What are the factors in budgeting money? Do you really need to buy that particular stuff? Or maybe, we can delay our gratification? Is it a need or want? Perhaps, it is compulsive buying?
Analyze the income stream. Set a lifestyle within the income capacity. Set aside immediately the savings from the income stream. Remember, our goal is to attain financial freedom thru earning in passive income.
Passive income is in investment or business. How can we invest or put up our own business if we do not have the capital? That is the purpose of allocating a portion of the income stream for savings.
Save money to build passive income. Normally, our entry level in earning is thru employment. We usually start with salary basis. Some of us are fortunate to inherit a good amount of capital to start an investment or business.
In budgeting money, we will allot a portion for the savings immediately and the remaining is for the needs and wants. Prioritize the needs first because these are the things you need to survive daily.
The wants is crucial. An attitude of compulsive buying will enter here. Ask these questions to yourself. Do we really need to buy this particular product? Maybe there is a cheaper version? Can we survive without buying it?
Delay our gratification first. When we are now earning thru passive income and have extra money, then that is the right time to splurge and satisfy our wants. Do not jeopardize the portion of the savings. It is best to increase the savings habit.
If you really want to satisfy the craving for the wants, then increase the income capacity. Find other ways to earn extra money. By doing this, you can increase the portion of the savings and satisfy the want.
For me, I can find happiness in simplicity. Things before are simple and people can be happy with it. The influence of the media or advertisement is strong. In an advertisement, the product shown seems you really need it. But when you analyze it, the product is a want.
Satisfaction and self-control is necessary to attain financial freedom. Focus and look at the bigger picture. You have enough to live a happy life. Look around you, there are many things to be thankful. We will hit that “shopping button” at the right time. Be patient my dear friend. Diligently work smart to increase the income stream and be literate in growing the resources.
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