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- Herausgeber: John Wiley & Sons
- Kategorie: Fachliteratur
- Sprache: Englisch
An easy-to-follow and realistic path to financial security and independence
In The Roadmap to Financial Freedom: A Millionaire's Guide to Building Automated Wealth, veteran Certified Public Accountant and founder of Budgetdog Academy, Brennan Schlagbaum, delivers an inspiring and practical account of how he and his family paid off over $300,000 in debt. He'll also show you how you can apply the same principles to your own life to transform your financial situation.
In the book, you'll discover how to track, grow, and protect your money as you work your way closer to financial freedom. You'll also find:
- Comprehensive strategies for crafting a plan to turn around your personal finances
- Ways to give to others that help you in your path to financial security
- Rock-solid budgeting techniques that help you get control of your income and spending patterns
Perfect for members of new and growing families, young professionals, and anyone else seeking to redefine their relationship with money, The Roadmap to Financial Freedom is an intuitive, insightful, and hands-on roadmap to financial independence.
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Seitenzahl: 313
Veröffentlichungsjahr: 2024
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Table of Contents
Cover
Table of Contents
Title Page
Copyright
Dedication
Acknowledgments
About the Author
Introduction
Part I: Track Your Money
Chapter 1: Who I Am: My Journey
Chapter 2: The First Step
Lesson 1: The Psychology of Money
Lesson 2: Looking into the Mirror
Lesson 3: Changing Your Habits
Lesson 4: Building a Support Team
Lesson 5: Staying the Course
Chapter 3: Evaluate Your Financial Situation: Getting Organized Through the Balance Sheet
Lesson 1: Know Your Starting Point
Lesson 2: Evaluate Your Debt and Focus on Your Goals
Lesson 3: The Breakdown of the Balance Sheet in Steps
Lesson 4: Understanding Your Net Worth
Chapter 4: Craft a Plan: Create Your Budget
Lesson 1: The Importance of Crafting Your Plan
Lesson 2: Organizational Tips for Tracking Your Money
Chapter 5: Getting out of Debt: The Triumph Before the Real Storm
Lesson 1: Say No to Spending
Lesson 2: Amortization Schedules for Debt Payoff Success
Lesson 3: Stay on Track
Part II: Grow Your Money
Chapter 6: Setting the Stage for Your Investments
Lesson 1: Compound Interest
Lesson 2: Investing 101: Understanding Stock Market Basics
Lesson 3: Understanding Types of Asset Classes
Lesson 4: Breaking Down Equity Asset Classes
Lesson 5: Diversification
Lesson 6: Target Date Fund Diversification
Lesson 7: Single Asset versus Mutual Fund versus Index Fund versus Exchange-Traded Funds
Chapter 7: Formulating Your Investment Plan
Lesson 1: Where to Buy Asset Classes
Lesson 2: Types of Investment Accounts
Lesson 3: Fees: What They Are and Why They Matter So Much
Lesson 4: When to Invest
Lesson 5: How Much to Invest
Lesson 6: Risk Profile for Investing
Lesson 7: Investing Framework
Part III: Protect Your Money
Chapter 8: Build Your Moat
Lesson 1: Protecting Your Money Through Insurance
Lesson 2: Protecting Your Money Through Tax Diversification
Lesson 3: Protecting Your Money Through Tax Planning and Tax Preparation
Lesson 4: Protecting Your Money Through Wills and Trusts
Lesson 5: Protecting Your Money Through Durable Powers of Attorney
Lesson 6: Protecting Your Money Through Credit
Chapter 9: Budgetdog, My Money Mindset, and My Passion
Chapter 10: Logan Lee, an Unimaginable Reality: My WHY
Conclusion
Glossary of Common Investing Terms
Resources
Chapter 2
Chapter 3
Chapter 5
Chapter 6
Chapter 7
References
Disclaimer
Index
End User License Agreement
List of Illustrations
Chapter 2
Figure 2.1 For adjustments to your budget, you may want to use a template li...
Figure 2.2
Chapter 3
Figure 3.1 Balance sheet template.
Chapter 4
Figure 4.1 Budget example.
Chapter 5
Figure 5.1 Amortization schedule example.
Figure 5.2 The snowball method example illustrates how to organize your debt...
