The importance of spending time creating a budget is lost on some investors, but it can be the difference between financial freedom and failure
When it comes to taking control of your personal finances, the sad reality is, most people prefer to bury their head in the sand.
In fact, when I surveyed thousands of property investors about budgeting, 54% said they had no budget at all. Imagine that – more than one in two do not monitor their spending!
I can empathise. It can be confronting and uncomfortable to face the reality of your own financial situation. Personally, I avoided it for a long time, living on credit cards and personal loans and ignoring the fact that my savings account balance never rose above $1,000.
But all of that changed when Ed and I decided to get serious about property investing. The first thing we did was create a budget to monitor our spending. At first, the results weren’t pretty, but slowly we chipped away at our debts and within 12 months Read More…
