How Do I Learn To Budget My Money

How do I learn to budget my money? So we're going to talk about three specific things because I actually hate the word budgeting. So state of the end. Actually, I'm probably going to disclose it somewhere in my video because budgeting is like a diet. No one does it. It doesn't work. So we're going to give you some new tools and strategies. Specifically, I'm going to talk about your financial baseline and how critical that is. Number two, how do you start shifting your mindset to from spending, saving, budgeting, to investing and forecasting? So just notice the language and why it's critical to actually speak into the future what you want, not what you don't want, which is most financial language is really negative. And then number three, what are the absolute mistakes, misconceptions about a traditional budget and debt? So let's go baseline to where you are. And I don't care how old you are. You need to know your baseline, which is how much money do you make? That's your income. How much money do you spend? That's your expenses. So if you're doing it out of your personal bank account, usually you're on a budget. Now, I think budgets, again, are like dice. Can't stay on the restrictive word. So I'm going to call it forecasting because you're going to spend money. And I'm not that person who's going to say, oh, you should live within your means. No, you should expand your means. You're all capable. You all have skills, talents. You all got a lot of big brain. Use it and actually use it to contribute to solve a problem and help other people's lives. We're going to change the language to from spending from a budgeting negative constriction to what do you want? And let's build the income so you can forecast and spend the way you want and then eventually spend into corporate structure. So I want to invite you to my millionaire intensive. That's where you're going to start learning some of these corporate life distinctions. Most of you have never been taught this and you think budgets are great. They're horrible and they're really restrictive. If you want to live like that, you want to live on a very restricted, safe little world. Go listen to Suzy Orman, Dave Ramsey, Dave Bach. They're fabulous at it. I'm teaching you to be a millionaire, which means you're going to make more money. You're going to spend more money corporately and personally. So your baseline is always where you are. So to know where you are and what do you need? Like, what do you really, really need? Like, what are your absolute needs versus the wants and start dividing that into different spreadsheets? I don't care if it's on a white, you know, a little piece of paper, you write it down. You've got to start looking at what's personal, what could be in a company, especially those of you over 18. And how would I spend it? Which bank account should I spend out of? So where's your baseline? Let's begin there. And actually, I'm just going to make this up. I think you do, too. I think you do the absolute what you need just to live category and then add in some of what you want to grow into. So then that becomes your income goal. Let's not set an income goal for your basic needs. Let's talk an income goal for what you really, really, really know you can create and deserve. Now, number two, how do you shift your mindset and your knowledge and your behavior from budgeting, restricting, staying out of debt to investing, using good debt, and forecasting? You just change. So again, when you come to the Millionaire Intensive, you're going to see the distinction of in corporate life, when you make money in a company. Right now, as a sole proprietor, you have 81,000 pages of tax code. It's a completely different process. So now your spending isn't about a budget. Your spending is to write off deductions based on the income your company's making. So families, this is the way you start generational wealth. This is the way you teach your kids. There isn't like this is Laurel's idea. This is how it happens. I don't care for generations. You make it and you spend it corporately. And then personally, you actually just watch your household spending. So how much is your mortgage, your rent, your utilities, your Internet, right? The basic food, clothing. Like what does that all take on a monthly, you know, structure and forecast? Not budget, allocate is another word for forecasting. I'm going to allocate some of the money and it's going to pay for these things. You're also not going to have an emergency account or a savings account in my world. You can have an emergency account, but I want a wealth account, which is dedicated to only new assets. You could have college accounts. You could have, I want to go on a business trip. I want to recapitalize my company. I want you to have a lot of bank accounts. There's a whole different way to actually run really for profit and divide bank accounts, but not use savings accounts. Savings accounts are like lumps of money that have no definition, no clarity, and they're not really useful for anything. So before I continue on to the last point, which is critical, you'll be shocked because it's so it's not difficult. It's different than anyone's teaching you around debt. So before I do that, don't you subscribe to my channel when you click the notification button? I want you to share with 10 people right now. Share, share, share, share our do a repost out on your social channel and tag it back to us. Like, let's start your community talking about the things that are really important. Every day you have to do with money from the day you walk on the planet to the day you walk off. You can do a completely oblivious, which is 90% of the people, which is why less than 5% ever really make it because you're living in budgets and old theories and 1960 strategies that don't work today. So on to the misconceptions and relying on traditional budgets and not being in debt, completely wrong. So first of all, most of you budget and you blow your budget every month. So what's the point? Like really focus on what do you need? What do you actually want? What do you want to add to corporate expenses? And let's go help you make the money. So again, I want you with the Millionaire Intensive. I want you deep in our systems and our culture where we teach you how to make money like that. Like quick, quick, quick, you can make money to afford the things and spend and forecast for what you want. Always making sure that you're putting some money to the wealth account to do investing. So I'm going to give you an iflip link, which is a software we use. Most of us actually invest into the stock market through an algorithm, AI driven software, not by a financial planner, not by an advisor, by smart folios. We don't lose when you lose. So make sure you grab an iflip account so you can start putting money in there and get it, your money working for you. Patterns of millionaires is make and invest, not make spend and not budget. And let's talk about debt. Debt arbitrage is amazing. Can you imagine if you could find money? Let's just call it $100,000. I know people who got million dollars and they're paying about three percent. These are 30 year fixed notes and you don't got to pay three percent. That's cheap money. Do you ever pay that money back? No, you keep it all 30 years and you use it over and over and over. So I have a lot of that kind of money and I invest it at 15, 18, 23 percent. So I'm making a 20 percent spread. And yes, I'm in debt. But you know what? It's good debt, because actually for $100,000 invested at 23 percent, I'm making $20,000 a year doing nothing but investing that money and I'm using iflip. So you can recreate budgets to forecast savings to investing. And I'm going to help you recreate your life. Also, I want you just for those of you who have kids, grab a link. Also, really quick. The last gift is Gravy Stack. It's a kids bank that has missions and gigs that help your kids become entrepreneurs. So make sure you grab all of this stuff and we'll talk to you tomorrow. If you have any questions, go to AskLaurel.com, ask a question, make a request. We'll be right back.