I am pumped up!

I am pumped up!

I am excited about having a financial plan that works! I am excited that my wife is highly involved in our financial plan! I am pumped up about setting goals and achieving them! I am inspired by others who have taught me extremely valuable financial planning skills! I thought that I would list a few reasons I believe that our financial plan works well.

  • My wife is involved and on-board with our financial plan 100%
  • Our financial plan is realistic and is not full of stuffitis
    If we do not have the money for something, we start budgeting some money toward it every month. It is amazing how fast we can save up money to pay cash for something if we will just tell ourselves to wait!
  • We drive two 10-year old vehicles that we maintain very well. If you have ZERO car payments, you can gain some serious traction toward financial success! (By the way, insurance is waaaaayyyy cheaper on two beater vehicles)
  • We budget each month’s income and expenses EVERY SINGLE MONTH! The expenses of every month vary greatly. June is wedding gift month. New babies are always showing up. Insurance is paid quarterly. License plates are paid annually. If you plan your expenses every single month such that INCOME MINUS OUTGO EQUALS EXACTLY ZERO, you will WIN!
  • We do not rush into large purchases quickly. One of the glories of not having the money available to pay cash for something is the fact that you will be forced to think about it for awhile while you save toward that purchase.
  • We pay cash for our purchases. Yes, we pay cash for our purchases. Even if it is a new (new to us) car, we will have to pay cash. That means we will have to save up for it. That is a big deal and a paradigm shift for many Americans, but think about it. If you never have a car payment, you will never owe the bank again for your car. You can save a ton of money in interest and continue to build toward a successful financial future.
  • We hang out with like-minded people. If you hang out with the I gotta get me one of these or the We can’t live without going on four cruises a year or the We eat out every single night or the We could not live without our Jaguar (and $700 a month payments) folks, we would risk catching their bad case of Stuffitis.
  • We set goals with dates included. If you do not have a goal, you will hit it every time. We listed Dave Ramsey’s 7-steps to financial freedom and put a date next to every one of them. We have been early on some. We have been late on some. We have been very early on others. The bottom line is that we have a plan, and we are working the plan.
  • We periodically review our spending. Sometimes our spending still becomes ridiculous – in both ways – too little, too much. Going a year without buying any clothes or shoes for our child is probably too little. Spending money on dining out every single day for lunch is probably too much. A review gives you some insight as to where you can make improvements.

I hope this helps you out some!

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