Have you ever wondered how you are going to pay an unsuspected bill that pops up? Ever had a surgery that you did not know how you were going to pay for, but it was life or death? What about dreading to go to work, but you do because there are car payments, house payments, credit card payments etc.
Most people are living paycheck to paycheck and can not afford to take pay reductions, furloughs, or worse being let go. One slip up in the paycheck will put us in a downward spiral financially.
Today I want to focus on how to add security to your way of life! Today we talk about the B-word. That’s right…Budgets. Now stop rolling your eyes for a few minutes and read on. This will truly help you! It helped me over a decade ago when I finally got control of my finances.
Dave Ramsey offers an amazing course called Financial Peace University that I took over a decade ago. I have applied his principals ever since taking that class. The core aspect to this training is you guessed it, the Budget! The budget is the foundational part about becoming a millionaire. Of all the people doing their debt free screams on his show and the millionaire half hours 99% run off of a budget. If you want to be wealthy in the future, you’ve got to do your budget! When interviewed the millionaires said they use a budget to make money work for them to grow their wealth. No surprise lotto tickets, no rich uncles deciding to bless them, a budget.
Corporations also use budgets to make sure they do not run out of money. By using budgets, corporations are able to apply income to certain business units in order to fund develop products, marketing, employee growth, legal services, etc. The point here is that they are very intentional to make sure they are on budget to make money work for them. Successful Corporations (Banks, Amazon, Apple, etc.) make money work for them to grow their wealth.
We cannot just fly by the seat of our pants and hope for the best with financial security. You Only Live Once (YOLO) unfortunately is not a term that works well with finances. It’s the B-word that most people make disgusted faces when said out loud that will enable you to thrive long term.
During this pandemic season, I have had to reduce my income by 20 percent, we bought my wife a new used vehicle, and my wife changed jobs with a month of no income from her. We were able to review the budget, see where we could cut costs during this season as well as move forward without getting into arguments. It was one less item to worry about during this not so fun time. We have been able to pay down the mortgage as well during this time. Not just pay the mortgage payment, more payments onto the principal.
Budgeting has brought my wife and I closer as we talk about our future dreams and actually budget to make it a reality as we travel along in our marriage. We even 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 can’t do the activity. Now the emotion is taken out of the discussion and the focus is on simple mathematics.
If millionaires and corporations do budgets to succeed, what is keeping you from doing a budget?
Do you not have the time?
Does it seem like you don’t know where to start?
What if I had a quick excel file you could use that auto calculates and allows you to do a budget? Would that be useful to you?
Reach out and I would be glad to help you succeed with your finances and help you start the conversation with a financial advisor in order to win and have a better future!
Have a great day!
“Businesses wonder why the majority of their sales teams struggle at winning profitable business. I equip your sales team to walk with the customer through the five buying decisions, and in the correct order to generate explosive revenues with greater profits!”
https://drive.google.com/file/d/1lWIVasmkFsoYL4h0AqIZgH6LC3qaw_gI/view?usp=sharing – client profile sheet
https://www.amazon.com/Sales-Process-Uncovered-Success-Influence/dp/0578421518 - Book
https://kevinsidebottom.kartra.com/page/5AF12 - Sales Process Uncovered Online Training
https://kevinsidebottom.kartra.com/page/68N10 - Trustworthy Online Training