3 CHEAP Insurance Coverages You Need

Dollabuzz Shows You 3 Insurance Coverages You Need That You Probably Don’t Have

Helloooo Dollabuzz readers! Today were are going to discuss 3 CHEAP insurance coverages you need. Everyone knows the importance of auto, life, and homeowners coverage but what about coverage for lesser known risks? Risks that can really kill your Dollabuzz?

So what are 3 little known insurance coverages you need to maintain a strong Dollabuzz? Long term disability (LTD), flood/sewer back up, and coverage for your high value personal items. These lesser known risks are not well known but can seriously impact your Dollabuzz.

3 CHEAP Insurance Coverages You Need #1: LTD

Much like the girl next door, this important coverage is often overlooked. People buy life insurance because, well they WILL die and that is a 100% guarantee. However, no one thinks they will get banged up in a car wreck and be unable to work because that kinda stuff only happens to other people. In reality we are all other people and LTD will pay you 2/3 of your salary while you are disabled.

LTD coverage will keep your Dollabuzz STRONG.

LTD is really cheap especially if it is available through work or another group plan. A supplement to LTD is accidental death and dismemberment. Say you lose an arm in a car wreck. You will receive LTD and a payout for the dismemberment. This supplement is a nice little kicker for when life kicks you in the ass. I have LTD and accidental death and dismemberment through work but if I did not, I would start my search with Zander Insurance.

3 CHEAP Insurance Coverages You Need #2: Flood/Sewer BackUp

Flood insurance is another over looked coverage. Most people don’t know that losses due to floods are not covered under their homeowners policy. Due to the large losses floods generate, flood coverage is provided through the federal government.

Despite living near the Gulf of Mexico 85% of homes in Houston did not have flood insurance. One reason is people feel its “expensive.” I know flood insurance can be “expensive” but its a lot cheaper than losing everything. Your house is your castle so protect it like House Lannister. It is also worth noting that even when surrounding areas receive little rain, localized flooding does occur.

In addition to flood insurance, it is important to have sewer backup coverage as well. This provides coverage in the event rains causes sewers to back up into your house. This kind of loss is not covered by flood insurance. The insurance company may attempt to deny the claim saying the city or municipality is responsible for maintaining appropriate sewers. Sewer backup coverage is not offered by all carriers and may require shopping around but is strongly recommended.

3 CHEAP Insurance Coverages You Need #3: Coverage for Valuable Items.

Attribution: Splashy Splash

Coverage for valuable personal items is known in geek speak as Inland Marine (personal effects coverage). This “coverage floats with you wherever you go.”  Owning a chain like 2 Pac when he was on Deathrow or simply 2 chains, you need this coverage. Your homeowners policy will only provide coverage for $1500 or $2500 for jewelry so additional coverage for that Pac chain is a must. State Farm provides a nice overview of available coverages.

3 Cheap Insurance Coverages You Need Recap

At Dollabuzz we help our readers Get.Their.Money.Right (GYMR). GYMR also involves protecting what you have and supporting your money plan. You worked hard for that house and chain so make sure you have adequate coverage. LTD will help ensure you can pay the mortgage and buy a new chain if you become disabled. Check with your insurance agent about these important but CHEAP insurance options. Yay Yay!

The Money Mindset of Personal Finance Success

Dollabuzz Your Mindset For Personal Finance Success

Personal finance is more than just budgeting, saving, and investing. You need a certain mindset to succeed at the money game. Dollabuzz will show you the mindset you need and how to get there.
Money and personal finance success
A strong mindset is key to personal finance success

I got my mind on my money, my money on my mind….oh hey wassup Dollabuzz readers! As I write this, I am thinking about money, Dollabuzz, and listening to Gin and Juice . Ahhh, the early 90’s when Snoop D-O-Double- G was just a young G.

Anyways, back to the lecture at hand. A STRONG Dollabuzz requires the right mindset and that is why I read Mindset: The Psychology of Success by Dr. Carol Dweck. Dr Dweck will show you how the right mindset will help you get your money right.

