Why I direct debit everything!
I always put everything on a direct debit as it gives me less to think about each month, and when it comes to having a portfolio of say 10 or 20 properties, 5 credit cards, a phone bill, council tax bill, TV Licence, a couple of personal loans and about another 50 transactions on your account trust me a direct debit is heaven-sent.
So always, always use a direct debit.
In most cases people don’t use a direct debit because they think but what if I don’t have the money in the account? It’s exactly that type of negative scarcity thinking which we need to eliminate if we are to become wealthy.
Think abundance and your mind will go about creating that in your life. You will also create substantially less stress in your life so you can focus on the more important things like lifestyle.
The only other suggestion I make regarding direct debits is have them all come out at the first part of the month. So if you get paid into your account at the end of the month, schedule them all for the first week. This way after the first week you are free to relax and forget about your portfolio.
I personally have all of my debits come out between the 1st and the 10th of the month so between the 11th and the 28th of the month I don’t even need to look at my account. I also have all my rents come into the account at the beginning of the month so I know exactly where I am. The only financial stress I have is between the end of the month and the 10th which is a small price to pay for the massive benefits a portfolio provides to my lifestyle.
Live with passion,
Brett Wood