For those of you in the Central Florida area, there is a great free seminar coming up tomorrow at Full Sail University. The presentation is on Personal Budgeting and will at 5:15PM in the Entertainment Business Auditorium on the university’s main campus in Winter Park. Taught by my good friend and colleague Rob Burrows, this session will demonstrate the importance of personal budgeting in getting out of debt and on the road to wealth creation.
There are several important reasons why having a budget is so important. A budget is, after all, a plan. As many of us in business like to say: “It’s not the plan that’s important, it’s the planning.” To me, that is main value of budgeting – requiring us to sit down, consider our current financial situation and do some planning to improve it. The resulting budget becomes a roadmap and helps us create a system of personal accountability.
I hope that you will check out this brief video clip I did on the importance of budgeting.
A good budget simply looks at money coming in and going out, but in sufficient detail to show us where improvements can be made. Do we need that second latte? Are we spending a lot more dining out than we thought? Wow! Look at the bank fees we paid last month! Those minor revelations can mean big bucks over the course of a year.
Effective personal financial planning uses the discipline provided by strict adherence to a budget to change our behavior and steer us in a more positive direction. As always, financial planning involves choices, and those choices are always ours to make. With a budget in place, we can make better financial decisions, and get on the path to success.
Again, I hope that you will have an opportunity to attend tomorrow’s seminar. Here are the details: