ST3 : Stephen & Casey - Budgeting

Stegela Success Mastery

Stephen and Casey discuss the importance of budgeting. From not budgeting and debt to having an emergency fund, and then 30/30/30/10, Stephen discusses how to start with the basics and take your life back through controlling your money! They even discuss some of the struggles that hold people back from budgeting. Tune in to hear all the steps and start to take back your life today!!

Notes from this episode:

• Learning to budget can be very difficult.
• Casey was working 4 jobs when she met Stephen and Angela. "If I had money, I spent it."
• The very foundation of success is: let me see your budget.
• It is so vital in the world of entrepreneurship.
• If you don't have a hold on your money, you won't have a hold on your future.
• "If you don't tell your money where to go, it will leave you."
• The struggle:
  • Not being raised knowing how to spend money.
  • We don't know how to handle our money from a young age, we will make very poor financial decisions throughout our life that will haunt us. Until you learn to handle it.
  • If you don't budget, you can end up in debt.
  • 20-somethings today don't know how to spend money, their parents pay their bills and that sets them up for failure.
• Your upbringing plays a big part in how you will handle your money for the rest of your life.
• Mentorship and accountability play a big part in the process of learning to handle your money.
• Having a coach, having someone to help you is important.
• "You have to be open to unlearning before you can learn."
• Pride can hold people back because we don't talk abut money.
• With pride, people hold onto money as their identity or they seek approval from other people with their money.
• Budgeting = Telling your money where to go.
• People don't budget because they don't want to: You have to be committed to your own success. They are afraid and they self sabotage. We become attached to the idea of spending money.
• We spend more money than we make.
• People attach their emotions to money: when their money is high they are happy, when their money is low they are sad.
• When you set a budget, you are taking control of your money, your spending habits and your emotions.
• "If you fail to plan, you're planning to fail."
• Budgeting 101: (See example below)
  • Dollar for dollar, how much money is coming in and how much is going out.
    • Bills, Rent, Gas, Movies, Etc
    • STICK TO IT
    • Don't spend more than you have.
• "Everyone has pain. The pain of discipline, which weighs ounces. Then there is the pain of regret, which weighs tons."
• You're either going to be concerned about money now or you'll be concerned about money later when it's all out of wack.
• What it comes down to is taking control.
• People don't want to face reality.
• "You will not conquer what you will not confront."
• There is this belief that if you have all this money, you should have all these nice things.
• A car payment is debt.
• People want to look good instead of being good.
• Buy assets instead of liabilities.
• 30/30/30/10
  • 30% - Invest/Save
  • 30% - Live/Spend
  • 30% - Donate
  • 10% - Tithe
• Put away $1000 as your first starting point with saving as the emergency fund.
• Instead of getting a loan for a car, buy a car in cash.
• "Being financially responsible is about sacrifice."
• Budget your money so you take charge of your money and then take charge of your life.
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This is a simple budget example for you to reference.