Comments on: How to Create Your Household (Forecast) Budget

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The term forecast rather than budget far better describes a monthly income expense plan and puts the power in the planners hands rather than a budget that attempts to limit with rules and structure.

I would suggest a focus of working on or with your debt in addition to building wealth rather than just a focus on eliminating it.

It's far better to implement a money management system which looks after our basic needs and the existing debt, and understanding and changing the financial behavior which has not taken you to where you desire to be. There is no point in repairing debt if the behavior that caused it is not dealt with. After the behavior repair, there is also the learning of what needs to be done to handle future long term needs and desires.

In addition to dealing with the necessities of life and the long term saving for spending there also needs to be something which handles our personal month to month wants. This quite often is hidden with the necessity expenses. By liberating these expenses, adding a bit extra, and putting some privacy rules in place we are given a small element of independence to blossom with and can also avoid the terrible financial sabotage that happens when a big ticket item is purchased on credit or with valuable savings with the excuse of "we deserve it" or "its an investment". Over spending is due to our over valuation of current selves over our future selves and lack of basic financial knowledge. The discussing of your budget each month is the essence of what turns a budget into a monthly forecast that takes into account all and allows for the planning of your finances.

Lastly there is the element of building wealth for security, a lifestyle change or for future very large expenses like children's education, paying off your home or retirement. The essence of which is putting savings into the right assets and catapulting your passive income growth by building an ATM or money machine which hugely shortens the time line.

To our health, living more of our purpose and in love.

Jonathan

If you are working toward quitting your job "Taking Action, Making It Happen"is here to quickly help you achive your goal.

Hugely increase your success by focusing on what you have the most skill in!

For any one of us to succeed we must have a burning desire to achieve a goal, then absolute faith in ourselves and our ability to make it happen.

It’s through creating an action plan then taking massive action and persistence and persistence and persistence with supporting factors like a mastermind, a team, tax planning to maximise income, ... and a good few more things that success happens.  We teach this in our “Making it Happen Alliances”.

Join us at our Taking Action, Making It Happen meetings where you find encouragement to become financially free.

Our burning desire and absolute faith and all these things are the foundations for the business and each of us are coming from a different place so the sequence of events is important to be effective for that person. 

The what (business) you are doing and your skills in that business determines how much effort is needed to fulfil to provide the service or product through the business in addition to the marketing and sales requirements.

The learning to create income through a business is a massive task and if you are going to add extra effort in needing to also learn and develop a passion or dream or love you are literally halving the chance of success because you are doubling the effort to get up and running.

I teach that for your first business don’t focus on your love or passion or dream in life, focus on what you have the most skill in and create a business around that first.  The success of your first business will give you valuable knowledge on how to make money from something (you would have experience in learning to earn) and can be transferred into the second or third business which might be your love or passion or dream in life and you would be so much more successful in it also!

Take action, take control and measure your success!

Jonathan

Is there a quicker alternative that gives financial freedom?

Do we need to be doing something for the rest of our lives or is there a quicker alternative that gives financial freedom?

Yes, I hear you, it’s passive income that is needed.  Let’s just take a moment to look at the details. We all know what a job is and some are not quite sure about passive income.

We need to have enough money to feed ourselves and pay for all the other basic necessities we have.  We also need to have enough money to go on holiday and visit distant family members.  We need money for our children and for their education and many other things. In essence we are able to very simply break down what is needed, into a sum of money.

This money is not need all at once, it is needed just in time, on a monthly basis in the form of an income, however this income is needed for the rest of our lives and needs to be secure because the older we get the less able we become! 

In essence we need a certain amount of income each month and this amount increases or decreases depending on our responsibilities or life style.

Our income options are:

·         1, A job we are involved in and gives a monthly income,

·         1, A business that we are involved in and gives a monthly income,

·         1, A network marketing business we are involved in and gives a monthly income,

·         2, A network marketing business where after achieving a certain goal we no longer need to be involved in but can look after and the business becomes an asset which then gives a passive income or capital gain pay-outs,

·         2, A business we create and work ourselves out of but continue look after and becomes an asset,

·         2, Buy or acquire assets which then gives a passive income or capital gain pay-outs,

To summarise we are either involved in (1) something that gives us an income or we have an asset (2) that gives us a passive income or capital gain pay-outs over time.

We can have financial freedom in the near future if we create an extra income that catapults us into creating a passive income that is greater than the sum of money needed on a monthly basis.  Join us at our Taking Action, Making It Happen meetings where you find encouragement to become financially free.

Take action, take control and measure your success!

Jonathan