Saturday, February 3, 2007

Budgeting is for Sissies; Millionaires Don't Need Budgeting

True, I believe that Budgeting is for Sissies and Millionaires don't need to do Budgeting. But I could be wrong(hard to accept that but I guess I can win some brownie points for being flexible:).

Now even though I lay no claims on being a sissy [:)] as well as a millionaire($) [:(], here are some thoughts on Budgeting:

FMF says that Millionaires become millionaires by budgeting and controlling expenses, and they maintain their affluent status the same way. Yes, you can make all the money in the world, but if you spend all the money in the world plus $1, you have a negative net worth. Budgeting and controlling expenses hold the key to wealth.

The country has a budget. Every well run organisation has to have a budget.

It is said that if you want to improve on anything, first you should be able to measure it. Budgeting provides the measuring scales for your finances.

So if you have come around to giving Budgeting a try, here are five keys to developing a successful budget from Crosswalk:
1. Teamwork: Get your spouse into it too. एक से दो भले!
2. Learn what your true income is: Accept it, even though it is less than what you deserve:).
3. Do your budget on a monthly basis: Get started atleast.
4. Do your budget in written form!!! : No mind games!
5. Prepare your budget in order of priority: What priority I don't know. Maybe when I understand it fully, I'll share.

Happy Budgeting!!
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