Dr. Dweck shares her research about the fixed and growth mindsets and how a simple belief about yourself guides a large part of your life. This post will discuss how these mindsets impact our Dollabuzz. Keep reading and I’ll show you the Dollabuzz mindset and why you should read this book.

Here is what we are covering today:

  • The fixed mindset and its negative impact on your money and personal finance goals
  • The 3 da’s  of personal finance and how they get in the way of your money
  • The growth mindset and how it is key to your personal finance success.

The Psychology of Personal Finance Success: How the Fixed Mindset Kills Your Dollabuzz

The fixed mindset? You’re losin’ me bro. Stay with me. The fixed mindset is that little voice of doubt in our head. We all have that self-doubt in our head and it manifests itself in different ways. For example, maybe you don’t open a 401k or a Roth IRA because you don’t know how and don’t want to look dumb by asking a “stupid” question.

If you have a fixed mindset you may be afraid to try something new and make excuses to protect your confidence. You say things like “I’ll never have money and always be broke” or “only rich people retire.” People with the fixed mindset are always right, don’t like criticism, and try to explain failures away. Using excuses will prevent you from achieving your personal finance goals.

money and personal finance
Keep reading to learn about excuses that get in the way of your money and personal finance goals.

The 3 da’s of Personal Finance: Coulda, Shoulda, and Woulda

At Dollabuzz we refer to common excuses of the fixed mindset as the “3 da’s.” I coulda got his or her phone number. We shoulda went to the after party. The Detroit Lions woulda won the Super Bowl. Yadda, yadda, yadda.

Dr. Dweck explains that fixed mindset people have inflated views of themselves, their abilities, and when they don’t succeed a built in excuse (the three da’s) are right there to make them feel good.

In personal finance  there are numerous da’s. A few common da’s are:

  • We shoulda invested in stocks
  • I shoulda made a budget
  • We woulda paid cash
  • I coulda been a millionaire
  • I shoulda invested in my 401k

Don’t let these excuses kill your Dollabuzz! I hate to point out the obvious but, a GREAT da is Dollabuzz. See what I did? Ta-da!

The Psychology of Success: The Growth Mindset Will Help You Dollabuzz Your Money

A growth mindset will help you reach your money and personal finance goals
A growth mindset will help you reach your money and personal finance goals
The opposite of the fixed mindset is the growth mindset. The growth mindset is the “can do” and “I will” mindset. The growth mindset allows you to succeed when you don’t think you can and allows you to overcome obstacles. This mindset is critical to your personal finance success.
It’s important to know that we all have a fixed mindset. But don’t forget that we can move to the growth mindset as well. Dr. Dweck states that “your efforts, strategies, and the passion for stretching yourself and sticking to it when it’s not going well is the hallmark of the growth mindset.”
Expressions like “work harder and smarter” and “if at first you don’t succeed” are the heart of the growth mindset. Enough of the textbook geek talk and let’s see the growth mindset in real-world action.
My Growth Mindset and Personal Finance Dollabuzz
Last year we purchased a rental house for $45,000. My fixed mindset said what if you can’t find renters or they trash the place? The growth mindset said we’ll make the house nice so it will attract good tenets. Guess what? The house is nice and we have good tenets.
 
My fixed mindset said “you know nothing about blogging” and “no one will read it.” But now, the blog is up and running and I am writing about topics I am passionate about. My fixed mindset gave me every excuse not to do something but my growth mindset took over and allowed me to Dollabuzz.
Why You Should Read Mindset: The Psychology of Success by Dr. Carol Dweck
Dr. Dweck does a great job providing numerous examples of the fixed and growth mindsets. These examples include stories from everyday people to sports and business icons who have failed or succeeded based on their mindsets. Dr. Dweck shows how we move in and out of our mindsets and the importance of knowing when we are in the fixed mindset.
A strong Dollabuzz is not easy and requires us to thrive when challenged and embrace failure (growth mindset). Most people are not born with a Dollabuzz and have to WORK at it through discipline and developing their skills to get their money right.
I highly recommend the book which you can purchase for your Kindle here 
or the book here

 

The Secret To Asking For a Raise And Getting It

Dollabuzz Shows You The Secret To Asking For a Raise And Getting It

Dollabuzz readers, run quick see! Y’all know what time it is. It is time to talk about gettin money! Specifically, how to get paid. And who does not want to talk about how to get paid?! Today, we are here to tell you the secret to asking for a raise and getting it. In other words, the secret to gettin paid more. Mo Money, Mo Money!

