Do Millionaire/Billionaire Need a Budget

Good Afternoon my future Millionaire/Billionaire friend I am so excited to be writing this post today. As you read yesterday that my handsome Alex has been laid off from his job for the town of Rumford Maine. So its only day one of the Struggle is Real but as a family, we are going to get through this.
There’s is really no way around it. If we would like to achieve financial success we need to stick to a budget.
I mean Millionaire /Billionaire they must stick to a very good budget I mean they are Millionaire /Billionaire.

The Millionaire Next Door: The Surprising Secrets of America’s Wealthy author by DR. Thomas J. Stanley and William D. Danko has written in 1996 they profiled Millionaire (note the term “millionaire” represents U.S. households with net-worths exceeding one million dollars (USD).

They asked Millionaire “Do you know how much your family spends each year on food, clothing, and shelter? Just over two-thirds of the ones interviewed said yes they do know how much they spend on these items.

I know what you are thinking why would a millionaire need a budget? Well, I believe that this answer is a no brainer in my book they became a millionaire by budgeting and controlling expense, and years of hard work and struggles.

One important key to manage your money like a Millionaire is knowing how must you have come and gone out. At the start of each month, you should have an idea of every dollar you make you spend it, whether it saving it, repaying your debts, or saving for a house or vacation. Know this is a good idea to know because it going to help you live way under your means and you feel good when you can start saving for your future.

If you are like most people you hate budgeting so in the next few paragraphs we are going into more depth on how to set up an easy to follow a budget and what type of emotion you might be feeling during the process of change.
One of the hardest parts of the process is going to getting over any preconceived ideas or fears you may have about the process.

“O no I need a budget which means bread and water “
So the French word BOUGE which means small leather purse which the word BUDGET come with the idea of no money, no fun, and no way out. This is where we get the idea where we believe that we need to live on bread-and-water lifestyle when you go a budget.

So let get that idea right out of head right now because a budget is only a tool to help you manage the flow of cash in out of your home. If you are still having anxiety over the word BUDGET here is an easy way to start calling it a cash-flow plan or just spending plan.

So in the paragraph above, I had mention anxiety and I like to take a minute to talk about this very real emotion for a few because I know all to the well of how this feels because I suffer financial anxiety.

What is Anxiety -a feeling of worry, nervousness, or unease, typically about an imminent event or something with an uncertain outcome?

What are some Symptoms and remember that everyone suffers symptoms that are different than the list here :

1-intense fear that something terrible is happening or going to happen
2-Racing heartbeat
3-Difficulty breathing with the sensation that you cannot get enough air to breath
4-Lightheadedness, nausea, and dizziness
5-Chest pains, choking
6-Sudden chills or hot flashes
7-A fear that you are going crazy or about to die
8-A feeling of terror
9-Feeling out of control
10-Tightness in your throat
11-Abdominal cramping
12-Hyperventilation
I encourage you to doctor to your doctor about your anxiety /panic disorder and having counseling has to help me in a way to know what my trigger point is panic attack is not dangerous, but does provide a terrifying experience as individuals feel out of control and unable to predict and when the next attack may occur.

So now that we have talked a little about anxiety/panic attacks we can get back to talk about a budget and when you are on a budget you can do these like going out to eat with your spouse or family. It really does not matter how you spend your money as long as you do it will a purpose and you plan for it at the start of money.

It’s a form of abuse
Did you know that we as adults learn to hate budgeting as children and this is because for some of us have seen our parents use budget/money as a way to control each other or the kids? Which means that the budget becomes a form of abuse. “Put that down! It’s not in the budget,” or you may hear this “no we do not have the money ” or “NO because I said no ” but we never really understand why they said these things right. Well no that we are parents our self we completely understand that my parents were financially struggling with raising all six of us kids.

So perhaps they were not trying to take it out on you their financial anger out on you and for whatever the reason they had you learned to dislike budgeting.
It also very common among spouses to also abuse each other with the budget, especially when they fear their spouse is overspending.

If you first do not succeed, then just forget about and stop stressing over it I mean I have been working on becoming a Millionaire the last four years and I fail more times then I remember because of various reason during this process. One of the reason when I first started to learn about budget and financial I had left out school clothes in my budget, as a result, I had to borrow money from a family to cover my burst budget because I was still new a budget that I did not plan for necessities.

What are necessities- its things like clothing, food, shelter, transportation, and utilities? So when we forget to plan for these items we end up having a burst budget.
Keep in mind that your budget should be as simple as possible. So of the expert agree that a well develops budget should take about two to six hours to develop and after the budget is created it takes about 15 minutes a weekly to maintain. If you are spending more time than that on your budget either you are leaving out things ., which is going to creates a crisis each every time you try to update your plan or you have overcomplicated the plan.
Stop with excuses of I do not have time because frankly, you do not have time not to budget. So according to the Small business Administration and the number one reason is poor record keeping. So when you do not take the time to plan on how you will spend what you earn each month, you set your self up for debt, or the worse, bankruptcy.

Stop right here is with the denial because you are able to hide your bills in the trash but the truth is you still owe them money. You can avoid balancing your bank statement, but that does mean you have money in the bank.

It is really is time to quit lying to your self and let get real about what you spend and where your spending it.
Now take tonight to think about your feeling on budgeting?

There is only about eight emotion according to Robert Plutchik’s so here the list and what they mean and please I encourage you to the time and really think about your feeling on budgeting because it will help.

The fear → feeling of being afraid, frightened, scared.
Anger → feeling angry. A stronger word for anger is the rage
Sadness → feeling sad. Other words are sorrow, grief (a stronger feeling, for example when someone has died)
Joy → feeling happy. Other words are happiness, gladness
Disgust → feeling something is wrong or nasty.
Surprise → being unprepared for something.
Trust → a positive emotion; admiration is stronger; acceptance is weaker.
Anticipation → in the sense of looking forward positively to something which is going to happen. The expectation is more neutral.

So I wish the best of luck on your journey to becoming a Millionaire/ Billionaire and remember I am always here to provide you the support you need during your journey .
If you are looking for some more in dept money saving ideas hop on over to

https://payhip.com/TreasuredInkBlots where you will find the latest of my tips on how to save money on everything from setting up a small budget to the latest ebook on Homeowners.

And I will see you all tomorrow have an amazing night.
Miranda

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2 thoughts on “Do Millionaire/Billionaire Need a Budget

  1. Blessings on your weekend and thanks for reading JOY Journal. 🙂

    Like

    1. You are so welcome I look forward to reading your blog . I hope you enjoy

      Like

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