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

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  • ℹ️ Description
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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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.

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💬 Comments on the video

I don't know why this stuff isn't taught in grade school.

Author — WWW.


My supervisor who makes way more than me said she needs a place to live because her landlord is selling. Should've seen the look on her face when I told her I had a vacancy at one of my rentals.

Author — E Rodriguez


50/50 is how i roll, i was in debt never again, im addicting to saving money now. i'll never be poor again!

Author — HotShotVQ35


Me soon:
50 percent - needs
30 percent - savings
10 percent - wants
10 percent - helping others

Author — itsmeronilyn


I'm looking at this dudes handwriting like, yup he's definitely a teacher

Author — Skyy Howard


40% needs
10% savings
50% her 😂😂😂

Author — kcirtap 22


I currently have 60% going to savings. Just graduated college with 0 debt too!

Author — Jim Bob


No apologies for short videos bro! i prefer to listen short, real information rather than hours of BS. keep up the good work, thank you for aducating us.

Author — osytrognsy


High school doesn't teach us this. So I came here, thanks Marko.

Author — Aiden Pethick


Having a wife can help you become rich or poor. The latter is true for me.😔😞

Author — Fred


Youtuber: "My name is Marco..."
Me:" POLO"

Author — Akash Shukla


Great video however I would say that your 20% savings/debt should be higher that your wants especially if u have debt. When u have debt your wants have to decrease.

Author — Donnie Burns


Whoever is reading this I hope you will have a successful and meaningful 2019!

Author — MindGrit by Dr. Rey Fremista


As a 15 year old I'm taking advantage of not having "needs". Saving money, working

Author — DeeJay LJ


So far, as I learn about trading, I’ve come to find out that Alec Payden’s methods and knowledge are the reasons I’ve been able to earn. No doubt, I’m going ahead with him.

Author — Desai Hwang


Drop that *wants* category to 0% and then you will be in line with my Russian mom’s philosophy. What a coincidence.

Author — Daniel Iles


I'm retired and 5 months away from "debt free". Single, house & cars paid for, etc. Net income is $38K. My needs are 1/3 net and my wants are nearly nothing these days. I feel positively rich!

Author — 1redrubberball


I dont even talk about money with people. Because I always hear about people with bad spending habits, bitching but then I'm the bad guy if I tell them that they have piss poor budgeting.

I know a guy that bitched about bringing home $4200 In a week. I don't care who you are or what your situation or like story is. If you are bitching because you "only" brought home $4200 In a week, then you really have some bad spending habits.

Author — Miguel Robb


I would say paying off debt is in the needs category

Author — Tyto Do'Urden


Another way to budget that I learned from another finance YouTuber is to use 50% for living expenses, 30% for investments and 20% for savings. After you have an emergency fund saved for minimum of 6 month and have no dept then you can use the 20% savings for wants.

Author — valentino