Whether someone wants to get their debt paid off or if they want to really focus on investing for their Financial Freedom goals then this might help. We told the boys that if we would have tried to live off our old wages and just saved all raises and bonuses, we ever received we could have reached our Financial Freedom goals even soon.
You may be saying that isn’t realistic but anything is possible and I bet there has been people that have done it. Even if you took some of your raises for any expense that may have increased over the last year and still pocketed your bonus check you would be much better off.
As always, I am not giving you any Financial Advice and you should seek advice from your Professional Advisors to see what is best for your situation. See my Disclaimer at MillsWay.com. This is for entertainment only.
Sticking to your Budget
Back when I was working in my early years my pay outpaced my cost of living for my basic needs. I moved up fast over the years and got some really nice bumps. If I only was taught this rule. But instead I just let my lifestyle increase. I got nicer place to live, nicer furniture and fixtures. Bought nicer vehicles and went on more exciting vacations. Ughh. LOL
This is why we are teaching our boys this rule so maybe they don’t make the same mistakes we did when we were younger.
Then Bonus checks is a whole other story to talk about. Bonus checks are basically free money if you don’t count on them as part of your pay. For me the companies I worked for, bonus checks were not guaranteed and we were told not to plan on them.
With human nature we didn’t listen to them in our younger years and we spent the bonus checks on normal wants and not needs. We pretty much got used to them and factored them in our income and budget we had.
One Million Dollars - Listen to the whole Podcast for the rest of the show.
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