SEASON 5 EPISODE 37
- The 50/40/10 Rule a rule we all must apply to our lives as we make money. We never knew about this rule until we started doing research on Budgeting, Investing, & Life. We laid out some key details on what this rule is and also discuss how the rule applies to different people.
- BUT FIRST we kick off the show with our Quotes of the Day, 1st quote about "Unplugging yourself to recharge" we elaborate more on this quote in the intro of SAUNAIE. The 2nd Quote is about "Doing what Unsuccessful people won't do," we all know what habits those are.
- NOW FOR THE MAIN EVENT 50/40/10 RULE
- This rule divides monthly income to balance Financial Needs & Grow Wealth.
- Monthly Earnings should be divided into 3 separate accounts and we discuss what those 3 are in this segment as well as some examples
- A lot of people use the 50/30/20 Rule that is more for Consumers, the 50/40/10 rule applies to Investors & Wealth Builders.
- 2ND SEGMENT: 90 Day Business Blue print
- in this segment we discuss the steps to building a business in 90 days
- Days 1-30 is all about Picking your business, researching the business, watching videos, Taking courses, & Mastering the skill
- Days 30-60 is for Applying the skills you've learned, Gaining Experience, Working for Free which is a Major key, & getting Case Studies
- Days 60-90 is using your case studies to gain clientele and providing results for your clients & potential customers
- 3RD SEGMENT: 6 Tips to Budget Your Incomce
- Don't Underestimate your income
- Use Microsoft Excel or the app "Every Dollar"
- Budget in your investments
- Plan 3 months ahead
- Anticipate a small sum of money for impulse buys
- Track every transaction
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