The Secret To Asking For a Raise And Getting It: Dollabuzz shows you the secret to asking for a raise and getting it.

How to ask for a raise is a common question we come across.  You can ask all day for something, but if you don’t get it then what was the point?

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Do not just ask for a raise. Prime your boss first, then ask.

The secret to getting a raise is not simply asking for one. It is what you say right before. Your boss will need to be primed before giving you mo money. This post will tell you the things you need to do, prior to asking, and how to prime your boss.

The Secret To Asking For a Raise And Getting It: What You Need to Do Before Asking

Everyone feels they deserve to be paid more. That statement is so obvious, I can’t believe I wrote it down. It is human nature to want more money. Once upon a time, before there was “cash money”, we wanted more of whatever it was that kept us alive. More food and water, a bigger hut with a nice dirt floor, and a bigger club to defend ourselves. It is only natural to want more money to buy what we need to survive. It’s instinct yo.

The Secret To Asking For a Raise And Getting It: Do You Deserve It?

Before you ask for your raise, you need to understand your situation. Have you truly earned that raise? If you’ve been on the job for 6 weeks, you probably won’t get that raise, no matter how you ask. Do you show up 5 mins early or do you roll in 10 mins late every day, looking like you just got out of bed? Do you volunteer to help on projects, actively participate and step up when needed? Are you someone your boss can count on? If not, then it’s going to be tough to get that raise.

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License: Creative Commons 3 – CC BY-SA 3.0 Creator attribution: Nick Youngson @ http://nyphotographic.com/

The Secret To Asking For a Raise And Getting It: Ask for Advice and Not an Opinion

If you are not sure where you stand at work, ask for advice from a trusted co-worker. Hopefully, their response will provide you with valuable insight and feedback about how you are perceived at work. Positive feedback indicates you are on the right track to getting that raise.

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The Secret To Asking For a Raise And Getting It: Ask a trusted co-worker for their advice on how you can improve at work.

Notice how I said ask for their advice and not their opinion. According to the Godfather of Influence, Dr. Robert Cialdini, “don’t ask for an opinion as this causes the person to take a half step back from you and separate from you. Instead, ask for their advice which results in taking a step towards you psychologically. They then see themselves as a partner in the process and will become more supportive.” Woah, that is deep!

The Secret To Asking For a Raise And Getting It: What To Say Right Before Asking

The secret to getting that raise is what you say before you ask. This will plant the seed in your boss’s brain that you deserve the raise BEFORE asking, increasing the chances your boss will agree. Let’s dig a little deeper and see exactly how this works.

The Secret To Asking For a Raise And Getting It: The secret is what you say right before you ask for that raise.

Before asking for a raise, simply ask this: “Why did you assign me to that project” or “Why did you ask me to train the new employee?” Your boss will begin by focusing on your strengths. Cha Ching!! Money dance! Your boss just told you how great you are! Now go for the kill and ask for that raise! You just hit your boss with a Dollabuzz voodoo mind trick. It will be difficult for your boss to agree that you are a valuable employee then say no to your request for a raise.

Conclusion: The Secret To Asking For a Raise And Getting It

Getting a raise is more than simply asking for one and hoping your boss agrees. The Dollabuzz secret to success involves priming your boss so they agree to your raise before you even ask for it.

The Secret To Asking For a Raise, And Getting It: Priming your boss right before asking for a raise will increase the chance your request will be successful

As your boss goes over your strengths, they will see how you are a valuable employee, significantly increasing your chances of getting the raise. Remember, once they agree that you are a valuable employee, it will be difficult for them to say no.

