How To Manage Your Money (50/30/20 Rule)

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 πŸ‘‡

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.

About The Author

Marko - WhiteBoard Finance 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: - Personal Finance - Stock Market Investing - Real Estate Investing - Entrepreneurship Follow me on: Instagram - https://www.instagram.com/whiteboardfinance Twitter - https://twitter.com/WhiteBoardFin My Blog! - https://www.whiteboardfinance.com To collaborate please email with an EMAIL SUBJECT LINE of "Collab (Youtube name)" Thank you!

Comment (100)

  1. @Marko: You teach well.

    If you haven't made them already, I would love to see some videos on this channel related to dealing with math related things as adult in the real world. It could be from the most basic to advanced things.

  2. Only 20% for savings and nothing towards investing? Well someone wants to work a full time job till they're in their 60s and then live a modest life,
    Honestly this is better than nothing but with this you will need to work for your money, at least invest 10% or the way I'd suggest this 30 Needs, 20 Wants, 40 investing, 10 Savings,
    Because you do NEED to invest if you want a comfortable retirement, you don't need to go overboard like me but to not even include it? Yikes.

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