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A Millionaire’s Dirty Little Secret- part 3
I have never used a budget — ever!
This will be my [almost] final installment on how I became a millionaire without using a written budget of any form. I think a big part of the reason I don't use a budget is that when I do work, or when I become engaged in a project, I need some stimulation and inspiration. Rummaging through my old receipts, categorizing them, and then trying to guess what I will be spending a month from now does nothing to get my creative juices flowing. So, I just have never used a budget.
I want to quickly add, again, that using budgets is not wrong! In fact, I would say for those who want to try to control their spending they are a great idea. As I have mentioned in part one of this series, Dave Ramsey has done a fantastic job of helping millions of people use budgets as a tool to realize their financial goals and dreams. So, there is nothing inherently bad about using a budget. In fact, if you have the tenacity and patients to use one, I would recommend it. It is just that I don’t use one.
So, instead of a budget, I use another tried-and-true method which I know we have all heard of called “pay yourself first”. It is so simple. Just take a set amount out of your monthly income, say 10%, and set it aside for savings or debt repayment, for example. Then, live on the rest…