Figure 5.3 The avalanche method attacks debt in order of the interest rate r...
Chapter 6
Figure 6.1 Simple interest calculator calculation.
Figure 6.2 Simple interest and how it works over a three-year span which is ...
Figure 6.3 The amount of interest the same investment would make with simple...
Figure 6.4 At the end of the third year with simple interest, the amount of ...
Figure 6.5 In comparison to simple interest, this shows what will happen wit...
Figure 6.6 Oscar's contributions have time on his side, thus eliciting a lar...
Figure 6.7 Even though it seems Denise contributed more than Oscar during ag...
Figure 6.8 The five asset classes.
Figure 6.9 Index investing.
Chapter 7
Figure 7.1 A summarized graph of the key points of different investment acco...
Figure 7.2 Investment factors for the wealth triangle.
Figure 7.3 HSA receipt tracker.
Guide
Cover
Title Page
Copyright
Dedication
Acknowledgments
About the Author
Introduction
Table of Contents
Begin Reading
Conclusion
Glossary of Common Investing Terms
Resources
References
Disclaimer
Index
End User License Agreement
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The Roadmap to Financial Freedom
A Millionaire’s Guide to Building Automated Wealth
Brennan Schlagbaum
Copyright © 2024 by John Wiley & Sons. All rights reserved.
Published by John Wiley & Sons, Inc., Hoboken, New Jersey.Published simultaneously in Canada.
No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 750-4470, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permission.
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Library of Congress Cataloging-in-Publication Data is Available:
ISBN 9781394217243 (Cloth)ISBN 9781394217250 (ePub)ISBN 9781394217267 (ePDF)
COVER DESIGN: PAUL McCARTHYAUTHOR PHOTO: COURTESY OF THE AUTHOR
This book is dedicated to my daughter, Logan, whose battle with Dravet Syndrome has made me see life through different eyes.
Acknowledgments
I would like to acknowledge the Dravet Syndrome Foundation for the information and help they have provided us since Logan was diagnosed with Dravet Syndrome. One hundred percent of the proceeds of this book will go directly to the Dravet Syndrome Foundation. It is my hope that funds from this book will lead to more answers and cures for all of those diagnosed with Dravet Syndrome. My goal is to bring more awareness to this syndrome that is such an enigma. You can contribute to the Dravet Syndrome Foundation at https://dravetfoundation.org/donate/.
I would be remiss if I did not acknowledge my wife, Erin. Without her dedication and commitment to me and our goal, this journey would not have been possible. Thank you for putting up with all of my spreadsheets, helping me build Budgetdog, and helping me with this book.
I would also like to thank Pam Fitzpatrick for helping me find the words to bring my message to life.
About the Author
Brennan is a 32-year-old CPA living in the Dallas, Texas, area. He is a husband and father of two girls (Logan Lee and Ellie Gray). He began @budgetdog as a way to help others make money simple. He is dedicated to creating a financial literacy movement and making your life easy when it comes to money. He specializes in helping individuals and families create a practical roadmap for their financial future.
Introduction
Life is funny. Not laughable funny but amusing in an interesting way. It is certainly an enigma; we never know where it is going to take us. Life ebbs and flows, constantly changing. In life, there are difficulties and challenges we all must face. That is the certainty. This is true about most people's lives. It has always been true of my life, but it was only in looking back, in retrospect, that I realized it has always been this way.
As a kid, teen, and even a young adult, I didn't understand the significance of life's ups and downs. Once I became fully cognizant of the volatility of life as well as the fleeting nature and rarity of it, I knew I had to choose a path that would allow me to control what I could in a world where little is static and there are no guarantees. I also gained an understanding of disappointments and setbacks which are nothing more than life lessons. Being aware of those things brought me to where I am today.
Understanding your financial and life goals, tracking your money, growing your money, and protecting your money are what this book is about. I have been in your shoes. I have been in debt and was spending money without really thinking because it was just the way everyone lived. Like many of you, I didn't know where to begin with personal finances because I did not have an education about it when I was growing up. I found myself right out of college, with degrees in accounting and finance, and I was earning a decent income as an auditor. My whole life was ahead of me, but I had no real knowledge of what I should actually be doing with my money. I was earning it. Wasn't that enough? I really did not know where to start or what to do with my money.
