Lesson Two -- BYU -- Record Keeping And Budget -- August 7, 2024 -- August 11, 2024; Part 2 -- August 12, 2024 -- August 19, 2024

Homework: record keeping and notional budget. 

Cash management:

• record keeping, notional: link here.
• budget spreadsheet, notional: link here.
  

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Chapter 3: Record Keeping and Budget

Good zoom call on August 11, 2024. Follow-up zoom call on August 22, 2024.

Thanks for a good call today guys.  Looking forward to next week.  Remember, two assignments between now and then.

1)  Do some independent research on personal records keeping and come prepared to talk a bit about what you plan to keep, how you plan to keep it, and why.  What will your system look like?

2)  Do some research and come prepared to discuss what tool you hope to use for budgeting.  Remember the guidelines from the text:

• I will record every dollar that I earn and spend.
• I will minimize fixed expenses, and keep them low.
• I will only spend on things in my budget/plan. 
• I will plan and save for big ticket items
• I will avoid going into unproductive debt.  (sometimes exceptions are student loans, and primary mortgage)
  

And remember, you are just starting out.  Your tools can and likely will evolve and change.  So, find something that works well now.

3)  Finally, if you are interested, here is the article and video I referred to  during our talk.

• Consistency and discipline are what matters in the long-run.  More than your job.  More than income.
• In the National Study of Millionaires (Ramsey Solutions, 2018), over 10,000 millionaires were surveyed.  Can you guess the top three professions of millionaires?  They were:
• accountant,
• engineer, and,
  
• school teacher
• NOT (doctors or lawyers)
• A great article on this concept:  https://www.thescopeofpractice.com/why-are-teachers-more-likely-than-physicians-to-become-millionaires/
• A great book on this concept:  The Millionaire Next Door Summary & Review (Thomas Stanley) - ANIMATED 2021

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Original Post

Zoom call: held, August 11, 2024, very successful.

Time required: see below.

First lesson:

• start date: August 7, 2024
  
• end date: August 11, 2024
• Zoom meeting: August 11, 2024
  

BYU Freshman College Course Manual: link here.

Chapter 3 -- Saving, Income, and Expense Planning: link here.   [63 of 352; page 52]. [60 minutes]

• this begins the "meat of the course"
• video and slides reinforce the manual 
• additional resources: see bottom of this page
  

• objectives:
• record keeping
• budgeting
• net worth
• personal income statement and spending analysis
• Action: set up a record-keeping method 
• Papa uses a virtual, nesting, hierarchical folder system
• nested: by category, year, month
  
• Action: create a rudimentary budget

• Takeaways for me:
• saving records; how to save records
• I have found scanning records and storing them digitally is the ONLY way to go
• with a few exceptions: minimize paper copies

• While still in college, there may not be much to one's budget but this chapter will give you a start.

• Things move quickly between college and early early years of work: you will probably update your budget frequently.

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Assignment

- Read the chapter 3, review the slides, and skim/watch the video:  https://personalfinance.byu.edu/freshmancollegecourse 

• at that link, go to the sidebar and click on "3. Budgeting .... " and that will take you to slides and video.

- Read Clay Christianson's - How will you measure your life:  https://hbr.org/2010/07/how-will-you-measure-your-life

Optional, but highly recommended:  Watch Professor Christian speak first-hand on this topic at a TED talk:  https://www.youtube.com/watch?v=tvos4nORf_Y