The Secret To Asking For a Raise And Getting It-Shoutout to Dr. Robert Cialdini

A few months ago, I read this fascinating book called Pre-Suasion by Dr. Robert Cialdini. Dr. Cialdini explains how we can persuade people, thus increasing the likelihood of them agreeing to what we ask of them. As I was reading this book, I thought the insight he provided would make a great post that answers the question of how to get a raise. As noted earlier, Dr. Cialdini is known as the Godfather of Influence.

At Dollabuzz, we are committed to helping you get your money right. Providing insight from Dr. Cialdini fits that goal like a hundred dolla bill in the palm of your hand. Do yourself a solid and go buy his book, which is filled with numerous examples of how to persuade people in an ethical manner. You will be glad you did.

To order his book on kindle click here

To order the paperback book click here

The Money Plan: Get.Your.Money.Right

The Dollabuzz Money Plan

To get your money right, you need to have what we call a “Money Plan.” You need a Money Plan because…

if you don’t have a plan, then your money won’t do what you need it to do.

At Dollabuzz, we believe in keeping things as simple as possible. The Dollabuzz Money Plan is a three-step process that will show you how to:

  • Get rid of debt
  • Save and invest money
  • Boost your income
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Money Plan: Rubber band it, cuz it ain’t foldin’.

The Money Plan: Step Number One

The first step of the Money Plan is to get rid of and stay out of debt. Make a list of all your monthly bills, from lowest to highest. Then grab your scissors and start the hair cutting!

Credit cards will kill your Dollabuzz faster than a shot of Jager at the Wayside Central, and we’ve done a post on the evils of credit cards. The point is that “little” bills will quickly add up to kill your Dollabuzz.

If you have credit card or student loan debt, use the money saved from “hair cutting” to pay those balances off as soon as possible. Getting rid of all these “little” bills will allow you to start saving and investing money so you can Dollabuzz.

After you’ve given your budget a haircut, you need to save $1,000 for emergencies. An unexpected car repair or medical bill qualifies as an emergency. A winter vacay to somewhere warm does not count as an emergency.

A $1,000 emergency fund is important because…

it will keep you from going broke. $1,000 will cover most expenses. That $1,000 not going on the credit card is even more important, especially after your budget “haircut.” There’s  nothing more annoying than paying off your credit cards and two months later charging $1,000 to fix your whip. Trust me. It is NOT fun.

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Credit card debt will kill your Dollabuzz faster than a double shot of Jager.

The Money Plan: Step Number Two

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Step #2 of the Dollabuzz Money Plan is saving and investing.

The second step of the Money Plan is to save and invest all the money you freed up during step number one. A great option for saving is setting up a Roth IRA. What’s a Roth IRA? It may sound complicated, but a Roth IRA is an investment account where you contribute after-tax money into your account, making all future withdrawals 100% tax-free.

The Roth IRA offers flexibility in that you can access your contributions (but not your earnings) any time, tax-free and penalty-free. Any time without penalty?? Any time, my friend; and that flexibility is how you Dollabuzz. See more benefits of a Roth IRA and check out our post on opening a Betterment account.

The Money Plan: Step Number Three

Step number three is to Dollabuzz your income. If you are single and not making at LEAST $50,000 a year, then your money ain’t right. Straight up. To Dollabuzz, you need to be bringing in the cash money by getting paid more or working more hours. It’s that simple.

One way to upgrade your skills is by checking out the skilled trades program at your local community college. There’s a shortage of skilled trade workers in my home state of Michigan right now. Shout out to all my readers from the Mitten! Binary Star!! Okay, okay. Back to gettin’ money.

Electricians, plumbers, and welders (just to name a few) are great-paying job,s and you won’t go broke upgrading your skills to pay the bills. It’s okay to work long, hard hours, but Dollabuzz is all about working SMART.

A Hustler’s Holiday Is to Dollabuzz Every Day
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“To Dollabuzz is to Hustle.”

In addition to upgrading the skills to pay the bills, you need to have a certain mindset. What mindset is that? A hustler’s mindset. Jeezy sums it up nicely on “Hustlaz Holiday” when he says, “I got hustlin’ on my resume.”

