Americans check their bank accounts over nine times per day on average but 76% still run out of money before their next paycheck hits and today that money is disappearing faster than ever but here is what no one is telling you the first 10 minutes are going to determine whether you are able to build weal or if you're going to stay trapped in the paycheck to paycheck cycle forever today I'm going to reveal the exact 10-minute routine that top earners use to multiply their money and it's going to be backed by real data what's up everybody I'm Rashida and I'm your guide to Smart money move I started my own wealth building Journey at the age of 17 I've grown my portfolio to seven figures and I did it all on a police officer salary so it is my mission to show you that it is possible for you too and I'm going to show you how to do it so let's go think about it 26 paychecks per year that is 26 chances to either build wealth or stay in the exact same place you are today but most people get this completely wrong but by the end of this video you'll know exactly what to do in those crucial first 10 minutes after that paycheck hits your account so let's talk real numbers 70% of Americans are living paycheck to paycheck and that includes people making six figures that's right even people making over $100,000 per year are struggling and here's the crazy part it's not about how much you make I have seen people making $50,000 a year that can build more wealth than someone making six figures the difference is a strategic payday routine and so you have to think about it like this every two weeks you have a chance to be a wealth and so that is 26 opportunities per year to transform your financial future but the truth is most people are playing defense with their money they are busy reacting instead of strategizing now before we dive into the system let's talk about the three biggest payday mistakes that I see people making over and over again avoiding just these three things alone could help to transform your finances mistake number one the 48-hour drain this is the most dangerous one your money hits your account and with 48 hours it's already spoken for and not because of bills it's because of what I like to call Money impulse decisions you've been waiting for that payday to arrive you are feeling FL you're feeling good and sudden that Amazon cart doesn't look so expensive anymore or maybe you decide to treat yourself to a big fancy dinner or go out with your friends take a trip because well you deserve it right look I'm all for you enjoying your money but there is a right way to do it and this isn't going to be it mistake number two is the whatever's left track and this one is sneaky because it feels responsible what you do is you tell yourself that you're going to save and you're going to invest whatever is left after spend spending after you paid your bills after you bought the necessities and the things that you want if I have money left I'll save it that's what you tell yourself but here's the truth there's never anything left if you were doing it that way why it's because money behaves like water it flows to feel whatever space you give it and countless studies show that when people wait to save what's left they save 71% less than people who save first and so think about that the same income but drastically different results just because of timing and mistake number three is going to be complexity paralysis and this one is very very common this is where you get so overwhelmed with budgeting apps and spreadsheets and financial advice that you end up doing nothing at all you spend hours researching the perfect system watching videos about investing but you never actually take action and the irony is that the most successful Wealth Builders that I know of have incredibly simple systems they are not spending hours tracking every penny they're not day trading they are just following a simple repeatable routine and here is the good news our 10-minute routine is going to eliminate all three of these mistakes automatically no willpower required no complex systems to maintain just a simple set of actions that happen the moment that money hits your account but before we continue with the rest of the video please take a second check to see if you have subscribed to the channel if you haven't please consider subscribing I come here every single week to share tips and strategies to help you get your mind right and to help you understand how you can turn your income into real wealth now step one may seem obvious but it is shocking how many people skip this step you need to verify every single dollar of your paycheck and I mean every dollar now here's a mind-blowing stat studies show that up to 20% of payroll checks have errors that is one in every five paychecks with mistakes that could be costing you serious money we're talking about missing overtime incorrect tax withholdings or benefits deductions that shouldn't be there and if you think that this is BS let me give you a real example of something that actually happened to me a few years ago I had gone several months without verifying the numbers on my paycheck and when I did I discovered that money was being deducted from my paycheck for my retirement account contributions but the money was not showing up in my retirement account that means that money was coming out of my paycheck and it wasn't being invested so I requested an audit through my HR department because I knew that it wasn't right and they confirmed that this had happened for the last 3 months that is six paychecks where thousands of dollars of my hard-earned money was going into a black hole and the shocking part is that this was happening to multiple employees where I work and no one had realized it and so we're talking about Mis interest gains in the market because again that money wasn't being invested now in the end my finance manager ended up making everything right with my account but the moral of the story is that no one is going to verify if you are getting what you earned if you don't and so the first moment that you get after watching this video I want you to go pull up your past up and here is your verification checklist first you need to check your base pay does your base pay actually match the offer letter that you received from your employer where your raises and your bonuses added correctly is your overtime calculated at the right rate did any shift differentials or commissions get included that were supposed to be in there next you need to scan your deductions the federal tax rate does it match what you put on your W4 your state taxes is it for the correct location social security is it exactly 6.2% what about Medicare that should be exactly 1.5% your insurance premiums does it match what you actually signed up for and for your 401k just verify that the correct percentage is being taken out based on what you elected your contributions to be and once you do this you need to jot all of these numbers down and create a past of Baseline