Until just recently I always thought the best way to have financial freedom was to budget accordingly and stay consistent with following the budget.
However, that is not entirely correct. Many money management experts do not believe in the idea of budgeting. In fact, they steer clear of the word entirely! They believe that it puts a limiting belief of money and makes you more cautious of money rather than keeping you in a money flowing state (this has to do with mindset of money).
I am the kind of person that beliefs in a budget. I need to know how much money I have, how much I spend on a regular basis and how much wiggle room I have each month.
With that being said I believe in both budgeting and not budgeting. Let me explain.
I think it is important to know how much money is coming in and out on a monthly and yearly basis. Without knowing this you will just spend money without thinking about it and the next thing you will know, you’ll be broke.
However, many money management experts believe that you should spend without thinking about how much you’re spending or if you will have enough in your account because you are more focused on making money than spending it. I like this mindset!
The idea is that rather than focusing on managing the money you already have (your 9 to 5 income) you will focus on how you can make more money on the side. This is a brilliant idea!
So, if you’re like me you’ll be asking, “ How do I make more money?”
Check back next week at iquit9to5.com to learn the answer!
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