What do Wealthy individuals do? That is a question the majority of our population have.
I have sat with quite a few millionaires and learned this some interesting things. First thing I learned is that 99% of wealthy individuals did not inherit their wealth. Yep, that is right, they built it from the ground up. Almost all of them did not win the lottery either. So how did they do it?
The main reason these wealthy individuals did it is by using a Budget. Yep, I used the B-word! They use budgets financially, with their time, and when they decide to take on a new venture.
Hardworking individuals believe the B-word as a taboo discussion topic. I get it! I fought against using budgets until I took a class that helped me understand that if I tell my money what to do, it actually does what I want it to do.
When I learned how freeing budgets can be, I was left wondering why I did not do this sooner. I would have had so much more money at the end of the pay period and would have been able to invest more of my hard, earned money. Yes, budgeting can be freeing for you and your loved ones. My wife can use her money to buy whatever she wants with it.
My wife and I started out our marriage with the monthly budget meeting. We go through all of the line items including clothing, vacations, gifts, food, electric, etc. If she decides to buy a whole bunch of coffee, she is free to do so without me condemning her because it is her money to budget for whatever she wants! Have you ever had a fight over your significant other buying something that you haven’t agreed on?
The monthly budget has helped our communication greatly as a by-product. If you are in a relationship then you already know communication is huge in a relationship.
Budgeting has been one of the single most effective ways for my wife and I to prepare for emergencies, taking vacations, date nights, etc. We have had times where we had emergencies and by having a budget, we were able to overcome those emergencies quickly. We also need to buy a new roof for our house that we have been planning for. Roofs are pretty expensive and we will be able to afford it because we put it in the budget.
You know what else has been great? We actually give our kids a budget for clothing and after school activities that they can manage how they choose. They just need make sure they can afford it. If they don’t have enough money, then they don’t do the activity. Now the emotion is taken out of the discussion and the focus is on saving up so they can do that activity in the future. My hope is that they will keep budgeting for the rest of their life so they can retire with even more money that my wife and I.
Had we started earlier on investing into retirement we would have millions more when we retire. Not a million…Millions!
If you want to be successful and have a great retirement, you need to start with a budget. I do not make any money off of this, but I also highly recommend you take financial peace university from Ramsey Solutions! It is the class that started me on my financial journey over a decade ago and has helped our family with getting on track for a better future.
What is keeping you from sitting down and doing a budget?
Do you not have the time?
Does it seem like you don’t know where to start?
What if I told you that if you emailed me, I would send you a FREE excel file that you could use for your own budget? It does all of the calculations for you.
Would that be helpful?
If you want to become wealthy and have HOPE for your future, email me today and I will send you a copy of the budget file we use so that you can get on the road for a better future.
Sincerely,
Kevin Sidebottom
“Businesses wonder why the majority of their sales teams struggle at winning profitable business. I teach your sales team to walk with the customer through the five buying decisions, and in the correct order to generate more sales with high margins!”