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. Step into a life of becoming smarter with your money. Master the 4 Pillars of wealth by joining WhiteBoard Finance University Today! 👉 http://www.wbfuniversity.com EXCLUSIVE: Get 1-3 FREE Stocks valued up to $3500 On MooMoo ⮕ https://whiteboardfinance.com/go/moomoo FUNDRISE - INVEST IN REAL ESTATE FOR ONLY $500 ► https://whiteboardfinance.com/go/fundrise M1 FINANCE - INVEST FOR FREE (Yes, Really) ► https://whiteboardfinance.com/go/m1-finance My FREE M1 Finance Training Video ► https://whiteboardfinance.com/go/m1-finance-training My FREE Stock Market For Beginners Guide ► https://whiteboardfinance.com/go/stockmarket4beginners GET MY HOME AFFORDABILITY SPREADSHEET HERE ► https://www.patreon.com/whiteboardfinance SCHEDULE A COACHING CALL WITH ME ► https://whiteboardfinance.com/go/marko-coaching HOW TO BUY & STORE BITCOIN ► https://whiteboardfinance.com/go/bitcoin THE BEST CREDIT CARDS TO USE RIGHT NOW ► https://whiteboardfinance.com/go/best-credit-cards CHECK OUT MY BLOG: ► https://whiteboardfinance.com FOLLOW ME ON INSTAGRAM ► https://www.instagram.com/whiteboardfinance Instrumental Produced By Chuki: http://www.youtube.com/user/CHUKImusic 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. Subscribe if you are interested in: #Investing #PersonalFinance #Entrepreneurship #StockMarket 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. AFFILIATE DISCLOSURE: Some of the links on this channel 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. However, this does not impact my opinion. |
