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π Spend Planning! | Holly Morphew on Why Spend Planning Beats Budgeting π°
Forget About Money
Understanding Spend Planning and Impact Numbers for Wealth Building
Monitoring spending and its impact on personal finance is crucial for wealth building. It is beneficial to separate spending into two categories: consumer lifestyle and investing, with an emphasis on how these areas influence one's financial growth. The concept of the 'impact number' emerges as a vital indicator of financial health, defined as income minus expenses over a 30-day period. A higher impact number accelerates debt repayment, wealth accumulation, and the pursuit of financial independence. To leverage this number effectively, individuals should adhere to three essential money principles: earn more than you spend, pay yourself first, and give every dollar a purpose. The practical application of the impact number involves strategic deployment of leftover funds into assets rather than leaving them idle in checking accounts. Establishing a financial independence number and meticulously planning the allocation of income ensures that every dollar serves a constructively designated role, paving the way for financial empowerment and proactive money management, especially for those starting from debt challenges.
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