Learn how to manage your money with Marko. In this video you will see him present a high level overview on how to manage your money using the 50/30/20 Rule.
How to Manage Your Money with 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. Marko says he feels 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.
If you can just remember these three ideas:
- 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.
Video by Marko – his mission is to provide viewers with actionable content that enables them to create financial wealth. His videos are a reflection of his real-world experience as a real estate investor, stock market investor, student of finance, and entrepreneur.