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3 BEST Budgeting Techniques that WORK | Budgeting 101
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Learn the budgeting techniques of Billionaire Li Ka Shing, Success coach T Harv Eker and the popular 50/30/20 method. Budgeting allows you to spend without worry and still have plenty for financial freedom.
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Follow me on Instagram! @GeraldOngSL
Timestamps
Why Learn Budgeting? 0:00
I'm going to be sharing my personal tips on what worked and didn't work, 3 popular and highly effective #budgeting plans that have made many #millionaires. It's going to be a long video but it's going to be SUPER valuable.
How I Started Budgeting 1:06
I was brought up to be frugal but I only started really budgeting my money when I was 16. I often did things like turn off the lights, sleeping without the AC. Ironically, saving money wasn't the difficult part for me. It was allocating it properly, like having to put them at the right places that were the REAL #Challenge for me.
Share with me Your Thoughts 04:05
T Harv Eker's 6 Jar Method 04:24
My Thoughts on The 6 Jar Method 07:31
55% Necessities
10% Long term spending, house, rainy day fund
10% Play
10% Financial Freedom
10% Education
5% Charity
Li Ka Shing Budgeting Method 08:05
1.Living expenses 30%
2.Friends & expanding your network – buy rich people’s mentorship 20% Reputation & influence.
3.Learning 15% - advanced courses or masterclasses
4.Holidays 10% Experience of life
5.Invest 25% Startup, investment plan
Thoughts on Li Ka Shing's Method 11:32
The 50/30/20 Method 12:02
Senator Elizabeth Warren popularized the so-called "50/20/30 budget rule
50% Needs - mortgage payments
30% Wants - Buy things you want
20% Savings - Work towards retirement
Similarities Between the 3 Methods 12:50
What I've noticed is that all methods have a good chunk in investment
Surprisingly, the figure is very similar to how much we pay to social security system, also known as CPF in #Singapore
How to Implement 13:46
Three ways, 1. Digitally
2. Envelop system
3. Hybrid system
The Envelop Technique 14:25
Digital Budgeting 15:38
My Approach 16:06
Still not convinced? Check out my video on why live frugally!
Credits
I’m going to talk about how you can make a budget and save money like millionaires and billionaires.
For YouTube Coaching, consulting, or partnership enquiries, you can reach me through my channel's contact me page.
*Some of the links and other products that appear on this video are from companies that Gerald Ong will earn an affiliate commission or referral bonus. Gerald Ong is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
#Budgeting101 #HowtoSaveMoney #MoneyManagement
Get FREE Shares Worth over $150 When you deposit at least $2000
Follow me on Instagram! @GeraldOngSL
Timestamps
Why Learn Budgeting? 0:00
I'm going to be sharing my personal tips on what worked and didn't work, 3 popular and highly effective #budgeting plans that have made many #millionaires. It's going to be a long video but it's going to be SUPER valuable.
How I Started Budgeting 1:06
I was brought up to be frugal but I only started really budgeting my money when I was 16. I often did things like turn off the lights, sleeping without the AC. Ironically, saving money wasn't the difficult part for me. It was allocating it properly, like having to put them at the right places that were the REAL #Challenge for me.
Share with me Your Thoughts 04:05
T Harv Eker's 6 Jar Method 04:24
My Thoughts on The 6 Jar Method 07:31
55% Necessities
10% Long term spending, house, rainy day fund
10% Play
10% Financial Freedom
10% Education
5% Charity
Li Ka Shing Budgeting Method 08:05
1.Living expenses 30%
2.Friends & expanding your network – buy rich people’s mentorship 20% Reputation & influence.
3.Learning 15% - advanced courses or masterclasses
4.Holidays 10% Experience of life
5.Invest 25% Startup, investment plan
Thoughts on Li Ka Shing's Method 11:32
The 50/30/20 Method 12:02
Senator Elizabeth Warren popularized the so-called "50/20/30 budget rule
50% Needs - mortgage payments
30% Wants - Buy things you want
20% Savings - Work towards retirement
Similarities Between the 3 Methods 12:50
What I've noticed is that all methods have a good chunk in investment
Surprisingly, the figure is very similar to how much we pay to social security system, also known as CPF in #Singapore
How to Implement 13:46
Three ways, 1. Digitally
2. Envelop system
3. Hybrid system
The Envelop Technique 14:25
Digital Budgeting 15:38
My Approach 16:06
Still not convinced? Check out my video on why live frugally!
Credits
I’m going to talk about how you can make a budget and save money like millionaires and billionaires.
For YouTube Coaching, consulting, or partnership enquiries, you can reach me through my channel's contact me page.
*Some of the links and other products that appear on this video are from companies that Gerald Ong will earn an affiliate commission or referral bonus. Gerald Ong is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
#Budgeting101 #HowtoSaveMoney #MoneyManagement
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