The financial flywheel: Automating your way to retirement planning with ease
The price of anything is the amount of life you exchange for it. — Henry David Thoreau
Saving for retirement is a crucial aspect of financial well-being, yet it often takes a backseat to immediate expenses and lifestyle choices.
However, with the concept of the financial flywheel, you can automate your salary to ensure a portion goes directly into savings and investments. Once you have that foundation, you can continue building upon it and send a portion of dividends and interests into savings and investments as well.
You don’t have to see the whole staircase, just take the first step. — Martin Luther King, Jr.
By implementing this strategy, you can effortlessly plan for retirement, with minimal effort required on your part. When set up right, it will work hard for you in the background while you go on with your life. Set your financial flywheel in motion to secure your financial future now.
Understanding the Financial Flywheel
But what truly set the big winners apart was their ability to turn initial success into a sustained flywheel, even if they started out behind the pioneers. ― Jim Collins, Turning the Flywheel: A Monograph to Accompany Good to Great
