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How To Manage Your Money (50/30/20 Rule)
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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
DISCLOSURE: Some of the links on this page 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. Affiliate commissions help fund videos like this one.
I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make.
#advice #rich #howtomakemoney #secrettosuccess #invest #sidehustle #business #savingmoney #budgeting #budgetingtips #skills #credit #creditscore #creditcard #house #rent #howtobewealthy #howtostartabusiness #businesswriteoffs #businessexpenses #business #therealmelaninking
#melaninking
Im here to here to teach you about how to make money online, how to build a clothing brand, how to budget your money, how to build your credit score fast, how to get rich, best advice for 18 year olds, Skills to pick up at 18 years old, how to invest in stocks for beginners, how to make your tiktok videos better, how to make 6 figures on etsy
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
DISCLOSURE: Some of the links on this page 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. Affiliate commissions help fund videos like this one.
I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make.
#advice #rich #howtomakemoney #secrettosuccess #invest #sidehustle #business #savingmoney #budgeting #budgetingtips #skills #credit #creditscore #creditcard #house #rent #howtobewealthy #howtostartabusiness #businesswriteoffs #businessexpenses #business #therealmelaninking
#melaninking
Im here to here to teach you about how to make money online, how to build a clothing brand, how to budget your money, how to build your credit score fast, how to get rich, best advice for 18 year olds, Skills to pick up at 18 years old, how to invest in stocks for beginners, how to make your tiktok videos better, how to make 6 figures on etsy
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