[00:02] of doing the right things with your money over a long period of time. But, some of the most powerful money moves you will ever make can take less than a day. You do them once, and they keep working for you for years. Guys, I am so
[00:16] excited because today we're walking through five powerful money moves that you can make in a single day. And some of these could be worth tens or even hundreds of thousands of dollars over your lifetime. And make sure you stick
[00:30] around for number five because it's one we don't talk about enough, and it might be the most impactful thing that you do all year. Okay, the first money move is what separates those who actually build wealth from those who never quite get
[00:43] there. And that move is to automate your finances. When it comes to your money, and really any area of your life, you want to make the good habits as easy as possible. Automating your saving and investing is one of the best ways to do
[00:57] that. When your 401k contribution happens automatically, before you ever you're eliminating behavior from the equation. The smart wealth-building action happens without you even having to think about it. And you're taking
[01:11] away your own ability to mess up what you know is a smart choice. So, if you haven't done this already, here's what you should automate today. Your 401k payroll system, your Roth IRA contributions through a monthly transfer
[01:26] monthly bills to protect your credit score and eliminate late fees. The next basically just claiming free money. And yet, a shocking number of people are leaving it on the table. I'm talking about getting your employer match. If
[01:41] your employer offers a 401k match, and you're not contributing enough to get it, you are literally turning down part of your compensation. That's money that not taking it. According to one report,
[01:54] around 1/3 of employees don't contribute enough to their 401k to get the full company match. That's what we in the industry like to call no bueno. And here's why. Let's say your employer matches 100% of your contributions up to
[02:07] 4% of your salary. If you make $60,000 and you're only contributing 2%, you're getting a $1,200 match. But, if you bump your contribution to 4%, you would get a $2,400
[02:20] match. That's an extra $1,200 per year for free. Just sitting there waiting for you to claim it. And remember, that 1,200 doesn't just sit in your account, [music] it gets invested and then it compounds. At a 9% average
[02:36] and then it compounds. At a 9% average annual return, $1,200 invested today has annual return, $1,200 invested today has the potential to grow to around $15,000 over 30 years. So, here's what you do. Log into your HR benefits portal, find
[02:48] your 401k contribution rate, compare that with your employer's matching formula, and if you're not getting the full match, increase your contribution rate. This might take you 10 minutes, but the payoff [music] can be huge. We
[03:01] put the employer match at step two of the financial order of operations for this reason. It's one of the highest guaranteed rates of return available to anyone, so don't miss out on it. The next money move you can make today might
[03:14] be the most important one because it can determine if you retire with millions or if you don't retire at all. And that is increase your savings rate. According to retirement account balance for Americans age 55 to 64, the people who are about
[03:30] age 55 to 64, the people who are about to retire, is only $185,000. Using the 4% rule, that's only $7,400 a year in retirement income. >> That's clearly not going to go very far, and it's largely the result of savings
[03:43] rates that were too low for too long. The benchmark we recommend is 25% of your gross income saved and and If you're not there yet, that's okay. You don't have to go from zero to 25 in one day.
[03:56] But even if you can just increase your savings rate by just 1%, it can make a six-figure difference. Let's say you make $70,000 a year and you bump your savings rate up by 1%. That's an extra $700 per year joining your army of
[04:10] dollar bills that you've already got working for you. Over a 30-year timeline at a 9% average rate of return, that single 1% increase has the potential to grow to nearly $100,000. All from a 1% bump. And you likely
[04:26] wouldn't even notice the difference in your paycheck. But over a lifetime, that 1% could be the difference between retiring comfortably and working a lot actually done the math to show what a 1% increase in your savings rate can do
[04:40] based on your age, and you can find that in our free resource titled What 1% more can do for you. Go check it out at moneyguy.com/resources. Okay, the next one might be the most satisfying money move on the list.
[04:54] satisfying money move on the list. Eliminate just one recurring expense. statement from last month. Find a recurring charge that you could live without and get rid of it. Maybe this is a subscription or some membership that
[05:08] you barely use. I know it sounds simple and you might think that one thing and it won't make a big difference. But recurring charges are like little money leaks slowly draining your bank account. And that money could
[05:21] be working for you instead of against you. Let's say that you cancel a $50 per were even paying for. If you redirect that $50 into an account earning 9% per
[05:33] after 30 years you'd have almost $90,000. All from canceling one thing. According to one survey, the average American to one survey, the average American spends $219 per month on subscriptions.
[05:46] But they estimate they only spend $86. In other words, most people are spending more than double what they think they are on subscriptions. So, here's your challenge. Spend 15 minutes today reviewing all of your recurring charges.
[06:00] Pick at least one to cut, then take the money that you were spending on that thing and redirect it to your investment accounts. Plug the leak and then put move you can make today is another one that can have a six-figure impact over
[06:14] the long run. And that is move your cash to a high-yield savings account. If you savings account, you're almost certainly earning close to 0% interest on it. As
[06:26] of the time of this recording, the national average savings rate for most savings accounts is around 0.41%. Meanwhile, high-yield accounts or HYSA's are currently paying in the neighborhood of 4% or higher. Let me show you what
[06:41] that difference actually looks like. If you have $20,000 in an emergency fund sitting in a traditional savings account earning 0.41%, you're making about $82 per year. Take that same $20,000 and put it in a
[06:55] high-yield savings account at 4.5% and now you're earning $900 a year. That is now you're earning $900 a year. That is over an $800 a year difference just for making one decision. I want to be clear. A high-yield savings account is not an
[07:09] investment account. It's where you keep your emergency fund and any other short-term cash that you'll need to access in the next 1 to 3 years. This is not your retirement money. We're talking about money that needs to stay
[07:22] anyway, it should at least be earning you something meaningful. Setting up a high-yield savings account takes less than 20 minutes and you can fund it the same day with a transfer from your bank account. And unlike a CD or a money
[07:36] market fund that has restrictions, high-yield savings accounts let you access your money whenever you need it. So, if you've got cash sitting in a worse, just sitting in your checking account, move it today.
[07:50] where you can get a meaningful payoff for almost zero effort. Just like the today, it can be done quickly, it's relatively simple to execute, and it can make a big difference over time. So, I would encourage you to do all of these
[08:05] today. Small decisions now can make a big difference later. In the meantime, in good shape, check out this video right here for five signs you're doing well financially. And as always, keep building towards your great, big,
[08:20] building towards your great, big, beautiful tomorrow.