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

by Andrea Greengard

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.

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

If you can just remember these three ideas:

  1. 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.
  2. 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.)
  3. 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.

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