How cut unnecessary expenses from your budget

The most common problem people have in the process of building wealth...

The most common problem people have in the process of building wealth isn't anything complicated, it's actually pretty simple...   Spending too much. You shouldn't worry about big picture stuff like developing an investment plan or determining the most tax efficient strategies to use in retirement (although knowing what you're doing in both of these areas is clearly important), until you get the little things in line. Getting the small stuff right is where people actually have the most trouble. Here's a powerful exercise I use with my clients to help them stomp extra expenses out of their budget. You should try it too... Print off a copy of your latest credit card statements so you can evaluate your recent purchases Go through and mark line items as high-value, medium-value, or low-value. If you have a partner, make sure they do this as well with their own copy of the transactions Then, cut out any spending that you deem to be low-value and put that money into your savings instead. Performing a careful review of past expenditures will usually unveil at least some spending that isn't aligned with what you value most. The idea of cutting expenses sounds tragic to most people, but it doesn't have to be. Saving isn't about making sacrifices — it's about keeping your priorities in mind and getting more of what you really want. Also, make sure you don't fall victim to lifestyle creep. New On The Blog The global pandemic has had an enormous impact on all of our daily lives, but it presents a unique set of challenges to recent retirees. If you're currently in the process of withdrawing to support your spending, consider these 6 steps. What I Am Reading Here is a quick look into what has been on my digital desk these last few weeks… 5 Stories That Got Us to Now (Morgan Housel) Are Trendy Growth Stock Prices Justified By Fundamentals? (Verdad) Heads I Win (Albert Bridge Capital) A Quick Survey of "Broken" Asset Classes (Research Affiliates) What Parents Can Learn From Childcare Centers That Stayed Open During Lockdowns (NPR) To making money simple, Peter Lazaroff Schedule a call to work with me.

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Peter Lazaroff, P.O. Box 440113, Saint Louis, MO 63144, United States