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| Name | 6 Things I Do When I Get Paid | Money Management Tips |
| Video Uploader | Video From Austin Williams |
| Upload Date | This Video Uploaded At 09-10-2023 09:00:27 |
| Video Discription | These are the six things I do every time I get paid! If you would like to support my channel!: https://www.buymeacoffee.com/williamsauQ Mint Mobile (save on your cell phone): https://mint-mobile.58dp.net/rn6rJQ Books I'm Reading The Dawn of Everything: https://amzn.to/3DZiaeI Who Moved My Cheese: https://amzn.to/3E0TNgF Outlier: The Story of Success: https://amzn.to/44gJxvF Chapters 00:00 Start Here 00:30 Take Out Taxes 01:58 Contribute To Roth IRA 03:34 Pay Off Credit Card 05:09 Pay Non Credit Card Expenses 06:42 Move Money To Savings 08:15 Notice Financial Trajectory Once a month, every time I get paid, I sit down and do six things that help me stay organized and avoid any bad financial surprises. In this video, I share those six things. 1. Take Out Taxes Whether you are self employed or employed with a company, it is important to make sure that you are setting aside enough money from each paycheck for taxes. This amount varies from person to person; however, it's important to take the time to make sure you're setting aside the right amount to avoid a large tax bill at the end of the year. 2. Contribute $100 To My Roth IRA The next thing I do when I get paid is regardless of how much I make on a given month, I contribute $100 to my Roth IRA. And if I make more one month, I consider putting more in my Roth IRA. It is important to be in the habit of contributing a certain amount for retirement each month because eventually you will need money for retirement. 3. Pay Off Credit Card I put most of my expenses on my credit card and run up the balance each month. I do this because it allows me to have one single bill to pay at the end of the month rather than having to keep track of multiple. Once I get my statement each month, I immediately pay it off and bring the balance down to zero. Credit cards are a great tool to consolidate bills; however, do not consider doing this if you do not have the self control to pay off the balance. 4. Pay Off Non Credit Card Expenses I am unable to put certain expenses like my health insurance and rent on my credit card or I am met with a high fee. It is important to be aware of these fees and make sure you are not paying them. I set all of these bills on direct deposit and make sure that they were actually charged. 5. Move Money To Savings Since I am self employed, I have to be very cautious with how I spend and manage my money. Whenever I make more, I do not spend more, but I set aside the extra money for a worse month. I personally like to keep my checking account at around $150 because I do not have many expenses that go through my checking and by moving all the extra money over to my savings, I never confuse saving money for spending money. 6. Notice My Current Financial Trajectory The final thing I do on my payday routine is to zoom out and see if my account is growing, stagnate, or declining. This allows me to understand the financial path I am on and I can make changes if need be. No trajectory is right or wrong, but it is just dependent on your goals in life. **I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. You are responsible for the financial decisions that you make. Links above are affiliate links where if you click and order, I will receive a commission at no cost to you. ** |
| Category | Howto & Style |
| Tags | Minimalism | Budgeting | Money Tips | Personal Finance |
