Rashida shared a five-step, data-backed 10-minute routine that high earners use to break the paycheck-to-paycheck cycle and build wealth.
The meeting highlighted common mistakes people make after payday and provided simple, actionable solutions to establish a wealth-building system using account automation.
The approach works for all income levels and emphasizes intention and consistency over complexity.
Action Items
Next payday – All viewers: Verify every paycheck against the provided checklist for errors and contact HR if discrepancies are found.
As soon as possible – All viewers: Set up three separate bank accounts (Essentials/Bills, Wealth-Building/Investing, Treat Yourself/Spending).
As soon as possible – All viewers: Implement the recommended zero-based budget: 50% Essentials, 20% Wealth-Building, 20% Savings/Debt, 10% Guilt-Free Spending.
Before next payday – All viewers: Set up automated transfers between accounts according to the percentage breakdown.
Ongoing – All viewers: Consistently invest and save using the outlined automation and routine.
10-Minute Wealth-Building Routine Overview
Review and verify every dollar in your paycheck to avoid payroll errors; check for correct pay, deductions, and contributions.
Use a zero-based budget to assign every dollar a job: 50% for needs, 20% for wealth-building, 20% for savings or debt, 10% for guilt-free spending.
Prioritize core needs first (food, utilities, housing, transportation) before any other spending.
Open three bank accounts for essentials, investing, and enjoyment; automate transfers as soon as each paycheck arrives to enforce the budget.
Invest consistently (via 401k up to employer match, then Roth IRA, then brokerage account) and direct 10% of income to an emergency fund until it covers 3-6 months of expenses, then redirect to investing.
Common Mistakes to Avoid
"48-hour drain": Immediate spending on non-essentials due to impulse.
"Whatever’s left" trap: Trying to save/invest only whatever remains after spending, which studies show results in saving 71% less.
Complexity paralysis: Getting stuck in endless research or complicated systems instead of taking action.
Account Setup Recommendations
Use SoFi Bank for checking and high yield savings due to no fees, early paycheck access, and competitive interest rates.
Decisions
Adopt a simple, automated payday routine — Because automation and intention consistently outperform income size or complex planning for wealth-building.