This video gives you a simple breakdown of how you should be putting aside each paycheck. Follow the steps in the video will allow you to better manage your money. Instead of just mentally trying to manage your own money, this video can be used as a guide to help you properly set up certain accounts for your money to flow in to. I hope you enjoy the video and find value in it! Lastly, don’t forget to subscribe for more content! 1. Retirement Account/Fund: Every person should be setting aside a certain amount of cash aside for retirement each paycheck. In the video I give my opinion on the percentage range I believe you should aim for. I also give a quick summary of certain types of retirement plans: Roth Ira and 401k Plan.
2. Checking Account: Most people end up putting their whole check into their checking account to just sit and wait to be spent. I explain how having multiple savings account set up can help individuals with organizing their money for certain things.
3. Necessities: Everyone needs food, water, shelter, transportation, healthcare, and utilities to better survive in life. You must make sure you put aside enough money each paycheck to cover these specific costs of living.
4. Paying Off Debt: Paying off debt can be a burden. However, I breakdown two very effective pays you can pay off those loans. These methods include the snowball and avalanche method.
5. Invest: Most people love putting aside money to invest. Stocks, bonds, and real estate are the big three when it comes to investing. However, you need to make sure you take care of steps 1-4 before you move on to step 5.
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NOTICE: 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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