I believe with everything within me that your most powerful wealth-building tool is your income. Ideas, strategies, goals, vision, focus and even creative thinking are vastly important, but until you get control and full use of your income to build wealth, you will not build and keep wealth. To build wealth, you will have to regain control of your income.

When we fail to plan, we plan to fail and so there is always too much month left at the end of the money. Everyone needs a written budget.

Sometimes I hear, “Well, I kinda, sorta know where my money is, ya know. I know what it is going to, ya know. I do my planning in my mind, ya know.” Having a written plan is absolutely necessary. Kinda, sorta knowing what’s going on with your money isn’t going to get you to your goals. Developing a written plan gathers, organizes, categorizes and analyzes information about your money situation. As you do your written plan, you will be amazed that answers to money problems will appear easily.

Set up a new written budget every month. At first it may take a while, but the process will get faster. My wife, Sharon, and I used to spend hours on our budget, and now we only spend a few minutes each month. Don’t try to have the perfect budget for the perfect month because you’ll never have those.

Spend every dollar on paper before the month begins. Give every dollar of your income a name before the month begins—that’s called a zero-based budget.

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