Us, Inc. That’s what Jones and I decided to call our money makeover. We held our first business meeting, established our mission, and set our goals. We also watched two of Dave Ramsey’s Total Money Makeover videos on YouTube – Dave Ramsey’s Budget Money Makeover and Dave Ramsey’s “Baby Steps” Money Makeover. We embraced the idea that that we are the money managers for Us, Inc.; a business entity with over 2 million dollars in resources. When you put it like that, we had to change some behaviors otherwise we’d have to fire ourselves.
Working as a team makes the whole process that much easier. Darcy Jones
Here’s how it went down.
1. We scheduled a meeting with each other. We selected a time that worked well for both of us — Sunday morning, after breakfast, one hour.
2. I laid our business on the table. I keep a record of all our bills in a columnar pad. This included monthly expenses like utilities, cable TV, and phone, as well as credit cards, loans, and medical bills. Whatever we owed, I had it written down. We looked at it, we talked about it, and we added it all up. I had to answer a few hard questions about a few things he didn’t know about. Full disclosure. We were doing this together and loving it. More importantly, we were owning it.
3. We set some goals for Us, Inc. To properly manage the company, we set long and short term goals. Our priority for Us, Inc. was to be deft-free in three years. We wanted me to have the option to retire if I chose to do so and we wanted to have a fully funded emergency fund of $5000. We also wanted a travel fund that would allow us to take two or three trips a year since two of our three children live out of state.
Short term goals included creating a budget and living it for three months — no borrowing money, save coins, no borrowing money, track our progress weekly, and no borrowing money. That means no credit card usage, no new loans, no new nothing that is not in the budget and that we can’t pay for outright.
4. We watched two total Money Makeover videos. The last thing we did before we closed out the meeting was watch two of Dave Ramsey’s Total Money Makeover videos on YouTube. I just typed Dave Ramsey Total Money Makeover into the YouTube search bar and lots of them came up. I selected Budget Money Makeover because it was billed as Step 1 and then went to Baby Steps Money Makeover because it was recommended as Step 2. We watched both videos in less than 10 minutes and came away with a better understanding of the program. That’s where we got the idea to call our family business Us, Inc.
5. We scheduled our next meeting. We wrapped things up by setting the next meeting for Us, Inc. four weeks out. That gives us a month to put our plans into action. We can see how things are going and tweak them at the next meeting. I am the CEO of Daily Operations. That means I will manage the budget and make sure bills get paid. I’m also responsible for scheduling time weekly for us to watch two of Dave’s money makeover videos together and providing weekly updates. Either of us can call an emergency meeting if one is needed.
It’s time to set up your family business. It’s time for you to become the boss of your money. Let me know how You, Inc. is working out.
Every dime counts.