Granted, Jeezy don’t need to hustle like he used to, but he’s still out there gettin’ it, and you better be out there hustlin’ too. That hustlin’ can be working 60 hours a week or taking five classes a semester to finish that degree.

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Jeezy has a Money Plan. Do you?

Hustlin’ simply means doing whatever it takes, 24-7, to Dollabuzz. It’s a mindset, where you channel the emotions of determination and perseverance to Dollabuzz.

Money Plan = Dollabuzz

A Money Plan is essential for a Dollabuzz. The Money Plan is a three-step plan, and it’s guaranteed to help you get your money right.

The first step is to get rid of and stay out of debt. Make a list of your monthly bills and do this using EveryDollar or one of the budget tools available at Mint.com. Have fun with hair cutting your bills. Snip snip!

Step two is saving and investing the money freed up in step one into your 401k or though a Roth IRA. A great resource for investing is Betterment.

The third step in the money plan is to boost your income, which requires obtaining the skills to pay the bills and having a hustler’s mindset.

Follow these three steps and you will Get. Your. Money. Right.

Making Bad Money Decisions

Making Bad Money Decisions: A Fool and His Money Soon Part Ways

We have all made bad decisions when it comes to money. Keep reading to learn the why and how you can avoid some common mistakes and keep your personal finance game tight…aight?
Image result for dunce
Dont Be a Fool. Dollabuzz.

What’s up Dollabuzz readers! On the money menu for today is a discussion on how our environment can influence our money making decisions.

There is a science behind the decisions we make and that science is…

called “priming” and this post will cover:

  • How being “primed” will impact your personal finance decisions and ultimately your money.
  • Tools to avoid being primed and,
  • The importance of flying with Eagles

It’s Prime Time

I had to learn about making bad money decisions the hard way since I had a habit of not thinking things through. Spending money I didn’t have on things I didn’t need.  A few years after college I bought a really nice Jeep Grand Cherokee for $16,000 then realized I couldn’t afford it on my $35,000 a year salary.

I must have been smokin buying a car I thought I could afford because the dealership sold it to me. So how did that happen? How did I buy a car and realize it was a mistake AFTER the fact? Looking back on this bad money decision I realize my subconscious made the decision.

Your Subconscious -What You Think You Know…

And you don’t even know it.

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“Prime Time” Your Dollabuzz and Dont Make Bad Money Decisions.

I don’t even know it? No. You don’t. Its called “priming” and no its not Prime Time. Your environment will prime you to make certain decisions without you knowing it. Priming is your subconscious which is impacted by your environment.

My environment (friends and the car dealership) primed me to buy that Jeep. I had friends who had nice cars, and have you ever been to a dealership? A lady brings you a cup of coffee and you can even take the car home and think about it.

The sales guy knew that after driving a sweet ride for a few days there was little to no chance I would not buy that Jeep. He primed me and I merely had an illusion of control.

The moral of this story is to be aware of your surroundings. Everywhere you go, you are being primed to make  personal finance decisions that are NOT in your best interest. Sales people are trained to prime you to spend your money. Be woke!

How to Avoid Being Primed

There are a few tools you can use to avoid being primed such as:

  • Planning ahead and
  • Associating with Eagles
Plan Ahead

Planning ahead will help you avoid making bad decisions. Plan to spend cash at the bar and not your credit card. Plan ahead by preparing a budget to account for your money each month. Planning ahead allows you to avoid emotional decision making which is often bad decision making.

Associate With Eagles

Birds of a Feather Flock Together

What do birds have to do with money?

Prime yourself by associating with people who get their money right. Dodo birds buy cars they can’t afford, use their credit card at the bar, and spend money they don’t have.

Dodo birds will “prime” you into making bad money decisions and you wont even know it. Fly with Dodo birds and you are priming yourself to be broke and have ZERO Dollabuzz.

Eagles Dollabuzz and don’t fly with Dodo birds.  The sky is filled with Dodo birds but few Eagles. Eagles hang with other Eagles and get their money right. The Eagle has his own coin! Eagles pay cash, soar high, and Dollabuzz. Control who you fly with and you can prime your environment.

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Be an Eagle. Dollabuzz.

