1) Bookmark all your critical investment accounts online and visit them at the same time every week. The best way to spot an earthquake is to notice the tremors ahead of time. 2) Schedule a monthly call to your tax preparer/CPA. Keep a folder in your top desk drawer and use it to hold any documents or notes that you need to discuss in this regular talk. 3) Get in the habit of paying all your tax-deductable outlays with one credit card that issues you an itemized year-end report of all transactions. It’s an effortless way to keep your records organized. 4) Pay your bills on time - especially your credit card bills. For recurring bills, schedule automatic payments through your bank’s online services so you will never miss a payment. 5) Start saving today. Even a small amount from every paycheck will add up more quickly than you think. Start now - your age doesn’t matter. 6) Since we don’t live in a paperless world - not yet, anyway - set up a system of file folders to store all your receipts, paycheck stubs and other tax-impacting documents in an orderly way. 7) Get in the habit of having regular financial discussions with your spouse or significant other. When you decide on financial priorities and practices together, the result is that you operate as a team. That doubles the effectiveness of any financial strategies that you implement. So what is wrong with being a creature of habit? Nothing. At least, not where your tax-reducing and financial healthiness are at stake.