LET’S GET READY TO RUMBLE – WITH A BUDGET THAT IS! 

 

Disclaimer: Good Day, Readers.  WealthBuildingPowers blog is a financial literacy/competency blog and does not provide specific investment recommendations.  

LET’S GET READY TO RUMBLE – WITH A BUDGET THAT IS!  

A budget is boring, anal and helped me achieve financial freedom. Today, I control my spending by adhering to the below budgeting goals.

STYRON’S GOALS

  1. MAINTAIN SIX MONTHS OF EXPENSES IN EASILY ACCESSIBLE FUNDS {You can liquidate ETF’s or stocks in <72 hours}
  2. SPEND LESS THAN YOU EARN – ALWAYS
  3. Autopay your 401K – GOAL = MAX OUT
  4. AUTOPAY ROTH/ NON-ROTH IRA – GOAL = MAX OUT
  5. SAVE FOR LARGE PURCHASES {CARS, HOME DOWN PAYMENT, ETC}.
  6. IF YOU HAVE KIDS – CONTRIBUTE TO AN EDUCATION ACCOUNT
  7. FREE TO SPEND THE REST! 
  8. PAY YOUR CREDIT CARD DEBTS 100% EACH MONTH
  9. GIVE TO YOUR FAVORITE CAUSES/CHARITIES 
  10. SPEND SOME $$$ ON WHAT BRINGS YOU JOY!

For those who need a structured budget to help achieve your financial freedom, look at free budgeting apps or spreadsheets

GOAL FOR SUCCESSFUL BUDGETING – SPEND LESS THAN YOU EARN AND SAVE THE REST! 

RULES FOR SUCCESSFUL BUDGETING

1. SETTING ‘SMART” GOALS

One approach is to use a formal budget to achieve any of the above goals or any of your dreams.  Simply search for free budgeting apps or use a free Excel budget sheet.  Establish SMART goals: Specific; Measurable; Achievable; Relevant and Time-Bound. For example, you need a SMART plan to save for your house purchase down payment, or your kids’ education accounts, etc. 

2. INCLUDE ALL MONTHLY AND NON-ROUTINE EXPENSES

The majority of us are good at recalling routine expenses. Still, we must also include quarterly or annual payments. The best way to estimate your monthly and non-routine cost (i.e., insurance, real estate taxes, federal and state taxes, home/appliance/car repairs, etc.) is to review your checking account and credit card statements.  Most credit card companies provide an annual summary and place all expenses under categories.  Add up all the non-monthly expenses you anticipate over the next year. Divide that total by 12 and transfer that amount into your savings account. Use the cash from your savings to cover the cost as they occur. 

3. BUDGET FOR FUN

Life is short; enjoy it!  Add a fun category to your budget.  Save for annual vacations, etc.  Enjoy life today!  

4. YOU AND YOUR PARTNER MUST BE IN ALIGNMENT

I saved the most challenging task for last.  If you are single- congratulations, you are done!  

For others, DO NOT run your household finances like the Congress with two incompetent and ANGRY parties!  If like half of America, you have a worse half, sorry better half, you need to agree on your goals and achieve the goals.  If one of you wants to buy a Tesla Model X and the other wants to save for a home, work it out.  FYI- DIVORCE IS EXPENSIVE

One last IMPORTANT piece of advice -the best time to have a budget conversation and set common goals is before the marriage or living together.  After you move in or say I do, a wee bit more challenging to resolve serious disagreements. FYI- Did I say DIVORCE IS EXPENSIVE!  

CONCLUSION

Above all, know that budgeting takes practice and experimentation — if your budget isn’t working, explore ways to approach it differently and find a system that works for you.

LET’S MAKE SOME MONEY – CRYPTOCURRENCY IS ACCEPTED! 

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ABOUT ME

I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger with an N.C. State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.

I left a corporate career because I desired to make a difference as a speaker and writer. I was blessed to be coached and mentored by strong women and men in my family and professional life.  It is my time to serve and give back.

DISCLAIMER

I started my first business at ~13 years of age (a small but brilliantly created plant nursery). I am a successful investor in stocks, options, real estate and am happy to share my finance and investment lessons.  I am NOT a licensed financial advisor.  Please do not construe my suggestions on this blog as recommendations for your situation.As an investor, you must establish your risk/loss tolerance. Investment in any asset involves risk, including complete loss. 

 Please seek your licensed CPA or fiduciary financial advisors for individual financial advice.  

I write this weekly blog to make an impact by reaching an audience and demonstrating the need for financial literacy. I will help you get there.

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Powers Investments Management, LLC

This blog will provide, information and simple strategies, that will assist you to achieve YOUR financial objectives and long term targets. For over 30 years, I solved multi-million dollar problems, for Fortune 10-250, companies. My formal education includes: Business, Finance and Chemical Engineering {Problem Solving} at: Harvard, Rutgers and North Carolina State. And an additional 30+ years, managing my family’s investment decisions. I currently manage/advise people with net-worths ranging from the tens of thousands to several million dollars.

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