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A budget is needed to get spending under control so that cash flow is positive and money is freed up for your savings program, debt reduction and investments. Step 1 These are [...] Read more » To maintain a positive cash flow and reduce debt you need to live within your means. If you aren’t retired – and so are in an accumulation phase – you also need to free up cash for savings and investments. Unless you’re retired you should be saving 10% of your after-tax income and you should [...] Read more » Having a budget gives you a valuable tool to help get spending under control and maintain a positive cash flow. Step 1 These are non-discretionary expenses. In other words, due to a [...] Read more » To maintain a positive cash flow and reduce debt you need to live within your means. If you aren’t retired – and so are in an accumulation phase – you also need to free up cash for savings and investments. Unless you’re retired you should be saving 10% of your after-tax income and you should [...] Read more » Spending is such an important part of the “cash flow” equation. And since cash flow is so important to building net worth, or reducing dependency on net worth, how we spend, and the aspects of our psychology that drive our spending, is simply something that we should try to understand. The first step in improving [...] Read more » |
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