If I handed you a million dollars today would you sit down and develop some kind of plan with the money?
Chances are your answer to that question is a resounding yes, but then why are we so reluctant to do so with our own money?
Did you know that the median household income in America today is a tad over $50K? That means over a typical working lifetime (40 years) if someone made the median household income they would make over 2 million dollars overall! Now granted, that is before taxes, but if you would budget for a million dollars, wouldn’t you want to budget 2 million dollars spread out over 40 some years?
The point is that it does not matter how much you make a year, we still need to budget our monthly income. Not only will a budget help maximize our income, it will make you feel like you got a raise because by accounting for every dollar and you will know where all of your money is going which will help ensure that we are spending our money on the things we value most.
Budgeting is not just for millionaires; it is for everyone, no matter what income.