Let’s start off with a gigantic millionaire habit.
I mean, this is the habit of all habits. As in, I haven’t met a single millionaire who doesn’t practice this one.
The habit is simple (but not easy): Millionaires know where the hell their money is going.
They know what they spend on food. Booze. Entertainment.
They might not know to the cent, but they know enough.
A lot of millionaires budget.
But “budget” is like a four-letter word to a lot of people.
In fact, a Fidelity study found 57% of people dread the thought of budgeting. Worse, 1 in 4 surveyed would rather spend an hour with their ex than create a budget.
Yes…an hour with their ex!
And f*ck, who’d rather run a 5k on Thanksgiving morning than cut back on spending? 25% of those folks who took this survey, apparently.
In other words, budgeting sucks.
People don’t like to budget.
After all, it takes time. It takes patience. Worst of all, it takes tracking, and tracking is never easy.
But what if there was a way to spend guilt-free without ever having to budget or track a single dollar you spend?
It’s called the Pay Yourself First method, and I devote an entire module to exactly how it works in my course, FI/Accelerator.
In a nutshell, here’s how it works.
Most people earn a paycheck and then start spending it. Dinner out. Tickets to a football game. That new TV. Then, their monthly bills.
And whatever’s left over gets saved and invested (maybe).
But the Pay Yourself First method flips that on its head.
You prioritize spending based on need. First, it’s your bills.
Your power bill. Cell phone. Rent/mortgage. The necessities.
Then, you fully fund your investment and saving goals.
For instance, want to send your child to college? Putting money aside for major goals like that comes next.
And here’s where things get magical. Everything left over is your money to spend in any way you want. The sky is the limit.
No guilt. No judgment. And no damn budget.
After all, your bills are already paid. Your savings and investments are growing. You’re setting yourself up for a rich retirement.
Now, the only thing left to do is spend what’s left on literally anything you want, zero guilt. Go hog wild. No limits.
Millionaires either budget or use Pay Yourself First.
In case you’re wondering, we use the Pay Yourself First method because I don’t like budgeting. I’d rather spend money on whatever I want, knowing everything else has already been taken care of.
I go into detail about how this works in FI/Accelerator. Along with how to ask for a raise (and get it), how to build wealth automatically (seriously), one simple change that anyone can do to add hundreds of thousands to your wealth…and so much more.
I’m running a Christmas special on FI/Accelerator. Get 55% off the price of the course if you join now. You’ll get access for life, which means you get free updates forever. Join hundreds who have already taken it.
Stay safe, and happy holidays!