5 MUST-DO Steps After Getting Paid (Payday Routine)

Just got paid? Don't make the wrong steps! Do these 5 steps everytime you get paid to build wealth over time.

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#investing #personalfinance #budgeting

[azieltobias]

Warren Buffett underscores the vital importance of understanding compounding and adopting a long-term perspective for financial success, as leveraging the compounding effect and maintaining a extended investment horizon enable individuals to accumulate substantial wealth through patience and strategic planning.

[megajouleforcurrency]

Absolutely save first. Allow fun bucket, regular monthly expenses and large annual expenses when they fall due. And calculate the monthly saving amount by levelling the cost of major spends across the year and considering the actual cash out for each line item in the current month expected. Save fractions of vehicle servicing costs, insurance etc even in months they are not paid out. Reduce savings in months when large expenses are going out. All predictable to within £50 each month. Loving this channel, great advice, more power to the spreadsheet!

[David-ynbs]

Hi James, when it comes to index funds, is iy better to deposit one big lump sum or monthly payments? CHeers dude

[creators]

I have my own routine. Watched loads of these videos. Your first point to zero your account, I haven’t heard before. This account truly is a gem, kudos to your hardwork.

[brookrichardson]

Does anyone else do an annual personal financial review? And what do you look at when you do it?

[MadeMan-mw]

Interesting video.

I reached 100k at 26 too
Was during 2020.

By 2021 I had 170k

Then the war hit and interest rates rise in 2022 and my investments halved.

End of 2022 I had 70k
(100k loss on paper)

Now 2023 I’m back over 100k

I don’t do index funds though.
Large portion is crypto 60%
Stocks 25% 15% cash

I feel with the upcoming halving event it’s hard for me not to be heavy crypto still.

Not sure what your loss was in 2022 but did you not see a big decrease?

[excitedaboutlearning]

In Finland, the employee pension contribution is around 6%. On top of your salary, the employer contributes around 17% to your pension.

If those contributions went to an individual retirement account like 401(K), it'd be a fantastic deal, but in reality they're going to the national pension fund and most of that money is spent every month on retired people's pensions. Less than half of that amount is actually invested, and it's not invested in an index fund, but rather in real estate and individual companies.

The population is declining, and the system is working very much like a paycheck-to-paycheck system.

The system is much better for the average person than the American system, because basically 23% of you paycheck goes to the pension whereas in America it can be as low as 0% percent, but for those of us who have read a book or two about personal finance and who invest and save every month, it's a frustrating system.

I invest and save on top of the forced contributions, because I don't trust the system. Basically, I'm saving twice for the same retirement.

[Irelandunited]

happy days mo chara good info grma 🟢⚪🟠