MND: Know and Control Your Spending

Here's another post in our series on the learnings from the book The Millionaire Next Door. A quote from page 83:

Only those clients with considerable wealth want to know exactly how much their family spends on each and every category.

Do you know exactly how much your family spent last year for each and every category of product and service? Without such knowledge, it's difficult to control your spending. If you can't control your spending, you're unlikely to accumulate prodigious amounts of wealth.

I know how much we've spent in every category for the past 10 years. As I've said before, we use Quicken to track and analyze our spending. Without it, we'd be shooting in the dark. With it, we can make intelligent financial decisions and control any spending that starts to get out of line.

Comments

[M.J.]

Thank you for this very informative site!Easy for us "dumb ones" to understand!