Do This EVERY Time You Get Paid (Paycheck Routine)
Do This EVERY Time You Get Paid (Paycheck Routine)
In video I share easy ways you can setup a payday/pay check routine, so you too can save $100,000 without even thinking about it!
Timeframe
0:00 -
I'm sharing a powerful strategy that's helped me save over $100,000 in just a few years. It's all about the order in which you handle your finances. The first and most crucial step is investing. By prioritizing investments, particularly in retirement accounts like your 401(k) and IRA, you're setting yourself up for long-term financial stability. Remember, your company's match on your 401(k) is free money, so don't miss out on it. After maximizing your retirement contributions, consider taxable brokerage accounts for additional investment opportunities.
Once investments are taken care of, the next priority is savings. Whether it's for emergencies or big purchases like a car or house, treating your savings as a fixed expense ensures you consistently set money aside. Automating this process prevents you from spending it impulsively. With 10% of your paycheck allocated to savings, you're building a safety net for your future goals. Then comes the budgeting for fixed expenses and bills, which should ideally account for 60% of your paycheck. Front-loading these expenses, such as paying bills immediately upon receiving your paycheck, cultivates a mindset of conscious spending and prioritization.
Finally, with essentials managed, any leftover money is yours to enjoy guilt-free. Whether it's a luxurious trip or a fancy dinner, this discretionary spending is a well-deserved reward for your financial discipline. Throughout this process, automation is key to maintaining consistency and reducing decision fatigue. Shifting your mindset to prioritize investments and savings cultivates financial responsibility and reduces impulsive spending. And remember, creativity can be a powerful tool in boosting your income or cutting expenses, ultimately accelerating your journey towards financial freedom.
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Watch video Do This EVERY Time You Get Paid (Paycheck Routine) online without registration, duration hours minute second in high quality. This video was added by user Kevin - Financial Tutor 01 January 1970, don't forget to share it with your friends and acquaintances, it has been viewed on our site 5,90 once and liked it 2 people.