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These steps below are based on the advice I gathered in 2008 from different sources and also from a personal financial workshop I attended in 2010. So, for example, if you have $6,000 in monthly income, you create a budget with $6,000 in monthly expenses. A zero-sum budget allocates a specific purpose for every dollar in your income. In the next three posts, I want to share the seven steps and their completion goals that I used in late 2008 to set up my first monthly zero-sum household budget. If you haven’t set up a household budget yet, this might be a good time to get started. This quarter, and as of today May 19, the market continues to be volatile and responsive to ongoing developments. Last quarter, on March 9th, the stock market dropped over 2,000 points, surpassing the worst days of October 2008 losses. In many ways, it is hitting harder than 2008 with unemployment rates hitting record highs while ordinary household costs in groceries and fast-food dining are rising precipitously to meet supply chain challenges and market demand. Now, 2020 is presenting its own financial challenge for all of us. Outside the office, I had no tools in place to gauge the personal return on my own investment in my career and life.
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In the office, I had been (and still am) a skilled, hard-working marketing manager grounded in the professional discipline of “return on investment” (ROI) for every marketing campaign and channel. In September 2008, when Lehman Brothers filed for Chapter 11 bankruptcy, I had over $30K in revolving credit debt, a refinanced mortgage that was higher than the original 1998 loan, and a habit of walking up to ATMs saying “I hope there’s enough in my account for this withdrawal.”Īs that year's global financial crisis unfolded, I made a personal commitment to improve my understanding of household finances and to take control of my own.