We all want to be financially successful and tend to equate this success with our investment portfolios, but a solid investment strategy is only 25% of a solid Financial Plan.
Another 25% comes from an area where we often seek to avoid clarity: our spending. This may come from a rooted desire not to limit the joys of life today or a false perception that knowing what we spend equals severely limiting what we spend.
Instead, I believe that knowing where your money goes will help you find joy in every dollar you spend.
Yes, you read that right. When you understand why you are comfortable spending what you spend, you will get a feeling of joy out each and every dollar.
How does this happen?
When your Spending Plan is integrating into a successful Financial Plan, every dollar you spend supports both your current and future financial success. You know this because it is a part of your plan.
Of course, we always include some leeway in our plan for opportunities and unforeseen events. But on the road to financial success, having a spending plan that can be adjusted is far better than no plan at all.
As seen in Blackhawk Living Magazine