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Awareness Program Module 2 - Old School Money Rules - Budgets
Introduction:
In a western world we live in a Socio-Capitalist society.
Socio = public goods and services.
Capitalist = transacted goods and services.
in a socio-capitalist society everything comes at a cost …either a direct cost, an indirect cost or an opportunity cost. One way or another it all eventually comes back to money.
Old School Money Rules:
- is how we all learn about money;
- is based on dividing up an amount of money for different things we want or want to do;
- uses Black (earnings/savings) which is then distributed to Red (expenses/loans).
If you are on wages: Black is consistent and Red is inconsistent = difficult to manage/budget.
If you are self employed: Black is also inconsistent = virtually impossible to manage/budget.
The result is we become reactionary, feasting in good times (surplus) and experiencing famine in hard times (shortfall).
The old school 'budgeting' approach is a 'snap-shot in time' approach.
This divides a given consistent amount at a particular point in time and has no consideration of the future or the past.
Old Money Rules are static and limits the results you could achieve.
You will learn about:
- How We Learn About Money
- Old School Money Rules
- Black and Red of OSMR
- Budgets – Why They Don’t Work
- Budgets – Why They Don’t Work: Wages
- Budgets – Why They Don’t Work: Self Employed
- Budgets – How to Make Them Work for You
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