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Presenter Cassie Ducharme |
Ducharme said budgeting is all about being realistic about where you are, where you want to go, and creating strategies on how to successfully get there. She explained identifying those goals is an individual process. In one business it may be debt repayment, for another it may be expansion, or diversification as just a few examples.
Ducharme likened the start of budgeting to a moment in Lewis Carroll's 'Alice in Wonderland'. Alice has a conversation with the Cheshire Cat where she asked the cat which path to take. He asks "Where do you want to go?" When she admitted she didn't know, the cat says "Then, it doesn't matter." You have to identify your goals to move toward them.
Ducharme admitted being honest and examining your actual spending habits is hard for many people to do. However she said it is a good practice in both business and personal finances. "Just knowing what you actually personally spend in fast food, for example, can be a shock."
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