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Then, he formed a budget, and within 18 months was debt free.
Ten years later,Kamel was a debt-free millionaire.
So yeah, hes a fan.
Here are five reasons he says budgets work, and budget-haters are dead wrong.
Budgets Are Flexible
Many money experts claim budgets are too restrictive, and therefore impossible to follow.
Just steal the money from another budget category.
For example, nerding out and creating too many categories is wasted time.
Create ten categories, plug in your numbers and move on, they say.
Thats the essence of budgeting.
Retirement savings should merely be one category in a solid budget.
But, he argued, creating a budget is more important for them than for those on regular incomes.
His suggestion is to create what he calls a prioritized spending plan.
As more money comes in, you might cover the next set and the next set, etc.
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