18 min

Ep 51 - Use The 50-30-20 Rule To Be Smarter/Successful With Your Money Broke Millennial Finance Podcast

    • Investing

In this episode, we talk about the 50-30-20 Rule To Be Smarter/Successful With Your Money


Help support us by joining our Patreon! (https://www.patreon.com/BrokeMillennialFinance)


Check out our website for more content: (https://brokemillennialfinance.net) 


Subscribe To Our YouTube Channel: (https://www.youtube.com/c/brokemillennialfinance)


Here are the referral links for you to join to get your free stocks:


Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)


Robinhood: (https://join.robinhood.com/naveras-a23246)


Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)


 


Want to reach out to us? Email us at contact@brokemillennialfinance.net


 


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

In this episode, we talk about the 50-30-20 Rule To Be Smarter/Successful With Your Money


Help support us by joining our Patreon! (https://www.patreon.com/BrokeMillennialFinance)


Check out our website for more content: (https://brokemillennialfinance.net) 


Subscribe To Our YouTube Channel: (https://www.youtube.com/c/brokemillennialfinance)


Here are the referral links for you to join to get your free stocks:


Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)


Robinhood: (https://join.robinhood.com/naveras-a23246)


Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)


 


Want to reach out to us? Email us at contact@brokemillennialfinance.net


 


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

18 min