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55. What Should I Do With Every $1 - Simple Concept
YouTube Link:
https://youtu.be/AtIFLqflZqg
Hello Friends! Have you ever sat down to think about where your every $ is going? Today I am presenting a simple concept on what to do with every single $ that comes into your life.
🔔 Subscribe for more tips just like this: https://www.youtube.com/channel/UCcja7IBZ2VZVsCdmGDjZiRw?sub_confirmation=1
-----Contents of this video-----------------------------------
0:00 - Intro
0:33 - Assign Every Single $ Into Buckets
0:48 - Present the bucket numbers
1:08 - 1st number - Needs
1:47 - 2nd number - Wants
2:40 - 3rd number - Savings and Investing
3:24 - 4th number - Giving
4:11 - Share, Like, Subscribe
4:30 - Summary
When you divide every single dollar into categories it is much easier to stay on track and achieve your major goals you have in life. Like buying a house, going on a vacation, or buying a car, making a huge donation and so forth.
Today, I will talk about what you should do with every dollar that comes into your life. Concept of assigning every dollar into buckets.
50 - 25 - 20 - 5
These numbers are my suggestions, but you can come up with your own numbers that make sense for you. The more you bump up the numbers to the right the better.
1st number → Needs - I recommend this number to be 50c out every dollar you bring home.
Rent/mortgage, Transportation, Food, All the Bills - electricity, watter, internet, and others. Debt Payment
2nd number → Wants - Here I say 25c. If you have been good so far with saving and investing the 25c should be easy to do. Vacation, extra car, night out, pretty much, enjoying life. The more you advance in your financial journey, this number could get bigger as a reward for doing a great job.
3rd number → Saving/Investing - 20c
The more discipline you are here the faster you will be able to reach financial independence. When I first started my career, this number for me was about 55c, now it is about 35c. Again I am saying 20c for this category but it could be different for you.
4th number → Giving - 5c. Many say 10c out of every dollar, but very few are even doing, even 1c.
Giving brings so much joy, yet not many people are doing it. So I would recommend to start small, get used to it and you can gradually increase your contribution.
My wife and I wrote the book: “LIFE LESSONS: From A Wiser Me to A Younger Me” In this book, we go into details of what were the biggest lessons we have learned up until now. Our intention for writing the book was for people to learn from it and not repeat the same mistakes we did. Also what we have learned in 10, 20 years, could be compressed in a few days of you reading the book. So there is a lot to gain :)
*None of this content is meant to be interpreted as investment advice. It is for entertainment purposes only. The content in the video is accurate as of the day of the posting and may not be accurate in the future.
View all episodes
By VladimirYouTube Link:
https://youtu.be/AtIFLqflZqg
Hello Friends! Have you ever sat down to think about where your every $ is going? Today I am presenting a simple concept on what to do with every single $ that comes into your life.
🔔 Subscribe for more tips just like this: https://www.youtube.com/channel/UCcja7IBZ2VZVsCdmGDjZiRw?sub_confirmation=1
-----Contents of this video-----------------------------------
0:00 - Intro
0:33 - Assign Every Single $ Into Buckets
0:48 - Present the bucket numbers
1:08 - 1st number - Needs
1:47 - 2nd number - Wants
2:40 - 3rd number - Savings and Investing
3:24 - 4th number - Giving
4:11 - Share, Like, Subscribe
4:30 - Summary
When you divide every single dollar into categories it is much easier to stay on track and achieve your major goals you have in life. Like buying a house, going on a vacation, or buying a car, making a huge donation and so forth.
Today, I will talk about what you should do with every dollar that comes into your life. Concept of assigning every dollar into buckets.
50 - 25 - 20 - 5
These numbers are my suggestions, but you can come up with your own numbers that make sense for you. The more you bump up the numbers to the right the better.
1st number → Needs - I recommend this number to be 50c out every dollar you bring home.
Rent/mortgage, Transportation, Food, All the Bills - electricity, watter, internet, and others. Debt Payment
2nd number → Wants - Here I say 25c. If you have been good so far with saving and investing the 25c should be easy to do. Vacation, extra car, night out, pretty much, enjoying life. The more you advance in your financial journey, this number could get bigger as a reward for doing a great job.
3rd number → Saving/Investing - 20c
The more discipline you are here the faster you will be able to reach financial independence. When I first started my career, this number for me was about 55c, now it is about 35c. Again I am saying 20c for this category but it could be different for you.
4th number → Giving - 5c. Many say 10c out of every dollar, but very few are even doing, even 1c.
Giving brings so much joy, yet not many people are doing it. So I would recommend to start small, get used to it and you can gradually increase your contribution.
My wife and I wrote the book: “LIFE LESSONS: From A Wiser Me to A Younger Me” In this book, we go into details of what were the biggest lessons we have learned up until now. Our intention for writing the book was for people to learn from it and not repeat the same mistakes we did. Also what we have learned in 10, 20 years, could be compressed in a few days of you reading the book. So there is a lot to gain :)
*None of this content is meant to be interpreted as investment advice. It is for entertainment purposes only. The content in the video is accurate as of the day of the posting and may not be accurate in the future.