How To Budget Your Paycheck (Do This When You Get Paid)

In today's video, we'll talk about how to budget your paycheck so you know exactly what to do when you get paid.

One of the biggest takeaways from watching my channel is that you need to pay yourself first so your money works for you and not someone else.

One of the biggest mistakes that people make is not paying themselves first and before they know it, their entire paycheck has already gone to things other than themselves and building their wealth.

Watch until the end of the video for my thoughts!

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⏰ Timestamps ⏰:
0:00 - Intro
0:37 - Step 1
1:52 - Step 2
3:16 - Step 3
4:27 - Policygenius Spot
5:51 - Step 4
7:14 - Step 5 IMPORTANT
10:22 - My Thoughts
11:23 - WBF University
11:57 - LOL

ABOUT ME 👇

My mission is to provide my viewers with actionable content that enables them to create financial wealth. My videos reflect my real-world experience as a real estate investor, stock market investor, student of finance, and entrepreneur.

This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort to every video that I make. I also believe in complete transparency and open communication with my audience.

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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.

AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion.

[walter.dlawson]

I am saving and investing around 70 percent of my income in the financial market(high yield etfs, stocks etc) pretty much how I made my first million although with an FA. I have a high paying engineering job, and I live upstate NYC. my expenses are low. I have zero debt, low rent and car truck paid off. So i can just save. feel lucky at this point I'm actually grateful for my advisor handling my portfolio.

[gagnepaingilly]

Insightful video. I just want to know best how people split their pay, how much of it goes into savings, spendings or investments. I'm 27, and earn nothing less $150k per year, but nothing to show for it yet

[patrickstallings]

Great back to basics/school approach. I have did a similar thing for travel and its really helped(got the idea from you in a much earlier budget vid). I can't say this enough. The best part to me at least about this method is it TOTALLY removes ANY guilt you may have on a purchase. You set aside an amount for one big ticket item and when you hit that amount, you go buy that big item. GUILT FREE. The best part is the price may have came down by the time you have the amount you targeted. Even better. This puts your money to work for you and removes the strange emotions of spending we get ourselves into. Live your life to the full but don't be a fool.

[cassnate]

If everyone just watched this 12ish minutes and took it to heart, it would completely change their life. Of course, it's all more easily said than done, but it truly is not a complicated concept... Just needs to be understood and followed. Fantastic content as always, Marko. Love the bucket strategy. 👏

[hectorbonilla]

this video definitely opened up my mind / eyes, each step is very important ! thank you for this knowledge

[jakeshiever]

I like to do the 50/30/20 rule with my left over net income. It's worked out great, and I know exactly how much I have for wants rather than guessing.

[rayeemon]

The time of this video is so good!! I just got a job in pharmacy and get paid weekly. THANK YOUUU😁😁

[genxretiree]

This is good stuff. We have a couple years of cash to spend down while we invest 100 percent of our income. No liabilities and we’ve netted 6x our annual expenses so far in 2022 while maxing out all Roth and HSA options. For us it’s been about cash flow (Gen X) so eliminating fixed asset costs was a priority in 2021 (paid off primary residence and bought two new vehicles with cash). Filling up the buckets is a focus now.

[royalistkellyjones]

I love how you keep it direct and simple

[TILLMANSCOTT]

Thank you! Always love seeing the new vids

[Yolomamba]

i like the visualization of the buckets when teaching people about personal finance!

As you were explaining it, I immediately thought, well hey, I may not have enough in my travel bucket, but I can technically borrow from the car bucket. In doing this tho, I can see that I have to sacrifice getting a car sooner, If I want to take a vacation.

[DrProgNerd]

My 18-year-old is building his credit and socking away money for a house. He's killin' it so far. I shared this with him. Great content as usual. Thanks

[joshuabernardino]

If anyone watches this video and follows this advice, they will never have to think about money again. This is that notecard level, personal finance, essential tier quality.

[JelloTricks]

unfortunately i just started getting paid monthly ( VA Disability, GI Bill Housing Benefits ) but GREAT timing on this video, i just started last month with these monthly checks, and i needed a refresher! thanks, you’ve done a lot for my future! keep it up

[thenewwayhome]

This is very timely and informative! You broke down the topic very well. This is very helpful to every working individual especially now that inflation is up. Keep up the good work!

[girlbornonwednesday]

I was just explaining this to my mom this morning thank you for making this video!!

[johnattanlafontant]

Thank you Marko! Can't wait for school to start

[chuck]

Great video, and I'll second the endorsement of the Money Guy "Order of Operations" which is definitely the best blueprint for wealth-building and financial independence

[hectoralejandro]

Sweet, a shout out to the Money Guy Show! I follow both of these channels

[dominick]

Just what I needed! Especially when you get paid weekly. My income recently increased dramatically so your channel is a godsend!