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How To Budget And Create A Money Plan (+ 3 budget methods)

Written by admin
Estimated reading time: 1 minutes


[00:31:40] Ramit: Go ahead and read off the word in bold and then the full number next to it.

[00:31:43] Dawn: Okay. Assets, 28,500; investments, 24,985; savings, 58,484; and debt 14,895. Total net worth 97,074.

[00:32:03] Ramit: Okay. What do y’all think of the numbers?

[00:32:06] Dawn: I wish assets was higher, but I don’t own a home, so that’s why that’s so low. Investment is not very big. I would like them all to be bigger.

[00:32:14] Richard: I’m pretty much the same, but that definitely could be worse. It’s manageable. I’d like the assets higher as well as the investments.

[00:32:23] Ramit: What does this number mean to you, $97,000?

[00:32:26] Dawn: It’s so low. But I guess I never thought of a net worth.

[00:32:30] Ramit: What’d you think about?

[00:32:32] Dawn: Just what I owed.

[00:32:33] Ramit: Meaning, how much do I owe every month for my car? How much do I need to pay my bills every month? And that’s why you talk about weekly Richard, pay me 200 a week. I don’t talk to anybody about week, ever. That’s like saying, let’s go for a walk. Let’s walk 2,520 inches. Why would I talk in that term of measure?

[00:32:56] Dawn: Right. It’s very small.

[00:32:57] Ramit: Yeah. But often, people who were not taught about money, they shrink their world down to the month or, in your case, even the week. And what is the effect of that when you talk about things on a weekly basis?

[00:33:12] Dawn: I don’t think it allows us to look towards a future at all. It’s just paying what you pay. It’s almost like going into a car salesman and saying, “I don’t want my payment to be over 500.” Instead of actually looking at the numbers.

[00:33:26] Richard: It shrinks your bubble. It shrinks your world. It’s almost like it distorts your vision to look out into the future, the big picture.



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