How to Automate Your Finances to Build Wealth (Rule of 752)

Automating your finances is about a lot more than convenience. Automation, if used in the right way, can help you build wealth. In this video I show you how.

Resources mentioned in this video:

0:00 Automating your finances
2:44 5 Tools to automate your finances
7:18 Simplifying Your Finances
8:39 How to automate your finances
12:06 Pay bills with a rewards credit card
16:30 Rule of 752

TOOLS & BOOKS I LOVE

ABOUT ME

While still working as a trial attorney in the securities field, I started writing about personal finance and investing In 2007. In 2013 I started the Doughroller Money Podcast, which has been downloaded millions of times. Today I'm the Deputy Editor of Forbes Advisor, managing a growing team of editors and writers that produce content to help readers make the most of their money.

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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. Your investment and other financial decisions are solely your responsibility. It is imperative that you conduct your own research and seek professional advice as necessary. I am merely sharing my opinions.

AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning at no cost to you I earn a commission if you click through and make a purchase and/or subscribe. However, I only recommend products or services that (1) I believe in and (2) would recommend to my own mom.

[matthewegreen]

“Husband of 32 years and she’s stuck with me…” Love it and congratulations!

[iamkerenlouise]

I followed you religiously on the DoughRoller podcast--then all of sudden, YT sent me one of your videos on this channel--so we were able to find you again-; the financial freedom content provided is the best. You will get to 100K subscribers eventually! Keep up the terrific work.

[dlswa]

Rob your content is very good. You are truly unique and describe finance down to a level most people can understand. You will get to your 100k subscribers sooner than later. Best of luck and thanks for the useful content.

[willberger]

Thanks Rob! Enjoyed the video. Sent it to my daughter as well.

[jonny]

Hey rob congratulations on being a grandfather 👍really enjoy the videos thank you

[jeremymularella]

I listened to every episode of your Dough Rollers podcast and was bummed when you stopped making episodes. I thought something bad may have happened, but then someone on the Dough Rollers site said you were still publishing here. Now I have a bunch of new videos to binge! (If you want more followers, I suggest leaving a note on your podcast page that redirects them here.)

[FIRE_AtTheBeach]

I stumble your channel accidentally and I really like your contents. You speak in layman terms that's easy for newbies like me to understand.

[BW-kvwj]

I was BofA for 3 decades and I just closed all accounts and went to US Bank. They don’t charge for ATM use at other ATMs. BofA charges $2.50 for every atm transaction not at BofA. A few other reasons but I found US Bank much better.

[jpturner]

Congratulations to your family on soon becoming grand parents Rob!

Semper Fi

[wademarchetti]

New to your channel really enjoy your content thank you

[garyb]

I'm considering getting the SoFi credit card. Earns 2% on all purchases if you invest the rewards. Also no foreign transaction fees. I'm also planning to cancel my BofA card after many years. Terrible customer service should you ever have issues with a bad charge.

[tonyreddy]

Thanks. I have been letting savings sit in Checking Acct > bad! Invest monthly small amounts > Good!

[MrArdytube]

I also chose Bank of America as the best deal
That said, it have started using several credit cards
This seems needlessly complex… but let me explain
I have an Amazon card because it gives 5% for Amazon purchases
I have one travel card that includes insurance for car rentals
My b of a card is used for every day purchases
Now… here is the problem
If you ever lose a card, or have a credit card fraud issue… you have to re set lots of auto pay accounts
I have had this problem several times… so I use a double cash card for internet purchases to isolate them just in case
I use the b of a card for recurring bills. .like health insurance
And I have a Wells Fargo card that I tie to Apple Pay and eBay because they have a virtual card option that hides the card number… again for security

Over all, I enjoy rewards, but only find that a pleasant extra benefit. These days… card security is more important to me. And I use the above approach to isolate different activities so that if there is a problem… that problem is isolated

[pablouribe]

Im 22 and glad somehow the algorithm brought me to your channel.

[lxu]

I simply use cash back towards my credit card monthly payment.

[JimmyLovesMundo]

Schwab high yield investor checking account is what I have used for years. I travel a lot and so there are no International fees, which comes in handy, plus the account provides unlimited refunds of ATM withdrawal fees at the end of the month no matter where you withdraw from in the world. It also has a slightly above average 0.45% APY. Finally, you can save and invest at the same time as it comes with an investing account component.

[alexbarbo]

Rob, your advice is life-changing, thank you.

[juliocardenas]

I just moved my accounts to Sofi. All credit card rewards are automatically invested (if you set it up).

[freedomlife]

Thanks for your tips, Rob. Like you said we need to figure out why we are saving. I calculate how much I need to save to be financially independent by 61 based on 5% return on my investment, then automatically transfer my that monthly amount to my investment from my checking account, then I can spend 90% of that, leaving 10% for emergency. Since saving rate is so low, I rather leave it in my checking account, so my all inclusive account fee will be waived which includes a free deposit box and infinity VISA.

[cameronrhysd]

Normal inflation on the forecast shouldn’t make too much difference because the latte will become more expensive over the years but your wages should also go up as you get older so that 144000 should give you an idea of the value in today’s money