But I opened my eyes, educated myself, and committed myself to changing my situation in order to create the life I wanted and knew was possible. Now it is my life mission to help others realize their dreams of creating the lives they have always dreamed about; a life that is free of debt, financial burdens, and stress.
With this book I will take you step-by-step through the same process and the same steps I followed. Together we will walk through the framework that I developed and refined in Budgetdog Academy to help you achieve financial success. Through this book, I will provide you with the tools to lay out your plan, track your money, grow your money, and protect your money. This book is going to teach you the same framework that my wife and I used to accomplish our financial goals. The goal is to help you lay out your own roadmap that will lead you to financial success.
I have broken the book down into the steps, chapter-by-chapter, that will enable you to be financially independent. Not all the steps may apply to you today, so you may need to come back to different chapters as they pertain to your unique financial journey. However, I encourage you to read this book in its entirety because many of the principles that I teach cross over into other areas of life such as family, fitness, faith, and business, and are all valuable and necessary to achieve continued financial success.
In Chapter 1, “Who I Am: My Journey,” I give you my background. This is important so you know who I am and why I am the right person to help you along your financial journey. I will explain my journey to you, so you fully understand that anyone, including you, can achieve financial independence and success. Personal finance does not have to be complicated, but it will take commitment and dedication on your part to achieve your goals. I can show you how to do this, but you have to bring the desire and passion to win.
Chapter 2, “The First Step,” is where we will look at the psychology of money, especially spending, saving, and investing. It is all about your relationship with money, so you are able to understand your money mindset. This chapter will help you better understand yourself and what you value, which is reflected in your spending. It also focuses on knowing your spending habits and how they are tied to your goals. I share with you what my goals were that led me to this place. It will be your opportunity to hone in on your goals that will ultimately lead you to your financial wellness.
Chapter 3 focuses on getting organized. In this chapter, “Evaluate Your Financial Situation: Getting Organized Through the Balance Sheet,” we work through setting up your balance sheet, which is your starting point. To achieve anything, you need to be honest with yourself about your starting point. Let's be really honest: most of us, unless we were bequeathed money before we were born, have a starting point of $0 at birth. When I started my journey, my starting point showed me that I was in a hole; I had an $8,000 negative net worth. So, I had actually gone backward. Yikes! This chapter will help you establish your number, so you will know exactly what your starting point is. If you don't know your beginning point, it is difficult to proceed to the next steps or to have any kind of barometer to measure your growth and success.
Once you know your starting place, in Chapter 4, “Craft a Plan: Create Your Budget,” you will now create your budget and begin to get more organized with your spending. So in this chapter, we build upon Chapter 3 and continue my Budgetdog Framework aspect called Tracking Your Money. Your budget will help you focus on your spending, tracking your money, and committing to your goal. This step may amaze you, as it can reveal wasted money that you can actually use to help pay off some of your debt or help accelerate you toward your financial goal. These steps will show you what is possible with what you currently have as long as you are intentional with your money. In this chapter, you will learn how it is possible to see the finish line even if it is years away because you will have the right tools in place to show you the exact road map to paying off your debts, therefore freeing up your cash flow for more exciting things like growing your money!
Chapter 5, “Getting Out of Debt: The Triumph Before the Real Storm,” will continue to give you strategies on how to track your money. Here you will learn about paying close attention to your money and debt payoff through methods such as amortization schedules. By the time you get to this point, you will be paying off debt, if you have any, either through the snowball method, avalanche method, or a hybrid combination method. We will cover what each of these debt payoff strategies entails, so you can decide which strategy you will employ in your journey. For those who are in the process of paying off debt, I am going to introduce you to an extremely powerful tool that will fully map out your debt payoff and show you the impact that even small additional payments can make to your debt payoff timeline. Then you will be well on your financial journey of becoming financially independent.
Congratulations! You are becoming more solvent, so it is now time to learn how to Grow Your Money, the second tenet of my framework and Part II of this book. This is the part everyone wants to skip ahead to, especially if they don't have debt. But let me stop you right here! If you have not mastered your mindset around money and spending, clearly defined your starting point with your balance sheet, and built and learned how to follow your monthly budget, and know how to utilize amortization schedules—how to track your money—you need to go back to Chapter 2 and start again. All of the work up to this point is the most valuable work you will do in this entire book because it will set the stage, speed, and efficiency for everything else you will achieve. So do not skip ahead.
