I Stopped Budgeting After Learning This Better Method | Onlyinvesting.info

I learned something very valuable, what it takes to build something for the first time, and what it takes to maintain it; are very different when it comes to money, effort and energy.

For example, to build muscle I had to do so much training, and to maintain what I have I can run a little, lift a little and keep it. Same thing with money, to make a lot of money, I had to do a lot of work, to keep what I have its just a few little habits.

So in this video, I’m going to tell you 5 things that I do, that make it so I don’t have to keep a crazy budget, like I use to

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1. Principle: Spend Less than you X% of your Income ( aka spend less than you make )

-For me, that number is about 20%, I aways want to limit my spending to less than 20% of my income

-This Christmas and black Friday, I may have brought it up to 70% but that’s the first in almost a decade

Why?

-When I was making $1000 bucks per month I was paycheck to paycheck, and when I was making 2k per month I was paycheck to paycheck

-My expenses always rose with my income, which made me realize my income wasn’t the problem it was the money I spent

-So setting a clear and defined limit is super important

How to Apply?

-Baseline Basic, Baseline Premium and Baseline Platinum

-These are just Core budget that you want to use while you’re in certain seasons of your life

-My Basic is 1k, Premium 2k and Platinum 4k.

Tip: the more expensive you’re lifestyle usually the more work and more time it’ll take to accomplish these goals

Systems

-I created the 6 envelop system for when people get paid

-That’s 6 jobs for your money

-And whenever I got paid I would put them in all those envelopes

Why ?

-I have self-control, but I never want to be reliant on myself to do what’s best

–So having systems helps me make sure everything is nearly automatic

This way when my self control is low, my system is always strong

How to:

-My investment pull automatically

-I don’t have any debt

–My emergencies are fully funded

-I have a separate debit card for expenses

-And I leave money for fun

-And charity is don’t the minute I get paid

3. Habits

-I know people with 40-50 habits and plans

-My habit is simple and its just one

-Stay Focused

This means:

-Be conscious of your spending

-Know what you can and can’t buy

4. Limit Capital

-On rare occasions I use credit cards

-Maybe 2x a year but for the most part, I’m credit card free

-Because if my budget for fun is $500 I don’t want to a credit card with 20k limit on it

Debit: 3 little benefits

-Limit capital

-You feel pain

-You can’t go into debt

5. Goals

-When people ask me, how well is this stuff working for me

-I say well but don’t watch me to closely

-Because we all deviate every now and then, but that’s a part of the game, just come back and keep playing

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.