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Your budget is the foundation of your wealth plan. In fact, it's so important it's the cornerstone.
But most people don't understand budgeting done right.
If you think budgets are about sacrifice and doing without then listen carefully because nothing could be further from the truth.
In this 5th episode of the FinancialMentor podcast Jesse Mecham from “You Need A Budget” explains the key insights he has learned about how to make the budgeting process work for you.
This may sound like a boring subject to many, but it's not. It stands as the cornerstone of financial freedom and wealth building because of two simple yet essential equations:
- The first rule of wealth building is you must spend less than you earn and invest the difference wisely. Budgeting done right is how you make that happen without sacrifice or pain.
- Secondly, the amount of money you need to be financially independent is 25-33 times your annual spending budget. Again, the lynchpin is your budget.
- In other words, your budget determines your savings rate and the amount of assets you need to support your spending level. Obviously, it is a big enough deal to merit listening to the recording.
If you care about your financial security then you absolutely must master the budget concepts covered in this podcast.
In this episode you will discover:
- Why budgeting has nothing to do with restriction and sacrifice.
- An easy way for the 80% of the population that lives month-to-month to break the vicious cycle and reduce stress.
- Why your true spending needs literally determine your wealth and the time it takes to become financially independent.
- Why your money and your life are the same thing in more ways than you realize.
- How “what you track is what you get” can lead you to greater wealth.
- How a proactive approach to budgeting actually gives you more freedom and happiness for the same dollars.
- The surprising thinking process that is the cancerous root behind all credit card debt.
- What it means to give every dollar a job.
- How a boring step in the budgeting process can make your inevitable financial setbacks less painful.
- Why it is smart to NOT stick to your budget (the answer may surprise you!).
- How to make an unwilling spouse fall in love with budgeting.
- The unexpected role your budget will play in your goal to achieve financial freedom.
- The fool-proof way to figure out how much you really need to spend to be happy.
Resources and Links Mentioned in this Session Include:
- Jesse's site to learn more about his software and educational programs is http://YouNeedABudget.Com
- The link above is an affiliate link and should be used if you just want to learn more; however, it will not give you the 30% discount Jesse offered in the podcast because that discount was for a limited time. However, I was able to negotiate a 10% discount and my offer for the free advanced training on budgeting is still valid. Just use this exclusive link to get your discount and advanced training.
- After you buy the software using the link above send an email to email@example.com with your 18 digit receipt number in the subject line. It will look like “YNAB-12digits-6digits”. I will immediately email you the bonus instruction I promised during the podcast explaining how to use budgeting to build wealth. It is all new instruction not covered in this podcast and well worth the listen (IMHO). It is my added gift to thank you for purchasing using the affiliate link.
Here's A Quick Look At the Software
Here's How To Claim Your Bonus Offer From The Show:
Even though this show was recorded back in early 2013, you can still get the bonus recording discussed and the discount offered. However, the 30% discount is no longer available but I have managed to retain a 10% discount still. To get your discount and bonus recording please follow these three simple steps:
- Buy the YouNeedABudget software at a 10% discount using this special link (yes, it is an affiliate link that will take you directly to an exclusive shopping cart page to get the discount. If you just want to learn more about the software use this link instead then use the above link when you are ready to buy to get the discount.)
- When you get the electronic receipt for your purchase it will have an 18 digit receipt code that looks like “YNAB-12 digits-6 digits”.
- Copy and paste that receipt code into the subject line of an email and send it to firstname.lastname@example.org
- I will then mail you back your bonus recording explaining my favorite budget strategy that I use personally and have taught to my coaching clients for years. It is simple to understand and proven to accelerate your wealth building.
- That's it. Simple. The link again is ynab.me/wealth to buy the software at a 10% discount and get your bonus recording as well.
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Thanks for your support and I hope you enjoyed this episode. Please let me know what you think in the comments below…
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Best podcast yet! It was actually very timely, as my budget has been needing some calibration for many months now. I really liked the the comparison of budgets to nutrition; I related to that very well. If you take the time to figure out what your budget/diet should consist of in order to keep you financially/physically healthy, and live by your calculations for awhile, there will come a time when you really won’t even have to think about it that much- just make tweeks here and there to keep you on track. Well… I’m off to take advantage of my 33% discount on the YNAB budgeting software. Thanks again Todd.
Finishedat50 Glad you liked it. Yes, it is a short term inconvenience (3-6 months) that delivers huge value over your lifetime. I would love to hear back on how it works out for you.
This podcast just changed my life! Holy Moses! I’ve been keeping meticulous spreadsheets trying to get a handle on my money but have NEVER been never able to break out of the pay to pay cycle…and the shame spiral that comes with being broke 5 -7 days BEFORE my next pay day. The information is this podcast was key (for me at least) to understand why my budget wasn’t working. All 4 steps just resonated with me. I’ve been choosing to live unconsciously with my money and have let spending define my values which was surprising for me to hear because my spreadsheets…they’re brilliant and color coded with nice font..you know things that will help me achieve my goals?
I attended the webinar last night, ordered the product this morning and will now read over the extra info http://www.financialmentor.com emailed me. I’ve been quietly ashamed and embarrassed about being able to make money but not being able to live the life I want especially when it’s looks affordable on paper. But that’s over now…I’m shaking off all of that negative talk and I’m off to change my life. Between this podcast about budgeting and your interview with Cal Newport – I’ve got a whole new perspective of my situation! What you are doing is so incredibly vital! Many thanks!
I’ve been avoiding this episode like the plague…I’m glad I finally gave it a listen. Will pick up a copy using the link above. thx Todd