In this episode, we talk about the 50-30-20 Rule To Be Smarter/Successful With Your Money
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What is this rule and should you follow it?
50% of your paycheck should go toward things you need
Rent/Mortgage
Food/Health/Utilities
Debt Payments (not including mortgage)
20% of your paycheck should go toward savings and investments
Roth IRA / 401K
Emergency fund (6 months)
Stocks/Real estate
30% of your paycheck should go toward things you want
Vacation/Travel
Entertainment (like movies, sports, etc)
Shopping
Dining out
Luxurious items
Our final thoughts on this