Wealth Tip # 1 Building the Foundation

The most essential element in building wealth is laying a good foundation. You need to build a budget.

Yes I said budget.

Now you are thinking a budget is for chumps.

I assure you that wealthy folks set a budget every month and stick to it. A budget is a financial plan. If you do not have a plan then you just have dreams. Wealthy people have a budget, poor folks do not.

Get out of debt, build wealth for your retirement, fund the kids college, live a life without financial worries. Without a budget you will not achieve these goals.

Personal Budget

The personal budget is one of the most essential tools needed to create financial independence. A budget is simply a plan. A financial plan. Why don’t you have one? This is the foundation, the most essential building block.

Creating the Foundation

You would not build a house without a solid foundation or a blue print? You should not plan your financial future without this foundation! Consider the budget your blue print.

Most people spend more time planning their weekend or vacation than planning their lives, their financial lives. Setting good solid goals is a formula for success. If you don’t have goals how do you know when you have arrived? (Tips for setting goals)

Let’s get started constructing your budget. It will not be perfect the first time. It takes at least 90 days, three months to begin to fine tune. After the first three months you will hopefully eliminate all the surprises. Do not get discouraged. This will take some practice. After a while it will be second nature. You must tell your money what to do. If you don’t it will leave!

If you are an over achiever you can find all the details of creating a budget here.

Grab the FREE budget tools as well.

In tip # 2 will continue our journey as we begin to build our budget!

Wealth Tip # 2 Budget – Building the Walls

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If you enjoyed this Money Matters Wealth Tip the series can be found HERE.

Other articles of interest:

10 Easy Steps to Creating a Budget that will put you on the path to Financial Independence

How to get out of Debt: Three popular Plans

4 Payoff Credit Card Debt Strategies

So what are you waiting for? Need help getting started, Grab our FREE budget tools to help you along on this very important journey.

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