Buck is back and our subject today is one of my favorite. Fun account.
The first thing about this account is that you must have your Main account and Tithing account established and working right before the Fun account can be created.
This is the account designed specifically for our immediate wants. Decide how much each paycheck you can put aside for fun. Try to put at least something (even if it is only a dollar) in the account. We split our fun account between Susan and me and the kids. We use the kids funds to buy their birthday and Christmas presents. As they get older, we will use it to give them their allowances.
The amount that Susan and I get, we can spend on whatever we want. The other person is not allowed to question or get angry with what we buy with our Fun account. I usually like to spend my Fun cash as soon as payday comes. Susan will save hers to make big purchases for herself. We, also, found this allows us to actually buy gifts for each other. Before we started this account, all gifts, dinner, and things like this came from our joint account. We would have to know what the other spent so we wouldn't go over. Now we have our own money to spend on each other or treat each other. It makes it more personal that way.
We found it best to split our play account so that we each get the same amount no matter who makes the money. Decide what you think is the best method to split up the Fun account for your marriage/partnership. Don't forget to give some to the children if you have any.
This principle is talked about in both "Richest Man in Babylon" and "Secrets of the Millionaire Mind."
One last thing, I want you to know. When you are ready to set up this account, have FUN!
- Buck
Showing posts with label finances. Show all posts
Showing posts with label finances. Show all posts
Tuesday, June 1, 2010
Thursday, May 20, 2010
Out of the best books.
Hi all,
Buck is back. Today, I have decided to talk about some things Susan and I found helpful during times of our greatest financial struggles.
We bought and read a couple of books that helped us learn ways to overcome our finances. We have since taken this information and modified it to fit our personal needs and goals.
The first book is named, "The Richest Man in Babylon," by George Samuel Clason. This book has been around for years teaching people how to handle their current finances to get where they want to be.
It teaches these principles by telling several stories or parables. These stories cover a variety of financial situations such as single low income to rich with a business.
The other book is called, "Secrets of the Millionaire Mind," by T. Harv Eker. This book teaches about how to treat money. It, also, gives a method that Harv uses with his own finances.
It is the combination of these principles and methods that has helped Susan and I the most. Of course, we are not exactly where we want to be yet but we are on the road there.
Feel free to submit comments or suggestions of topics or information that you would like to learn. We would be happy to let you know what we have learned or research anything we haven't.
If you would like to purchase these books, we have included links on our side panel.
- Buck
Buck is back. Today, I have decided to talk about some things Susan and I found helpful during times of our greatest financial struggles.
We bought and read a couple of books that helped us learn ways to overcome our finances. We have since taken this information and modified it to fit our personal needs and goals.
The first book is named, "The Richest Man in Babylon," by George Samuel Clason. This book has been around for years teaching people how to handle their current finances to get where they want to be.
It teaches these principles by telling several stories or parables. These stories cover a variety of financial situations such as single low income to rich with a business.
The other book is called, "Secrets of the Millionaire Mind," by T. Harv Eker. This book teaches about how to treat money. It, also, gives a method that Harv uses with his own finances.
It is the combination of these principles and methods that has helped Susan and I the most. Of course, we are not exactly where we want to be yet but we are on the road there.
Feel free to submit comments or suggestions of topics or information that you would like to learn. We would be happy to let you know what we have learned or research anything we haven't.
If you would like to purchase these books, we have included links on our side panel.
- Buck
Wednesday, May 19, 2010
Buck's version of our Financial Start
Susan and I have been married for over 8 years now. Over those years, we have lived in relative bliss. We hardly ever have disagreements or fights. We have learned to overcome the little things that once annoyed us and see the person we fell in love with. Even with this growth, we did, and in some ways still do, have struggles with our finances.
When we first got married, we each had good jobs, made good money, and could afford anything that we wanted. So we made the decision to purchase a new vehicle, one that would give us room to grow as our family would grow. We had two cars and chose to trade in my car and purchase a four door pick-up. This way we had room to grow and we could haul camping equipment and/or a small trailer. This was a perfect plan. As an Accountant, I ran the numbers in my head (utilities, loans, rent, etc.) and everything worked. We could handle it without any trouble. So we got it, and it was nice.
After a couple of months, Susan became frustrated with her work and co-workers. She thought about it and made the decision to change employment to a field closer to her dream. With this decision, we started our times of struggle related to finances.
