I’ll be brutally honest with you all here, budgets simply don’t work for most people.
Here are 5 reasons why they don’t.
- Budgets suck and they’re not fun to live with, so most people don’t.
- Budgets take a lot of time. You’re too busy to create one and have much less time to stay on one.
- Budgets are complicated. Figuring out how much money you’re going to spend on every little category can drive you crazy.
- Budgets lead to fights. If you’re trying to budget while married or in a relationship, you’ll probably have a hard time. In almost every case, people fall in love with their financial opposite.
- Budget don’t last long-term. I have seen firsthand as a financial advisor that people who say they’ll budget to save and invest never stick to it long-term. In a nine year career at Morgan Stanley, I had one client budget their finances and invest for more than six months. The rest all stopped, very much like dieting.
So what works if budgeting doesn’t work?
You need to make your entire savings, investment plan and financial life AUTOMATIC.
Luckily, in today’s technology driven society their are a multitude of tools and platforms you can use to automate your savings.
For more tips on automation, watch my video below:
Originally posted on Quora.
Why You Don’t Have To Be Rich To Live Rich
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