Ever look at your bank account and think: “Where did all my money go?”
The problem usually isn’t that you don’t make enough money.
The problem is you don’t have a clear plan for it.
Here’s how to fix that:
Step 1: Track Every Dollar
Most people don’t like the word “budget.” But if you don’t know where your money goes, you’ll never be in control.
- Write down all the money you earn (job, side hustle, allowance, investments). - Then write down every expense, even small ones. - Sort them into groups such as housing, food, transportation, and entertainment.
Think of it like your own report card for money. Businesses do this all the time, and it works.
Step 2: Build a Money System
Rich people don’t just spend what’s left after paying bills. They plan before the money even comes in. Here’s a simple rule: 75/15/10
Minority Mindset
Ever look at your bank account and think: “Where did all my money go?”
The problem usually isn’t that you don’t make enough money.
The problem is you don’t have a clear plan for it.
Here’s how to fix that:
Step 1: Track Every Dollar
Most people don’t like the word “budget.” But if you don’t know where your money goes, you’ll never be in control.
- Write down all the money you earn (job, side hustle, allowance, investments).
- Then write down every expense, even small ones.
- Sort them into groups such as housing, food, transportation, and entertainment.
Think of it like your own report card for money. Businesses do this all the time, and it works.
Step 2: Build a Money System
Rich people don’t just spend what’s left after paying bills. They plan before the money even comes in. Here’s a simple rule: 75/15/10
- Spend 75 percent
- Invest 15 percent
- Save 10 percent
Consider opening three accounts: one for spending, one for saving, and one for investing.
Set up automatic transfers so money moves into each account on its own. That way, you won’t spend money that should be invested or saved.
Step 3: Put Your Money to Work
If you always trade time for money, you’ll never get ahead. Here are some ways to consider having your money work for you:
- Consider rental properties that pay you rent each month.
- Look into dividend-paying stocks that pay you every few months
This takes time.
The first year feels slow. Around year five, you’ll notice progress.
Your future self will thank you.
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6 days ago (edited) | [YT] | 282