How To Manage Your Money (50/30/20 Rule)

In this video I present a high level overview on how to manage your money using the 50/30/20 Rule.

Money management is 90% discipline and 10% knowledge. The 50/30/20 rule will force you to create a budget and understand where every single one of your after-tax dollars is going.

50% of your budget should be spent on needs which are are things that are essential to life and that you literally cannot live without.

30% should be spent on wants which could be classified as things that bring you joy and happiness, but are NOT essential to living. (Dining out, entertainment, hobbies, etc.)
The final 20% should be spent on savings, paying off debt, and retirement planning.

I feel like a lot of people confuse wants for needs, and we know the difference deep down, but we really want the one that we don't have the self-discipline to say no.

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ABOUT ME 👇

My mission is to provide my viewers with actionable content that enables them to create financial wealth. My videos are a reflection of 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 in 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.

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[TheJackCain-]

These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $89k now to put in the market.

[VictoriaLisa]

Downturns and rollover will make you 100x than upturns. Selling is always fast. Going down you go in a lift while going up you go in a stairs. But timing is very important here

[Bernando]

It's quite shocking how few people know about the forbidden book: Making money your reality

[EthanMaloney-qplh]

I had $150K in cash savings sitting in the bank with minimal gains, so I decided to invest in stocks after hearing about people profiting even during market crashes. However, my portfolio isn't performing as well. How should I invest at this point?

[shirleybarbara]

The job of finance experts has expanded more than ever, and it is now essential to have a strategic outlook, industry-ready financial knowledge, and caution to help boost firm profitability and expansion.

[donaldwayne]

Investing in a stock may look straightforward, but choosing the right stock without a proven technique can be difficult. I've been attempting to grow my $210, 000 portfolio for a while, but the largest impediment is a lack of defined entry and exit strategy. Any input on this matter would be highly appreciated.

[Lfgyf]

I don't mean to brag but I just paid off my mortgage and I'm officially debt free! I put in 20k into various assets which I saved using some of these techniques last year and flipped into six figures within a few months and still going. I hope to attain financial freedom soon. One more thing, keep up the good work.

[MarcelMcGowan]

just sold a property in Texas and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point.

[eliseduffyfxx]

I recently sold a house in Portland, and I'm considering investing the proceeds in stocks. I know it's a wonderful time to buy, but is this the right moment? When will I fully recover? I'm honestly just perplexed at this point as to how other folks in the same market are making over $450, 000 in gains in a matter of months.

[Rob...]

50/50 is how i roll, i was in debt never again, im addicting to saving money now. i'll never be poor again!

[jameswood]

I have 35% of my capital investments in an IRA, 25% in index funds, and the balance spread across other investment accts totalling over $250k. I took a big hit in Q2, 2023. Right now i am just looking for ways to recover in 2024.

[johnlennon]

if the idea is to build an income stream to use as complement for retirement, or at any given point if needed, then building a dividend growth portfolio always buying adding to it could be a good and peaceful path. On the long run consistency and perseverance could guaranty the desired income stream goal with little worries

[eduardorodriguez]

My supervisor who makes way more than me said she needs a place to live because her landlord is selling. Should've seen the look on her face when I told her I had a vacancy at one of my rentals.

[Johnmiccael]

I don't know why this stuff isn't taught in grade school.

[BateserJoanne]

Creating wealth entails establishing positive routines, such as consistently setting aside funds at regular intervals for sound investments. Financial management is a vital subject that many avoid, often leading to future regrets.

[ChristopherAbelman]

I have a 3 fund portfolio consisting of 33% S&P, 33% Total stock, and 33% international. I feel a need to focus on complete growth so I went 100% stocks, but does the SP500 and TSM overlap too much to make sense holding both? However I’ve been in the red for a month now. I work hard for my money, so investing is making me a nervous sad wreck. I don’t know if I should sell everything, sit and just wait but watching my portfolio of $450k dwindle away is such an eye -sore.

[astarajarvis]

I'm looking at this dudes handwriting like, yup he's definitely a teacher

[JimBobe]

I currently have 60% going to savings. Just graduated college with 0 debt too!

[lawerencemiller]

There is potential for considerable wealth increase with the correct strategy. I want to know; How can one take advantage of compound interest and potentially grow your retirement savings/net-worth to about $3M over time?

[esther.]

The financial system has been artificially pumped for over a decade to ensure big pockets were lined; and now those same hands will make a fortune in the largest transfer of wealth in human history by shorting it on the way down. Inflation does have a roll, but that's to keep everyone panicked, and focused on their bills and expenses, rather than focus on the capital crimes of politicians and corporations, I'm still at a crossroads deciding if to liquidate my $338k stock portfolio, what’s the best way to take advantage of this bear market??