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It forces you to not rush and assume the answers to questions without actually going out into the world and checking them first.
It may take a few minutes to pull up a spreadsheet and see how one approach compares with another, but the answer you get will be far more accurate than if you had skipped the work and just stuck with prevailing assumptions.
SIMILAR ARTICLES & IDEAS:
A budget is an estimation of income and expenses over a set time. It is usually drawn up and re-evaluated periodically.
Budgets can be made for a person, a group, a busines...
A budget shows the trade-off made when one item is exchanged for another. The result is:
Drawing up a budget means you'll know where your money goes, and you'll have greater control over your finances.
Budgets are necessary for running any business efficiently and effectively.
Using this method forces you to “spend” every dollar that you make, by allocating all of your earnings into the different categories that your finances require.
It prevents waste and maximizes your income, with the ultimate goal of reaching zero at the end of each month.
It starts with knowing what your time is worth. For instance:
We all have some idea of how much our time is worth. On extreme ends, it is easy to know if a task is worth your time. For instance, if someone offers you $0.07 per hour and another $7,000 per hour, you would have no problem to decide.
However, in the middle of the time-value spectrum, it is less clear if a particular task is worth your time. While everyone has an hourly value, few people know the exact amount.
Use the Realized Income Methods to calculate the value of your time. It is based on the income you received and will help you make better decisions on how to spend money day-by-day. You need two numbers for your calculations.