in your notes just keep it somewhere handy where you can pull it up on your phone Take 5 minutes to do this because every time you get paid you need to check those numbers against the the Baseline that you've already written down because wrong deductions can cost you thousands of dollars per year because remember your employer's payroll department is run by humans and human beings make lots of mistakes and don't feel bad or awkward about questioning things that look off this is your money and no one will care about it more than you do and so if something looks wrong on your payub you need to notify your HR department immediately you can keep keep it simple you can just send an email to the director and say hey I noticed a discrepancy in my last paycheck and I would like for you to review it document everything you be amazed at how often these small errors add up to big money over time step number two is going to be your zerob based budget forget everything you know about budgeting here's the simple truth you don't need fancy apps you don't need complex spreadsheets you just need two numbers money going in and the money going out and with a zero based budget every single dollar gets a job and so think of yourself as a CEO of your money you're giving orders you're not taking them and so here's the exact breakdown that top performers use 50% is going to go to your Essentials those are the things that you absolutely need 20% is going to be earmarked for your wealth building you're going to pay yourself first the other 20% is going to go to savings or debt payoff and then 10% is going to be set up for guilt free treat yourself spending okay and this isn't just a suggestion this is a wealth building formula that has been proven to work time and time again and notice something here enjoyment is built right in this isn't about restriction it's about intention step three pay your needs first and here's going to be your exact priority list number one food number two utilities three housing four Transportation these are your four wall WS nothing else gets paid until these are secure no subscriptions no credit cards not even that amazing sale at your favorite store all right because when you secure your first four walls you're building your financial House On Solid Ground everything else is just decoration now step four is where the wealth really happens and that is through automation this is super important because it's going to eliminate decision fatigue and it's going to ensure that your money moves are made before you can spend it and so here is exactly how you can set this up first you're going to open three accounts you're going to have an account for your bills or your Essentials the next account is going to be for growing your wealth or investing and then the third account is going to be your guilt-free spending account for enjoyment or treating yourself now you're going to set up automatic transfers for the moment your paycheck hits 50% is going to go to your bills account 20% to wealth building 20% to savings or debt payoff and then 10% to that treat yourself account this way your money moves before you can even think about it again you don't have to worry about spending money that already has a job because this way your money again is going to be moving to its assigned job before you have a chance to go out and spend it on something you're not supposed to and so your future self is automatically taken care of step five is active wealth building buing here is the magic of consistency if you're investing $200 every single month whether the market is up down or sideways you're naturally buying more shares of whatever you've decided to invest in when the prices are low and you're going to be buying fewer shares of that thing when the prices are high this is called dollar cost averaging and this is how the average person can build extraordinary wealth and so that 20% that we send to your wealth building account here is exactly how this is going to go the first 10% is going to go to either a 401k account that's set up through your employer and you want to contribute up to the match nothing more at this point anything over that that's still within your 10% you're going to put into a Roth IRA and make contributions to that until you can Max it out then if you still have money left to invest you're going to look at doing lowcost index funds through a regular taxable brokerage account and then that second 10% % is going to go to your emergency fund until you have built 3 to 6 months of living expenses after that point the rest of that 10% is going to go straight to investing we're going to help speed up the wealth building process for you now let's look at how we're going to set this routine up from scratch I'm going to walk you through exactly how to build your wealth building system now first you're going to need the right accounts now the hub for your account is going to be your checking account my favorite is going to be the account offered by Sofi Bank why Sofi because they have zero fees you have early access to your paychecks and you have incredible perks that come along with this account not to mention they will pay you 0.5% on a checking account that is unheard of all right now this is where your paycheck is going to land first this is your Hub everything happens from this next is going to be your high yield account for your savings piece okay this is also with Sofi bank because when you open an account with them they're automatically going to open that checking and highi savings account for you and if you don't already have one their savings account is currently paying 3.8% apy guys that is 380 times the amount that you're getting right now in your Traditional Bank savings account now this account is going to be for your emergency fund or any sort of short-term savings goals that you're working towards and if you're interested in opening an account with Sofi please use the link below in my description and so now you understand that you have a choice you can keep letting your paycheck control your life or you can take control with a simple 10 minute routine a year from now you'll either be celebrating your first $10,000 save or you'll be wishing that you had started today and so remember the difference between staying stuck and Building Wealth and isn't your salary it's what you do in those first 10 minutes after payday and so the next time you get that paycheck notification on your phone that is your chance to change everything and so if you've made it this far in the video drop a money bag emoji below to let me know that you are ready to transform your finances and if you found any value in this video please share it with a friend your future self is counting on the decisions that you make now and so until next time remember that money does not make you wealthy your routine does now if you like this video make sure you check out my next one all right I will see you guys in the next one thanks for being here I'm Rashida and I'm out