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Having easy finance expense categories can make it a LOT easier for you to stick with your personal budgeting commitment long-term. You know how it is when you try to put together a budgeting system, but you have 37 expense categories to look after. Who can live their life that way on a consistent basis without deviating from the system? It is almost impossible, and that is why the four bucket system keeps it simple when it comes to managing your expense categories. {Read More}
The four bucket personal finance system is a simple and practical alternative to personal budgeting.
Think about this:
This is why more people are choosing the four bucket personal finance system as a practical alternative to living by a complicated budgeting approach. {Read More}
I’ve said it before and I’ll say it again, if there is a secret to achieving financial freedom or building wealth, it’s having a simple plan to start with.
I’ve seen a lot of people get ambitious about building financial freedom and set up a complicated plan that they only stick with until their initial enthusiasm runs out. This is true when it comes to over complicating your budget, your investments and your strategies for earning additional income. {Read More}
Are you realizing that you need to control spending more than you need to get out of debt or to increase your personal cash flow? If so, you’ve already come a long way in comparison to the general population.
Many people spend their entire lives broke or struggling and looking for ways to increase their personal cash flow or build multiple streams of income, but without first learning to manage the income that they already have.
However, being broke is more about your habits and your attitude about money than it is about how much money you’re making or how little money you owe. {Read More}
Achieving financial freedom starts with forming a plan of action before anything else. This must happen before you try to start earning more money, before getting out of debt, before controlling spending, before anything else.
In other articles, I’ve mentioned that financial freedom and personal wealth building can only happen on purpose. This is why you must have a plan for achieving this freedom if you want to have any hope of succeeding.
This article will give you a sound strategy for developing your plan for achieving financial freedom. {Read More}
Simple personal cash flow management beats out a complicated one every single time. You’ve probably met your share of people who have a lot of complicated knowledge about personal finance and all these ideas about how to achieve financial freedom, yet they’re broke or pretty close to it.
When you think about it, smart people often have a very difficult time using their knowledge to create real life results. Funny how that works, yes?
This is because simple personal cash flow strategies are a LOT more applicable to real life…especially when your commitment is tested. Let’s look at one simple personal cash flow management system that is proven successful.
The four bucket personal cash flow system is so simple that once you get into the habit of using it, you can almost live off of it without having to refer to a written spending journal. It works like this: {Read More}
If you’re after financial freedom, you’ve probably already heard a lot about how important it is to save money. But is saving an overrated and outdated strategy?
You might have heard that Robert Kiyosaki claims that inflation has made savers into losers. Is there any value left in saving money or has that forever changed? In this article, we’ll be looking at the simple way to use a “saving” strategy in order to accomplish financial freedom. {Read More}
If you’ve ever thought about living on a budget so that you can achieve financial freedom, you’ll surely realize how unrealistic it can get.
I can’t tell you how many people I’ve spoken to who create a budget that looks great on paper, but which they just can’t bring themselves to live on for any period of time.
Is this because they aren’t disciplined enough or that they don’t really care about achieving financial freedom? Actually, it’s not either of those things.
Most likely, the budget which they’ve created is simply too complicated or restrictive and no one wants to live that way.
In this article, I’ll be sharing with you a simple plan for achieving financial freedom, one which you’ll have no trouble sticking with for the long haul.
If you’re ready to create financial freedom in your life, you don’t need to restrict yourself to living on a budget. Instead, you can focus your spending according to your most important priorities and according to four simple categories: paying expenses, saving for emergencies and future spending, charitable giving and finally investments. Of course, it’s essential that you have a structure as to how you’re going to prioritize these categories when it comes to your real life spending.
Here is what I’ve found to be effective:
1. 10% to investments
2. 10% to giving
3. 10% to cash reserves
4. 70% to expenses
This is how you are to distribute the funds of each check that you receive, in the above order and according to these percentages. It’s simple and it doesn’t require you to have 77 categories for your spending. Instead, you take care of your investing before you have the change to do anything else with it. If you make investing a priority in this way, you’ll start to create financial freedom very fast.
Next, you commit 10% to giving, and then towards building some cash reserves so that you don’t have to take on debt when you want to purchase something or when you have an unexpected financial event. Once this is done, you’ll find that 70% is plenty enough to pay your monthly expenses. The trick is to force yourself to invest your money first and to pay your expenses once that’s done.
Attempting to do things in the reverse order, paying expenses first, is a sure way to land yourself in the paycheck to paycheck loop for life. So there’s your simple strategy for controlling your cashflow, and you can get started on it right now.
Be prosperous!
There is more…Click here to receive your free ebook on Personal Wealth Building and learn more…
Too many people claim that they live from paycheck to paycheck. They seem to just make it to the end of the month after paying all of the bills, despite having received periodic increases in total income and making strong efforts to adhere to a strict budget. The Bucket Program is a cash managing system which incorporates the habit of Paying Yourself First to regain control of your finances, and redirects your cash flow towards the goal of building your wealth and financial security.
The bucket represents a category of financial transactions funded by a regular and consistent percentage of your disposable income, and directed toward a specific goal. Four buckets are named and more can be included, but only four are recommended at the initial phase of the program.
Bucket One – is the operating account where all incoming revenues are deposited preferably by direct deposit to build up the total disposable income for the month. A percentage of disposable income is automatically withdrawn from the operating account and deposited monthly into each of three additional accounts listed below. A cash management goal is to have 70% or less of the disposable income available in the operating account for payment of all expenses and expenditures after the three initial disbursements.
Bucket Two – is the “Pay Yourself First” account which receives regularly 10% more or less of disposable income as a seed to build working capital. This account is not to be viewed as a long-term savings that is used for the next perceived crisis. Instead, this account is for the express purpose of accumulating working capital that will generate new income to build new wealth and financial security. The PYF account is carefully managed exposing working capital only to reasonable level of risk for maximal growth with attention to safety measures to prevent the loss of working capital.
Bucket Three – is a reserve account that also receives 10% more or less of disposable income up to a level of around 1.5 to 8 times monthly disposable income. This account is flexible to use for urgent matters as well as to accumulate funds in sub-accounts for special needs and wants. The total amount of accumulated funds will be determined by the goal for the account.
Bucket Four – is set up for organizing and tracking your contributions. In this account, a predetermined percentage of 10% more or less of disposable income is transferred each month from the operating account. This account is your choice to have. It is included because many believe including the wealthy that giving does come back to the giver many folds.
The percentage of disposable income allocated for each bucket may be difficult at start, so make the appropriate adjustment to assure that a regular and consistent amount is deposited monthly into each account. Please note that at this point, the amount does not matter, but getting started does.
Act now to receive your free ebook on Personal Wealth-Building and learn more about value-added spending, revenue retention, finance and health, and cash flow and debt management strategies.
Frederick W. James MD is both a seeker and teacher of balance. Keeping in mind the understanding, “There is always something to learn,” Dr. James knows life, like finance, is a balancing act that needs constant attention. This is the foundational thought of his behavioral philosophy that secured his wealth and guarantees it for others. After years of preparation, the career cardiologist created wealth to benefit his family and others. Now, this innovative system of responsible spending is available to all through his financial coaching program and book, Spend, Don’t Save.
