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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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.
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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.
You forgot insurances in 50% needs. they are a ust for everyone.
Creating wealth entails establishing positive routines, such as consistently setting aside funds at regular intervals for sound investments. Financial management is a vital subject that many avoid, often leading to future regrets.
Would car payment be considered “ needs “ ?
The problem is that I do know how to manage money properly and can come up with a good plan, but the needs take like 30% of my salary just at the beginning of the month, bills & insurance and stuff just leaves me with a measly 20% that I end up spending anyway 😂
I'm 20 years old and I'm starting at trading and I love to see your videos because there are so well explained . Greetings from Peru
I'm thoroughly moved by this material. A book on similar subjects initiated a significant transformation in my life. "Mastering Money Mindfulness" by Benjamin Hawk
Pay yourself first 10-25%
Also pay yourself what you paid in taxes
Helpful
I began my investment journey at the age of 33, primarily through hard work and dedication. Now at the age of 38, I am thrilled to share that my passive income exceeded $100k in a single month for the first time. This success reinforces the importance of the advice mentioned earlier. It is not about achieving quick wealth, but rather ensuring long-term financial prosperity.
https://youtube.com/@WellnessWallet?feature=shared
Thanks!
I want to know how you going to be good in money because I'm very terrible I'm 20 years old but I don't know where you are you going I want help with my money
Because the 50 problem What I have
Because the 50 problem What I have
Because the 50 problem What I have
My best video
Thank you.
Nice one
This video is over @3:26 you heard the man. “Those are needs!!” 😅😅
bro really said butt's
I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises of plummeting stocks which were once revered and i don't know where to go here out of devastation.
When you invest, you're buying a day you don't have to work
I work at McDonald’s dose the 50/30 still apply?
Thanks for this informative video,I highly appreciate
watching the youtube channel “Whiteboard Finance” , video was recommended by Youtube
The video is very good, I have liked and subscribed to the channel
50/30/20 rule really works great if you can separate needs and wants. That's really is a huge problem for some people, unfortunately. Thanks for the video! Hope it helps many people manage their finances like a pro!
😊 Thanks for breaking it down clearly i was able to understand it.
I feel a lot would be different if we were actually taught the basics of savings, personal finance and investment in schools instead of the stuff you actually wont use ever
I would like to express my appreciation for the insightful content in your video. It was truly enlightening, and I have taken the opportunity to show my support by clicking the 'like' button. Additionally, I have subscribed to your channel and am eager to explore more of your valuable content in the future. Thank you for consistently delivering quality material.
I began my investment journey at the age of 33, primarily through hard work and dedication. Now at the age of 38, I am thrilled to share that my passive income exceeded $100k in a single month for the first time. This success reinforces the importance of the advice mentioned earlier. It is not about achieving quick wealth, but rather ensuring long-term financial prosperity.
I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises of plummeting stocks which were once revered and i don't know where to go here out of devastation.
There is potential for considerable wealth increase with the correct strategy. I want to know; How can one take advantage of compound interest and potentially grow your retirement savings/net-worth to about $3M over time?
Yeah !! With the current problem around the world today I think it's best everyone invest more in digital asset than Saving in banks and real estate . Just my thoughts
THANKS. Just what I needed to watch. My wife and I got a 400k HELOC from our 780k primary home which we are still paying a mortgage for. I want to only use 200k for this new duplex down payment. I realized that the secret to making millions is making better investments and staying out of debt.
I'm grateful to GOD for the internet space, we were able to join the credit repair program, we payed up our debt and now we are back to being the administrators of our farming business and our own properties, as well as small pensions.
I am almost 56, my wife is 52. We have started saving for retirement from the farm and maybe live off rental income, I would really appreciate it if you would do a video on how to earn using Airbnb and retire comfortably.
The job of finance experts has expanded more than ever, and it is now essential to have a strategic outlook, industry-ready financial knowledge, and caution to help boost firm profitability and expansion.
TRADING HAS NOT BEEN GOING WELL WITH ME, I HAVE INVESTED A LOT OF TIME AND FAILED, I TRADED ON MY OWN BUT EACH TIME I KEEP Loosing MONEY. I DON'T HAVE GOOD STRATEGIES TOWARDS THE MARKET. PLEASE CAN SOMEONE PUT ME THROUGH ON THE RIGHT PATH
How to manage your Money?
https://personalfinanceandinvesting16.blogspot.com/2024/01/how-to-manage-your-money.html
the 20% one is technically a mix of want and need because you both want and need those things in order to have more money in the long run
Learn how to write legibly
Dear Sir,
How we can have the statistic of the videos Asian people are interesting in Seeing on YouTube? Survey or how to get it? Thank you so much. I am an AD&DT Development Senior Trainer in Life Insurance for Korean Company in HCMC, VietNam. Thank you for your time!
Great video.Thankyou
So much for the educative video on personal finance. I subscribed and liked the video after YouTube recommended it to me.
The job of finance experts has expanded more than ever, and it is now essential to have a strategic outlook, industry-ready financial knowledge, and caution to help boost firm profitability and expansion.
I believe fitness a necessity, would you personally put a gym membership or at least the money to cover home equipment a want or a need?
So for the savings do you recommend certain % for things like the credit cards, student loans and money out aside for retirement? And do you consider retirement savings investments in things like stocks and bonds or more so savings accounts?
Thank you
what if that 50% is not enough?
Me and your wife both going to die If we don't get a pair of shoes 😅