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

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.

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.