The Easiest Way to Fund Your IRA Account Monthly

Funding your IRA account takes a bit of discipline, but remains one of the easiest ways to build wealth over the long term. I learned this lesson the hard way when I neglected my Roth IRA account last summer working as a intern.

Why did I neglect my Roth IRA? Because I made it difficult to transfer money into it so my IRA balance could grow. In the recent months, I focused more on growing the account, yet still relied on making erratic contributions. Ultimately, I lacked a consistent plan to send contributions from my savings to my Fidelity Roth IRA.

Finally, a discussion with a Fidelity representative illuminated my thinking once again.

The IRA solution – Make Investing Automatic

Automatic investing is the single easiest and hands-free way to grow your IRA balance monthly over the long-term. When setup, you initiate monthly automatic cash transfers from your savings/checking account directly to your IRA balance. Your retirement investments are now automated, giving you more free time to do whatever.

Advertisement

What’s even more attractive about automatic investments is they grow over time without your maintenance. All you must do is balance your IRA investments at the end of the year to maintain proper allocation.

Less Time Managing, More Time Discovering

While I manage my other investment accounts with a more hands-on approach, I fully embrace the idea of making IRA investments automatic because I can devote more time to discovering alternative investments, instead of overseeing all the transactions.

So I’m prepared to automate any much of my IRA investments as possible. So far, so good.

Don’t Have Enough to Invest in an IRA? Change Your Wording

If you feel automatic IRA investments are impossible given your current financial situation, try changing the way you think about automatic investments. Treat your IRA contributions like a monthly bill. Soon enough, paying the IRA bill becomes a regular routine, and you never miss the cash anymore.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *