When I think about my clients who have managed to reach financial independence, I'd say they have very defined patterns that help them save and track their finances.We've all been told that following a routine is important in many aspects of life — for physical fitness, good eating habits, solid work patterns and so on.
"Habits are at first cobwebs, then cables," Duhigg wrote, referring to his observation that building wealth through investing takes time and consistency to develop good habits and see results. Pew found that individuals who establish consistent saving routines are more likely to build wealth over time than those who don't. The report says that"households benefit from automatic mechanisms to generate savings. Such programs have shown promise for other types of savings and could, with appropriate alteration, offer a valuable platform for building and rebuilding emergency savings.
Here's a look at more coverage in CNBC's Women & Wealth special report, where we explore ways women can increase income, save and make the most of opportunities.How to prepare for the ‘survivor’s penalty’ before a spouse passes
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