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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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.
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Video Rating: / 5
I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.
Investing is considered a bedrock in making generational wealth. Most people don't know when, where or what to invest in. Fortunately, great investors of the past and present can provide us with guidance and ideas. Meaningful contributions are always welcomed.
Simple but very effective…
unfortunately this is not possible for over 80% of the country as the average wage is equal to or less than the cost just to survive.
<<<Great video☺️. I started watching your videos last year as a beginner before giving stock and crypto market a trial. I was able to make $17,300 in one month with a capital of $4,000 trading with an experience expert who guided me through out my trading.>>>
Great video☺️. I started watching your videos last year as a beginner before giving stock and crypto market a trial. I was able to make $17,300 in one month with a capital of $4,000 trading with an experience expert who guided me through out my trading.
how do we get paid Through what kind of job,,?
I hope this will help sone younger students to think about their future. Glad you are here to help us❤
Namaste
We have to segregate our needs from our wants. What is needed constitutes essential expense , rest is voluntary and completely controllable.
New here!!!
2023 / 2024 is the goal I want to learn about financing my money let's focus on my goal
30% to "wants" is way too much should be 30% to savings and 20% or less to "wants"
Watching this on the toilet
Question: if you have a mortgage for a house you are no longer living in (because you moved to another city and are now renting your house), do you still consider this a need? or should it be considered a debt/savings? Keep in mind that now I am renting a house in the new city I live in. So, my rent is a need, but my mortgage is a debt (or a need?). Thanks!
What a beautiful and simplified video , tks for this info
Hey my name is Bobby, I Found your YouTube channel and I really like it. I was wondering if you’d like to collaborate, I run a wealth academy where I teach wealth secrets, and lead people to success.
What about gym?
50% of your net income goes to necessities. Can't go without it like shelter, food, utilities.
30% to wants – you don't need it but will cause a minor inconvenience if you don't have it: Dining out, shopping, movie theather, travel,
20% Savngs / Debt: credit cards, student loans, retirement.
I'm a college student with a part time job that is only enough for one month, I do no receive any money from my parents and 60-70% of my income goes to my needs (rent, utilities, health insurance) . Should I remove investment in the equation? I'm not very sure either what I can invest in with only very little left.
Nada de salir !! A comer fuera mejor,comer en casa.sera comer 1 ves al mes.
Pero al ahorrar, con el tiempo no estaríamos perdiendo dinero?
Este es un vídeo para pobre,?
El 30% debería ir a ahorro, y también, ahorro no debería ser, lamentablemente, gracias a la inflación ahorrar no es una buena estrategia, en cambio, comprar activos que aumenten tu capital cada vez más es mucho mejor, o lo mismo invertir tu dinero en plazos fijos, como en dólares, es mucho más rentable que en otras monedas, es una estrategia limpia y asegura una buena economia, respetando el 50% de gastos básicos, y un 20% para caprichos
Esta muy bueno
NO ME PARECE, 20% AL.AHORRO Y 30% AL OCIO, DEBERIA SER AL REVES
Video completo aquí ➡️https://youtu.be/yBOiRkh_TYI
Te recomiendo estos vídeos, Hábitos para cambiar tu vida ➡️https://youtube.com/playlist?list=PLOk5Gx-ZqdDDoBeI1UQ76_xr4RjRXiWrf