This system dug me out of $50,000+ in student loan debt and CONSTANT financial challenges and got me on the path to financial freedom.
Budgeting system: YouNeedABudget.com
Book: Your Money – The Missing Manual – https://amzn.to/32XzflA
My blog: https://www.milesbeckler.com
What is F.U. money – https://www.youtube.com/watch?v=UyRqAu9knyY
Importance of your Emergency Fund – https://www.youtube.com/watch?v=IuFaGUV2q-I
This video is all about money, specifically how to achieve true financial independence. So we’re talking about paying off all your debt. We’re talking about building true wealth and a system. You’re going to learn a specific system. The same system I use to go from over $50,000 in debt, constantly bouncing checks, constantly overdrafting accounts, having to borrow money from my parents to truly getting on a path of financial freedom to be able to live where I want to live, to be able to buy houses, et Cetera, et cetera. Now there is a system that I’m teaching you that I personally use, but keep in mind, this is personal finance and your personal situation is different than mine and your personal situation is different than mine was. Okay? I was living with my parents at the time. I had $50,000 in student loan debt.
I had no income because my businesses had failed and I didn’t have a job and that was the hole I had to dig myself out of. I don’t have kids so I’m not saving for retirement accounts and I’ve already got a couple of houses so I’m not really saving up for down payments. Your situation is going to be different and that’s a cool part about a system is it allows you to customize this based on your exact situation here and now you see this channel is often about making the money, okay? We’re talking about earning income, making money online, building online businesses, which is great, but we need to talk about the other side of that coin, which is what you do with your money. And the first big key idea for you right now is that every dollar needs a job for me. Every dollar has a job, okay?
And your situation, you might not be there yet. And that’s the first big idea. That’s the overarching philosophy that we’re working with that you need to be moving towards. If you want to get a handle on your money situation, give every dollar that comes into your world a specific job, you see money flows to those who are most disciplined with money. Money literally flows out of the hands of people who have no discipline into the hands of people who express and show and have great discipline with money. Just like electricity will flow in one direction because it’s a law of the world, I swear this is absolutely a law of the world and you’re going to learn this system. So the first idea under this overarching theme of every dollar needs a job is zero based budgeting. Now this is a budgeting system and what it means is that all of your income adds up to a hundred percent, right?
You make a hundred percent of your income each and every month, then you can divert it into specific unique accounts that each have a different purpose, right? These are the jobs. And then you should end up with zero at the end of the month in the origination account. So if all the money you earn go into your checking account at the end of that month, it should be placed into the specific different accounts that all have their own job. Okay? And if you mess up or you need to move one from one and move something over here, you have some flexibility within this, but it’s all about building a structure. You need a system that you can follow. Now there’s a really cool online tool and education portal. It’s called you need a budget, you need a budget.com. It works with apps and it connects to your bank accounts and it’s got a lot of information and training.
o if you want some handholding and some guiding to get going down this, they’ve got over a 30 day free trial. Um, and then you’ll also see, I think it’s like $7 a month or something. This is something I did manually. Okay. There were no apps. We didn’t have smartphones during the years. I was putting this together. So I managed this all with separate checkbooks and separate accounts and I had to wire things back and forth. Um, it’s easier today than it ever has been to gain control of this. So let’s first and foremost talk about the different financial goals you might have to help you understand the order of prioritizing these goals. And then we’ll talk about a very specific structure that you can use in order to implement this kind of a process for yourself. It’s all gonna make sense. Stick with me, give me a thumbs up if you like these kinds of personal finance, finance, and kind of money management type videos.
Leave me a comment if you’re like, yes, Miles, do more of these.