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Accelerate Your Rich Mindset: A Year of Momentum
Discover the rhythm of financial success! Pacing & Gaining Momentum is our them for 2024, urging First-Gen high-income earners to shed limiting mindsets. Embrace uncomfortable financial habits that accelerate your journey to a rich mindset.
We are rooting for you, every step of the way! Cheers to your financial success, your mental well-being, and the pursuit of caring for your family for generations to come.
Budgets...
Public Scrutiny|Private Null
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The headline reads, “School Board reviews $2.75B budget, seeks comments.”
Let’s bring this a little closer to home—Homeowner’s Associations (HOAs). A lot of residents are members of HOA communities. Annual budgets for HOAs are subject to the same level of public scrutiny as the school board' budget, only at the residential subdivision level. There are generally questions about how money is being spent (historical look at what has happened) and what will the money be used for (forward-looking i.e. budget).
There is a good propensity at passing judgment on the people responsible for preparing these budgets.
“A budget is more than just a series of numbers on a page; it is an embodiment of our values”--Former U.S. President Barack Obama
When budgets are presented for review, the reviewer will know exactly what is being prioritized. For example, if the HOA’s largest budget item is landscaping, the HOA members may feel landscaping takes precedence over safety given the utility item (street lights) is not the largest budget item.
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Let's get even closer to home--What about the existence of budgets inside the household? If a budget exists, we don’t exert nearly the same level of scrutiny.
Essentially, budgets at all money levels facilitate good stewardship over money—set/monitor financial goals, mitigate threats of any potential financial hardships, and bring a tangible strategy to navigating money strategy and crisis alike. Your money wins with intensions and priorities:
Rich Money Budget
Wants (5%) | Needs (25%)
Invest (70%)
Average Money Budget
Wants (45%) | Needs (50%)
Invest (0-5%)
What’s your household budget?
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