Have you ever wondered if there was ever an instance in which budgeting would no longer be necessary?

The monthly cash flow plan was fundamental to our total money makeover, and I can’t envision a time when I will ever quit budgeting. That’s how important the budget is to winning the money game.

Isn’t my reason special?

Of course, I imagine some people may think that certain people don’t need to budget. For instance, they may think that individuals with high incomes do not need to budget. Others may think that as long as they’re investing their 20% for retirement, they’re all good. And still others may think that once a certain net worth is achieved, they no longer have to bother with a budget.

Ask yourself this… Did Michael Phelps quit training after winning his first gold medals in 2004? Of course not. He would not have kept winning if he didn’t keep training. Similarly, successful companies don’t quit doing their books when they hit a certain sales milestone. And people successful with personal finance don’t quit budgeting.

Why do people quit (or never start)?

The best explanation of all the “quit budgeting” examples I hear revolves around a fixed mindset and playing a finite game. But the money game is an infinite game and requires a growth mindset. (Read Simon Sinek’s The Infinite Game.) All the games worth playing are infinite games. Stephen Covey calls it Habit #7: sharpening the saw. (Read The 7 Habits of Highly Effective People.)

Life is a journey, not a destination. We need to keep tending our gardens, mowing our lawns, doing our laundry, raising our kids, maintaining our cars, and doing a budget. Personal finance is one of the most intimate of all games we play. Remember it is an infinite game.

As Always…

Thanks for reading! I hope this information provides food for thought. Remember that I am not a certified financial planner, a certified public accountant, a licensed real estate agent, etc. My content is for educational purposes. I am a math educator who happens to have a finance degree. Like they say, never take financial advice from a math teacher! (Do they really say that?)

But you should spend less than you earn, invest the difference, and stay out of debt!

I would so appreciate your sharing my content with anyone you feel could benefit. And if you would like a free exploratory conversation or just want to shoot the breeze about personal finances, call me and leave a message or send a text to 570-731-0425.