Personal Finance Basics: Expenses (Where did all the Money Go?)
You know your income, but where is it all going? Most people can track their income but fail at controlling where the money goes. This failure is what keeps people trapped and not moving forward on their financial roadmap. Do you know where your money is going? Early in my career I knew and worked with a great brother who was an accountant. At the time we were living paycheck to paycheck and trying to make ends meet. We were discussing with him our finances and our hopes and dreams and during one of our conversations he stated it doesn’t matter how much you make as much as it matters how you spend the money you make. He knew people who were making $20,000 a year and were able to pay off debt and live comfortably. He also knew people who were making $100,000 per year and not even able to pay their bills. At the time, I would have to say I didn’t believe him as much as I should have. As we began to make more money it became evident th...