The financial planner's 3-step checklist for organizing money, creating wealth

Patience is one of the essential elements of wealth creation. The fortune of most people does not materialize overnight; they more often result in a solid money management system set up once and then modified over the years.

In a recent blog, financial planner Sophia Bera revealed how her company, Gen Y Planning, is helping new customers set up a system that allows them to "grow slowly". Bera says that it boils down to a three step process, regardless of the amount of money a customer or the reason he is looking for financial help.

First, take a look at your finances. "Start by making an inventory of the current situation of your money and its use," Bera writes. Everyone should have a statement of net worth, which shows what you own (badets) less what you owe (liabilities), and an expenditure plan, she continued. A simple Google spreadsheet or an application like Mint or Personal Capital can help you visualize your cash flow.

After that, it's time to become more granular. List all your accounts, debts, and expenses, including your savings, audit, investment, retirement, and credit card accounts. Take a look at each account or expense, writes Bera, and ask questions such as "Does this current account serve me?" and "Do I wear good credit cards?" The purpose of this exercise is to remove what is unnecessary and streamline what you need.

"Once you make adjustments to your accounts and loans (and it can take a few weeks or even months, by the way!)," Writes Bera, "you can start doing one of my things favorite that makes money management easier: automate.

Bera suggests setting up automatic transfers from a chequing account to savings, investment and retirement accounts, as well as automatic bill payment for your credit cards and loans. "If you have several short-term savings goals (for example, buy a house next year, replace your old car within two years or take a big vacation at age 35 in three years), you can even automate the transfer of funds in several times – savings accounts reserved for each goal, "she writes.

Bera is not the only financial expert to defend automation. According to Ramit Sethi, bestselling author, it is essential to spend well money and accumulate wealth: "It is not so difficult.This is not a This is not magic, it's just mathematics, it's quite understandable, "he told Business Insider.

However, Bera warns, even when your finances are on autopilot, you still need to take the time to conduct exams – on your own or with the help of a financial advisor – which may include an increase in your Retirement contributions, changing your beneficiaries after a marriage or divorce, and reevaluating financial goals after the big events of life.