Budgeting Backwards | Series 9.5

Voiceover Audio: 00:00:00

Welcome to the Enjoy More 30s Family Finance

Voiceover Audio: 00:00:03

podcast. The only podcast dedicated to making life more

Voiceover Audio: 00:00:06

enjoyable for young families by hitting on the financial topics

Voiceover Audio: 00:00:10

that tend to weigh on us, stress us out, and distract our focus

Voiceover Audio: 00:00:13

from simply enjoying life.

Joseph Okaly: 00:00:16

Hello and welcome once again to the Enjoy More 30s

Joseph Okaly: 00:00:19

Family Finance podcast. For all those people out there trying to

Joseph Okaly: 00:00:23

avoid being financially secure, we have our series for you 10

Joseph Okaly: 00:00:27

Ways To NOT Be a Millionaire. Now if you actually do want to

Joseph Okaly: 00:00:32

be a millionaire not to worry, this series isn't just for those

Joseph Okaly: 00:00:35

people who are looking for some form of financial ruin. If you

Joseph Okaly: 00:00:39

avoid doing these 10 things then you could be well on your way to

Joseph Okaly: 00:00:42

millionaire-hood as well. Each week I'll share a quick step in

Joseph Okaly: 00:00:45

this how to not be a millionaire process so you know what to do

Joseph Okaly: 00:00:48

or hopefully what to avoid. As always, before I begin, please

Joseph Okaly: 00:00:53

share and like, please leave reviews. I'd love to reach and

Joseph Okaly: 00:00:55

help as many young families out there just like you.

Joseph Okaly: 00:00:58

Today's great tip on how to not be a millionaire is Budgeting

Joseph Okaly: 00:01:02

Backwards. Saving part of your income is one of the main

Joseph Okaly: 00:01:06

drivers in building wealth. So if you want to avoid being a

Joseph Okaly: 00:01:09

millionaire, it therefore must be something you want to avoid

Joseph Okaly: 00:01:13

as well. The best way to avoid saving is to only save what is

Joseph Okaly: 00:01:17

left at the end of the month. This way, you have a great

Joseph Okaly: 00:01:21

chance of spending all of your income, leaving absolutely

Joseph Okaly: 00:01:25

nothing left to save towards yourself. If you are really

Joseph Okaly: 00:01:28

committed to not being a millionaire, then you would take

Joseph Okaly: 00:01:32

it a step even further and spend even more than you make every

Joseph Okaly: 00:01:36

month, accumulating credit card debt and severely hampering your

Joseph Okaly: 00:01:40

overall wealth ability. For those who are actually trying to

Joseph Okaly: 00:01:44

build wealth then you should make saving a priority. If you

Joseph Okaly: 00:01:48

first budgeted amount to save towards yourself before you

Joseph Okaly: 00:01:52

spend, then you are exceedingly more likely to save. Saving $500

Joseph Okaly: 00:01:56

a month for 30 years at 10% comes out to over $1.1 million.

Joseph Okaly: 00:02:00

Someone who saves just $300 a month because they are spending

Joseph Okaly: 00:02:03

first and saving last, would come out at over $450,000 less

Joseph Okaly: 00:02:07

over those same 30 years and 10% rate. Overall I think it is more

Joseph Okaly: 00:02:12

than clear budgeting backwards is a fantastic way to not be a millionaire.

Joseph Okaly: 00:02:16

Thanks for tuning in today and join us for next week's episode

Joseph Okaly: 00:02:19

on how to not be a millionaire Pretending You Can't Die. As

Joseph Okaly: 00:02:24

always, please remember to review and share for others. And

Joseph Okaly: 00:02:27

if you need any help, don't hesitate in reaching out. I

Joseph Okaly: 00:02:30

probably have helped someone just like you until next week.

Joseph Okaly: 00:02:33

Thanks for joining me today and I look forward to connecting

Joseph Okaly: 00:02:36

with you again soon.

Voiceover Audio: 00:02:37

The conversations on this show are

Voiceover Audio: 00:02:39

Joe's opinions and provided for general information purposes

Voiceover Audio: 00:02:42

only. They do not constitute accounting, legal, tax, or other

Voiceover Audio: 00:02:46

professional advice for your specific situation. You should

Voiceover Audio: 00:02:49

always seek appropriate advice from a financial advisor,

Voiceover Audio: 00:02:52

accountant, lawyer, or other professional before acting upon

Voiceover Audio: 00:02:55

any content or information found here first. Joe is affiliated

Voiceover Audio: 00:02:59

with New Horizons Wealth Management LLC, a branch office

Voiceover Audio: 00:03:02

of TFS Securities, Inc., and TFS Advisory Services an SEC

Voiceover Audio: 00:03:06

Registered Investment Advisor, Member FINRA/SIPC.