I am not saying that this was all Susan's fault. This decision was made as a couple in the end. We, also, made other choices and decisions that helped expound these effects. As Susan has mentioned before, I grew up with my mom handling the home finances so I followed suit and asked Susan to take over the home finances. I had a spreadsheet built to record expenses and compare against the bank.
I made a mistake with a couple things. I expected Susan to just start handling the finances without me being involved, too. And that, everything would be just fine because they had been in the past. We did struggle during this time but we had not learned yet what real financial struggle/hardship is really like.
We eventually decided to quit both our jobs and move up with my folks in an attempt to start graduate school.
Now to skip through time and highlight a few things. Living at my parents house Susan got pregnant. A couple weeks later, we totaled the truck that we had purchased previously. Shortly after our child was born, we purchased a condo. In the meantime, I was working part-time. Susan full-time but neither at great salaries. We had, also, started a business and took out a line-of-credit. After six months in our condo, I was offered a full-time position with my company that would require us to move and would more than allow Susan to become a stay home mom. So we purchased another home, and rented our condo. Eventually our renter stopped paying, we invested in additional programs that were to teach us how to make money outside a job. During all this, our business failed and the lines-of-credit came due. Our condo had financing with an A.R.M. and it's mortgage went up. Then I lost my job, shortly after finding out Susan was pregnant again. Thankfully, I found another job but lost that position a few months later.
Shortly after this, our second child was born. I received a call for employment back in Utah, which would require us to move with no available funds to do so. After packing and traveling out to find a place to live, we found that the job fell through and that we now needed to look for work.
As Susan and I talk with you more, we will build upon some of these events more. We really want you to know that you can build or rebuild your finances at any point. If you slack, you will falter again. We, also, want you to know that there are multiple methods for you to use to overcome your finances for life. If you use our methods or someone else's doesn't matter to me as long as your finances are sound. Our purpose is to show some of the mistakes that we have made, some of the things we have done to correct those mistakes, and what has worked for us so far.
--Buck
When we first got married, we each had good jobs, made good money, and could afford anything that we wanted. So we made the decision to purchase a new vehicle, one that would give us room to grow as our family would grow. We had two cars and chose to trade in my car and purchase a four door pick-up. This way we had room to grow and we could haul camping equipment and/or a small trailer. This was a perfect plan. As an Accountant, I ran the numbers in my head (utilities, loans, rent, etc.) and everything worked. We could handle it without any trouble. So we got it, and it was nice.
After a couple of months, Susan became frustrated with her work and co-workers. She thought about it and made the decision to change employment to a field closer to her dream. With this decision, we started our times of struggle related to finances.
I am not saying that this was all Susan's fault. This decision was made as a couple in the end. We, also, made other choices and decisions that helped expound these effects. As Susan has mentioned before, I grew up with my mom handling the home finances so I followed suit and asked Susan to take over the home finances. I had a spreadsheet built to record expenses and compare against the bank.
I made a mistake with a couple things. I expected Susan to just start handling the finances without me being involved, too. And that, everything would be just fine because they had been in the past. We did struggle during this time but we had not learned yet what real financial struggle/hardship is really like.
We eventually decided to quit both our jobs and move up with my folks in an attempt to start graduate school.
Now to skip through time and highlight a few things. Living at my parents house Susan got pregnant. A couple weeks later, we totaled the truck that we had purchased previously. Shortly after our child was born, we purchased a condo. In the meantime, I was working part-time. Susan full-time but neither at great salaries. We had, also, started a business and took out a line-of-credit. After six months in our condo, I was offered a full-time position with my company that would require us to move and would more than allow Susan to become a stay home mom. So we purchased another home, and rented our condo. Eventually our renter stopped paying, we invested in additional programs that were to teach us how to make money outside a job. During all this, our business failed and the lines-of-credit came due. Our condo had financing with an A.R.M. and it's mortgage went up. Then I lost my job, shortly after finding out Susan was pregnant again. Thankfully, I found another job but lost that position a few months later.
Shortly after this, our second child was born. I received a call for employment back in Utah, which would require us to move with no available funds to do so. After packing and traveling out to find a place to live, we found that the job fell through and that we now needed to look for work.
As Susan and I talk with you more, we will build upon some of these events more. We really want you to know that you can build or rebuild your finances at any point. If you slack, you will falter again. We, also, want you to know that there are multiple methods for you to use to overcome your finances for life. If you use our methods or someone else's doesn't matter to me as long as your finances are sound. Our purpose is to show some of the mistakes that we have made, some of the things we have done to correct those mistakes, and what has worked for us so far.
--Buck
Subscribe to:
Posts (Atom)
