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| Name | 50/30/20 Rule Explained | Is the 50/30/20 Budget Right For You? |
| Video Uploader | Video From Erin Talks Money |
| Upload Date | This Video Uploaded At 10-08-2020 12:30:03 |
| Video Discription | 50/30/20 Budget Rule. This budget strategy is one of the most popular budgeting methods currently in use today. It is a great style of budgeting for beginners. It offers up a style of flexible spending that many people really like. So here’s what it looks like in practice. Using the 50/30/20 budget, 50% of your income goes to your needs, 30% goes to your wants and 20% goes towards your savings (or accelerated debt repayment). So long as you stay within those ratios, you can spend as much as you want on the individual items in each category. That’s why some people consider this a more flexible spending style. It is also considered a simple style of budget as it is really a basic three bucket approach. Those three buckets being needs, wants and savings. Once those categories are established, then you can spend as you so choose within those categories. There are literally dozens and dozens of ways to budget your money. All of them have the same budgeting basics. They all have the same end goal. To help you save money, repay debt (get out of debt) and have good financial habits. They may have different method of getting to that ultimate end goal…but nonetheless that end goal is the same with all budgeting strategies. Budgeting is one of the very best things you can do to ensure that you reach your financial goals. There is no right or wrong way to budget. What maters most is that you choose the budgeting method that you like best, the one that works for you and one that you can stick to long term. 50/30/20 is incredible popular. Try different budgeting strategies to see which ones work for you. I will be doing a full video in each budgeting strategy, so stay tuned for many future budget videos. Disclaimer: Please note that this video is made for entertainment purposes only and not to be taken as financial advice. Always make sure to do your own research. Looking for more money videos, I post new videos every Monday and Thursday, subscribe to my channel: https://www.youtube.com/user/midge087 How are all those little expenses affecting your net worth: https://www.youtube.com/watch?v=T2cMzfu-O9M&t=13s Why budgeting is the #1 habit that all millionaires share: https://www.youtube.com/watch?v=BfZFrbcSo38&t=606s Do this and you can retire 20 years sooner: https://www.youtube.com/watch?v=0Vf50n4Uv6Y Looking to start investing in individual stocks, join Robinhood and get a free stock: https://join.robinhood.com/erinm1666 Interested in starting your investing journey, head on over to Vanguard or Fidelity and open your account today, it will only take 10 min to open up your account. www.vanguard.com www.fidelity.com #financialindependence #budget #budgetingforbeginners #personalfinance |
| Category | Education |
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