Why budgets are a waste of time
Forget budgeting. The key to building wealth, according to best-selling author and self-made millionaire David Bach, is to pay yourself first
If you’re trying to build wealth and get your financial house in order, almost everyone — friends, coworkers, and definitely your dad — has probably told you the same thing: Create a budget.
But here’s the thing about budgeting: It’s not fun. At all.
And for that reason, it often ends up just being a waste of time.
“People will try and go on a budget and then after two or three months, they lose their mind, they hate it,” bestselling author and self-made millionaire David Bach told Business Insider during a Facebook LIVE.
Bach likens budgeting to dieting or exercising: If it’s not enjoyable, the chances that you’ll stick with it are pretty slim.
You know the scenario: You go on a diet — cutting out sugar and carbs, counting calories, diligently tracking your meals — and it goes well for a while, but then you get sick of the whole thing and drop it in favor of a cheeseburger and large order of fries.