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How can you construct your money system in under 4 hours?
Read below to find out the simple money system that has drastically improved my finances
Read below to find out the simple money system that has drastically improved my finances
"Pay Yourself First"When you get paid you have to save & invest
Each person this is going to be different depending on your goals
For me
6% income to 401k - This is what is matched dollar for dollar in my plan
Not taking advantage of your 401k match is a terrible decision
Run the numbers on savings with and without a 401k match and the numbers speak for themselves
Not taking advantage of your 401k match is a terrible decision
Run the numbers on savings with and without a 401k match and the numbers speak for themselves
"Savings & Investing on Auto-Pilot"Next the paycheck hits my account
What most of Americans do
Spend everythingWhat you should do is set up automatic transfers
For me
This means 10% of each paycheck auto deposits into Short-Term Savings
This originally was our Emergency Fund
Now it has transformed to our vacation, car, and fun fund
You can get real in-depth here or just have one big pot of cash
Either way do this
This originally was our Emergency Fund
Now it has transformed to our vacation, car, and fun fund
You can get real in-depth here or just have one big pot of cash
Either way do this
This also means an additional 10% of each paycheck to investments auto deposits
At the beginning of the year this means my Roth IRA
At the end of the year once the Roth is maxed this means our taxable account
You decide the specifics but save & invest
At the beginning of the year this means my Roth IRA
At the end of the year once the Roth is maxed this means our taxable account
You decide the specifics but save & invest
At this point you can calculate up we are at 26% savings rate without even thinking about things
Our goal is to work this number to 40%
We can do that simply by logging into our banks and changing the amount deposited
Our goal is to work this number to 40%
We can do that simply by logging into our banks and changing the amount deposited
Finally to show you how this works and the real benefit of creating a money system take my friend "Mike" for example
Mike makes after tax & 401k match 5k/ month
He auto saves & invest $500 each month
A total of $1K saved and invested each month
Keep Going
Mike makes after tax & 401k match 5k/ month
He auto saves & invest $500 each month
A total of $1K saved and invested each month
Keep Going
Mike has adjusted his life to live on 4K
After 10 years mike has
Short-term Savings - $60K
Investments (Assume 8%) - $90K invested
After 10 years mike has
Short-term Savings - $60K
Investments (Assume 8%) - $90K invested
Creating a money system can be done quickly and easily
Each of you reading this should have your own system
If you found value in this thread please RT for exposure
DM's are always open if you need help creating your own money system
Each of you reading this should have your own system
If you found value in this thread please RT for exposure
DM's are always open if you need help creating your own money system
