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

  • 🎬 Video
  • 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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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.

💬 Comments on the video
Author

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

Author — WWW.

Author

Growing up I thought the educational system was preparing us for financial freedom little did i know it was preparing us for just the job

Author — George Rivas

Author

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

Author

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

Author — Jim Bob

Author

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

Author

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

Author — Skyy Howard

Author

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

Author — Ronilyn Sebastian

Author

I don’t like my job, I don’t like working for other people, I want to be my own boss. so I stay there and endure because it’s motivation for me to get my ish together so I never ever ever have to seek approval to take a vacation again.

Author — Pamela Paris

Author

When you invest, you're buying a day you don't have to work

Author — Thomas Dooley

Author

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

Author — Aiden Pethick

Author

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

Author

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

Author — Lawrence J

Author

I’ve always been an advocate of investing in the trade market because it has paid off handsomely since I decided to invest in it.

Author — Winnifred Nye

Author

Tithing 10 %of my income is a need for my spiritual well-being.

Author — Jasper Etale

Author

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

Author

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

Author — Just reading the comments.

Author

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

Author

Successful people don't become that way overnight. What most people see at a glance wealth, a great career, purpose is the result hard work and hustle over time. I pray that anyone who reads this will be successful in life

Author — Robert George

Author

A really good video Marko, effective money management is needed if we want to build a strong financial future tomorrow. I currently do some passive investing which has been doing well over time so it's been a 50% expenses, 30% investing and 20% saving for me.

Author — Mark Cyrus

Author

Nobody becomes a millionaire or a billionaire by working for others and depending on them. Good investment brings millions of dollars, and consistency brings billions. The market is all about crypt0 at the moment now.

Author — Joseph Frys