How To Manage Your Money – #financialeducation #personalfinance #moneymanagement #503020 #finsubito agevolazioni

#FinancialWisdom #503020 #Rule
In today’s video, to look into the 50-30-20 rule, and how you can use it manage your money. If you are broke or want to learn how to manage your money, you’re going to want to watch this video. So let’s analyze this budgeting system.
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.
#Entrepreneurship #StockMarket #Investing

00:00 introduction
00:46 what is the 50 30 20 rule?
02:01 Limit your needs
03:27 Define Your Wants
04:08 Savings or Debt Repayment
04:47 What about investing?
05:46 Inflation’s Impact on Savings
06:50 conclusion

Disclaimer: The content on Invest Focus is for informational and educational purposes only and does not constitute financial, investment, or legal advice. We encourage you to consult with a certified financial advisor before making any financial decisions. Investments carry risks, and past performance is not indicative of future results. Invest Focus is not responsible for any financial losses or decisions made based on the information provided in the videos.
 

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