How To Manage Your Money (70/20/10 Rule)

Опубликовано: 04 Октябрь 2020
на канале: Unwana Udoh

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In this video, I present a high-level overview of how to manage your money using the 70/20/10 Rule. Money management is 95% discipline and 5% knowledge.

The 70/20/10 rule will force you to create a budget and know where every single dollar is going.

70% of your budget should be spent on needs which are things essential to life and that you can’t live without.

20% should be spent on investing in income-producing assets that produce cash flow every month on a consistent basis.

A car is not an investment and your primary residence is also not an investment unless it generates income for you. Your investments help you grow your net worth.

The last 10% should be spent on savings and paying off debt.

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