Did you know that for every 100 millionaires who don’t “budget”, there are about 120 that do. More than half of the nonbudgeters invest first and spend the balance of their income.
Many call this the “pay yourself first” strategy. These people invest a minimum of 15 percent of their annual realized income before they pay the sellers of their food, clothers, homes, credit and the like.
When asked [of millionaires], “Do you know how much your family spends each year for food, clothing, and shelter?” almost two-thirds of millionaires answer yes.
Source: The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, by Thomas Stanley