In Chapter 6, “Setting the Stage for Your Investments,” we jump into information about investments, so you can make sound financial decisions to Grow Your Money. Here I discuss the five main types of asset classes for building wealth: cash and cash equivalents, stocks (equities), bonds (fixed income), real estate, and commodities (real assets). We will also delve into topics such as brokers; investment products; stock market basics; diversification and Target Date Fund Diversification; 401(k), 403(b), and 457(b) plans; Thrift Savings Plan (TSP); Individual Retirement Account (IRA); 529 College Savings Plan; Uniform Transfers to Minors Act (UTMA) and Uniform Gifts to Minors Act (UGMA); Health Savings Account (HSA); Taxable Brokerage Account; and Single Asset versus Mutual Fund versus Index Fund versus Exchange-Traded Funds (ETFs). In addition, I will give you investment strategies for building your portfolio and my personal recommendations along with when to start investing and how to start investing. This chapter is about giving you the tools and information you need to really grow your money, so you can continue on the journey of reaching your financial goals.
In chapter 7, “Formulating Your Investment Plan,” you will learn where to invest, how to invest, and how much to invest. This chapter is about maximizing your investments. The overarching ideas for chapter 7 include where to buy assets classes, types of investment accounts, investment fees to be aware of, when to invest, how much to invest, your risk profile for investing, and an investing framework. I will give you the secrets to simplify investing.
Growing your money might be the ultimate goal for many of you who are reading this book, but let me emphasize that it is not the end. In chapter 8, “Build Your Moat,” you will learn ways to protect yourself and your money. A key component of having money is protecting it. This chapter is about building your moat to ensure you don’t lose your money due to some preventable misfortune. Protecting Your Money is the third aspect of my framework. The overarching ideas for chapter 8 include insurance and the different types, tax diversification compared to tax planning, trusts and wills, durable healthcare power of attorney, and financial power of attorney. I will give you insight into different insurances and layers of protection. Your action plan here will be to assess where you are, so you can create a strategy to help you provide layers of financial protection.
Chapter 9, while you may find it somewhat motivational, is really about my WHY. “Budgetdog, My Money Mindset, and My Passion” deviates from finances and goals to give you some background on what, or rather who, fuels my WHY today. My life is not without trials and emotional turmoil. This chapter, perhaps more than any, will show the real reasons behind tracking your money, growing your money, and protecting your money. For me, this primarily comes down to my daughter, Logan (Chapter 10).
In the Conclusion, I will give you my feelings about success, the importance of paying it forward, and the responsibility that comes with having money. Securing your financial future and achieving financial freedom mean that you are able to help others. It is such a fantastic part of the financial journey to know that not only have you enriched your own life, but you are also able to make a true difference to the lives of others. This will be our key focus as we conclude the book. The conclusion of the book is really your beginning. What you do with this information, and how successful you are, are entirely up to you.
Action Plans are included throughout the book. Consider these as your homework—homework to secure your future. Completing these plans will be the key to your success. Reading the book without implementing any of it will not help you on your financial journey. You will need to put into action each part in order to best utilize the ultimate goal in its entirety.
Throughout the book, you will also find some of my financial words of wisdom. These are takeaways you can apply to your financial life. These are rules of thumb I live by and teach at Budgetdog Academy. These are general financial pieces of advice. In addition, you will also find my investing strategies. Again, these are little pearls of wisdom for you to easily reference as you continue on your financial journey. These are the same investing strategies I continue to use. These quick tips are not enough on their own. You must put in the work on the steps and master the framework in order to maximize your success. Don't shortchange yourself or take shortcuts.
Together we will walk you through the same process I took to pay off all of my debt, including my home. You will learn how to become financially independent along with the importance of thinking about your spending and saving habits. I will teach you my framework which will give you the basics to apply to your current financial state wherever you may fall in that process and to which you can refer back to for years to come when life happens. I will teach you the basics, but you will have to put in the work to make it happen. Your why will be what turns this jumble of words into the life-changing plan you will put into action; one that will push you forward until you reach your goals and achieve your Why.