You Determine Your Dollabuzz

The key to a Dollabuzz is handling your emotions, planning ahead, and using common sense which will help you avoid making bad money decisions. These simple steps will prime you to be an Eagle.
Associating with people who make bad personal financial decisions will prime you to make bad decisions. YOU  are the reason for getting your money right. Decisions YOU make on a  daily basis will determine your Dollabuzz. Prime yourself Birdman, by flying with Eagles.
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Be an Eagle and don’t make bad money decisions.

Other Prime Examples

Here are a few examples of how retailers prime you:

  • Voting booths inside a school increases the chances of voting for increased school funding.
  • Music: can impact purchasing decisions; french music increases sales of french wine; German music increased German wine see here
  • One study showed that smelling cleaning product made you create a smaller mess.

Dont Be a Fool – Dollabuzz

Your environment is the people you hang with, music, smells, sights, words, or images. Take these simple steps to manage your environment and you will be Dollabuzzin in no time.

  •  Flying With Eagles
  • Don’t Do Dumb Sh**
  • “Prime Yourself”
  • Be Aware of Your Environment

Emotions and Money

Dollabuzz Your Emotions and Money

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How does money make you feel? Are you aware of the connection between emotions and money? Do you worry and think, damn how am I gonna pay for THAT? Maybe money aint a thang and you feel good about your money. There is a reason why you feel how you do about money. As humans we have a biological connection with money. We need money or some form of currency to buy what we need to survive and as a result money plays with your emotions.

Think about it. You come across an extra $20 and your day just got a little better. You hit a few hundy at the casino or your home team covered the spread and now your night got WAAAY better. Drinks on me tonight!! But how do you feel when you think you have $100 in your account but turns out you only have $50? Damn. Now you feel broke and a little bummed out.

How Money Plays With Our Emotions

Lets take a closer look at money and emotions. Take Smokey from the movie Friday. He comes up short with Big Worm and now is in trouble with Big Worm. But lets take step back. How did Smokey get into this situation to begin with?

Smokey is stressed out (an emotion) about money and as a result of that stress makes the bad decision of smokin up what hes supposed to sell. Big Worm is angry (an emotion) that Smokey is playin with his money and threatens Smokey with violence.  Now Smokey is in fear (an emotion) and this fear leads to bad decisions like trying to steal Debo’s money. Later in the movie Big Worm acts on his anger by shooting at Smokey.

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Dont let money stress you out. Have a plan.

As this one example shows stress, fear, and anger are all emotions that can lead to bad decisions. Start making enough bad decisions and your money wont be right and now you are caught in cycle. If you can manage negative emotions like fear, stress, and anger you’ll feel better about your money and have a Dollabuzz.

Dollabuzz Your Emotions

Feel Good About Your Money
Feel Good About Your Money. Dollabuzz.

If we can manage our emotions like fear, stress and anger we will likely make better financial decisions. So how do we manage those emotions and how do we prevent our emotions from making decisions? One word. Planning. Sounds to simple right? But it is simple and that is the beauty of it. You see when you plan ahead you take emotion out of the decision making process.

Planning allows you to make the decision ahead of time so you don’t give into emotion. Plan to save $5,000 for that car instead of wandering into the dealership and rollin out with a $25,000 car you THINK you can afford. Planning will help you avoid wasting time and thousands of dollars at college getting a worthless degree. Planning will help prevent you from smoking up Big Worm’s smoke stash.

How to Get Your Dollabuzz On

Part of planning is creating a budget. Creating a budget requires discipline and a little fun. The goal is to track every dolla that comes in the door and every dolla that goes out the door. Money gets funny when you don’t tell it what to do and where to go.

If you know how much money you bring in versus how much you spend, you can plan ahead and there wont be any bank account surprises. Planning (WRITTEN BUDGET) what to do with your money will negate negative emotions like fear and stress and will help you feel good about your money.

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Emotions and money. Feel Good About Your Money
Plan of Action

Need help getting you budget down? Check out everydollar. They have an amazing app that will help you track your expenses and come up with a budget. Its really easy and really works. Dolla Dolla Bill Ya’ll!