Understanding your Why is important, and it is different from my Why. You have already taken the first step to changing your financial situation. You invested in your future by buying this book and taking the time to read it. Like any framework or platform, there are steps, and they won't necessarily be sequential. But together we will walk through the process to your financial security and freedom.
Don't be daunted by those who question your efforts. It is normal and easy to put down things that are unfamiliar. We both know that choosing this lifestyle is anything but normal. Good for you; you are on your way. Let's begin.
Part ITrack Your Money
Chapter 1Who I Am: My Journey
First and foremost, let me state that I am really an average guy. By education, I have a double major in accounting and finance from the University of Louisville. I am the oldest of four boys and grew up in a middle-income family.
Like many people, I did not grow up with any kind of financial education. It was not something that we discussed as a family or was modeled for me. I knew my parents had debt, and I thought that was perfectly normal. The closest thing I received, as far as a financial education, was when I did chores. This came about through my mom's envelope system. The rule was, when I did chores that I did not always do, I had to put the $5 I earned into three different envelopes. In the first one, I had to put $2, which would go into savings. In the second envelope, I was supposed to put $2, for giving. The last envelope was to have $1 for spending. That was the extent of my financial education and something along these lines is the norm for so many, as I have discovered in talking with many of my clients. Financial education is not widely discussed within families and social circles and is often a taboo topic, which is why so many of us find ourselves in debt—and lots of it. Naturally, when I went to college, I took out a loan. When I bought a car, I took out a loan. I quickly slid into being like the masses who live with debt.
The difference between me and many others is that I have chosen a path, not the most common or maybe even most popular path, but a path to secure my own future and to be financially independent. This is where my story deviates from the norm and why I encourage you to take this journey.
My journey has enabled me to create my own company, Budgetdog, LLC, through which I have taught thousands how to track their money, grow their money, and protect their money, and worked with many more who have also chosen to take a different path in life to financial independence. Because of my success, I have been featured in several online publications, such as US Times and Business Insider, along with being interviewed by Fox 5 News, Washington, D.C. Another result of this path is that I have reached millionaire status at the relatively young age of 30.
So why did I make this journey to be financially independent and help others achieve greater financial success? There is not just one answer to this question.
Understanding how challenging and mutable life is, is one of the reasons to be as prepared as possible for the uncertainties and changes. We know we can't stop the changes or the ups and downs since so much in life is beyond our control. To overcome this, our defense is to be ready so we are able to weather the storms that come our way. We also have to defy the culture that lies to us and makes us believe we need to have all of the latest stuff and live among the noise that does nothing to ultimately help us emotionally, personally, or financially. In fact, I would advocate that all of it is actually counterproductive.
It is only when we break away from all of the commercialism and consumerism that we are fully able to be whole, good, and at peace. Understanding this part, the emotional component behind our spending habits, enables us to be more in tune with ourselves. When we understand money, our culture, and ourselves, we are able to control where we want to be and what we want our lives to be like, even among the chaos of life. This is part of the reason why I started my journey that also led to the creation of Budgetdog.
For me, it is controlling the controllable and choosing what I want to pursue because it is good and right for me, not what others or the culture say I “need.” But it takes the ability and the mindset to say “No” to a culture that demands we buy into the hype simply because we are told that everyone else is doing it.
That doesn't work for me. As a kid, I was the one constantly asking, “Why?” I am sure I drove my parents and teachers crazy, but I wanted to know the reasons behind things. It is not enough that everyone else is doing it and “because” is not a reason or an answer. I typically am introspective, not reactionary. I do things after careful and thoughtful consideration. This is a benefit.
That does not always mean I don't make mistakes or don't make an incorrect decision. Believe me, I do. For example, when I was in my teens, I thought it would be a good idea to become a lifeguard so I could work during the summer and make some money. I was NOT a “real” swimmer like one on a swim team or who swam competitively, and I am still not a good swimmer. However, it was a pretty good summer job, and I thought I knew how to swim, or perhaps that was a loose interpretation of the definition, so I decided I would try to take the American Red Cross lifeguarding and water safety course to get certified. I was doing fairly well, I thought. At least I had not drowned, nor had I drowned anyone else. Then at the very end, I failed! I failed because I did the wrong kick, a scissors kick, with the wrong stroke, breaststroke. If truth be told, I don't know how hard I really tried or even how seriously I was taking the whole situation, and I really don't think I would have wanted to rock out a Speedo. But failing was rather humiliating! Little did I know how successful and important that failure, along with several others, would prove to be.
Failing that lifeguard test taught me many valuable lessons, ultimately bringing me to where I am today. I really had not thought through the situation as thoroughly as I should have. I played basketball, baseball, and football. I was out of my arena. What was I thinking? I swam all of the time at the pool with my friends, so I figured I could pass that test. Plus, I figured because I was athletic, it would be easy. I couldn't believe it when I failed. I have looked back on that situation many times. It stung! Being as competitive as I am, it really impacted me. But I look on that failure as an important life lesson.
A piece of good advice that my dad gave me was to get used to disappointment. Like anybody, I have had my fair share of disappointments. When I failed the American Red Cross lifeguarding and water safety course, I was really disappointed and even a bit embarrassed because Erin, who would become my wife but was my girlfriend at the time, said she didn't think I would pass it. Ouch! Then I was beyond disappointed when I failed several of my CPA exams. There is more to that story of failing my CPA exams that you will discover throughout the book. But, seriously, how could that happen? I had graduated with a double major in accounting and finance and had been hired by Deloitte as an auditor.
But that is just the point. Life is full of disappointments and failures. It is through those failures that we learn valuable lessons. Often we hear it is not the falling but the getting back up that really matters. That is the integrity and the merit of a person.
I choose to win or at least to keep getting back up when I do fall. Don't think this financial journey is going to be easy or smooth sailing. You might have setbacks or times when you need to push the restart button. That is fine. Keep at it. I am here to help you along your journey by providing the necessary steps for your success.
That is what I did with Budgetdog. The reflective and conservative person I am, I started small, keeping my day job at Deloitte while studying for the CPA exams that I finally passed. My success was not overnight nor was it a financial windfall. Almost simultaneously, as we paid off all of our debt, the online enterprise that I began as a means to help others began to take off. I kept sending out more information, trying to reach and help more and more people. Eventually, looking at the numbers, and because we no longer had any debt, I was soon able to quit my day job to focus on building up Budgetdog, which was growing and requiring more of my time. Little by little, I have built Budgetdog. Certainly I have a long way to go, but that is part of the allure of the journey that fuels my passion of helping others on their paths to financial independence. I don't know how far my journey will take me. I continually reassess and make new goals, always trying to reach new heights and help more people.
Along with this, I am a person who is passionate and persistent. I am also self-disciplined and committed—not surprising, considering how competitive I am—which are some of the attributes that are also important for success and will help you achieve your goals. I grew up playing competitive sports in Kentucky, including AAU basketball and competitive travel baseball, continuing those sports in high school. Both of those sports, like all competitive things, regardless of what they are, require attributes of self-discipline, passion, persistence, and commitment in order for you to be successful. Those attributes bleed over into many aspects of my life, such as the creation of Budgetdog and staying the course to financial success.
Even as a very young kid, routine, part of self-discipline, was important to me. We all have idiosyncrasies and this is one of mine. It is still part of who I am. Perhaps at times, as a child and a teen, maybe I was a little too regimented. Beginning as a young kid and well into my teens, I always got ready for school the night before, taking my shower, getting my clothes ready, and, believe it or not, sleeping in a sleeping bag on top of my carefully and meticulously made bed. In the morning all I had to do was roll up my sleeping bag, put it under my bed, smooth out the few wrinkles on my already made bed, and then dress for school. I know it is quirky, but it allowed me to quickly and easily get ready for school, be on time, and leave my room in order. Oh, the sleeping bag? Well, my wife made me finally give that away when we made our move from Kentucky to Texas. Keeping the sleeping bag all of those years was actually fairly odd for me because I hate stuff and clutter, but regardless of that, I held onto that sleeping bag. Maybe I was subconsciously thinking I could revert back to my school days to make my morning routine a bit easier!
But, seriously, routine, a part of self-discipline, is a key component to any kind of success and is a must if you want to be financially successful. You must establish good routines and be self-disciplined with both spending and saving in order to put yourself on a good financial path. Moreover, competition, even with yourself, is also helpful when you are trying to track, grow, and protect your money. You will be most successful when you have some type of drive, competition, or passion. You have to want it and be willing to keep competing until you achieve your goal.
