10 Money Rules Everyone Should Learn in 2024

10 Money Rules Everyone Should Learn in 2024

1. PAY YOURSELF FIRST

As soon as you get paid, put money into a high yield savings account. Automating this is even better.

2. KEEP A 6 MONTH EMERGENCY FUND

If you have multiple streams of income, you can go as 3 months.

If starting out on you own, you could need as much as 12 months.

3. BUDGET USING THE 50/30/20 RULE

• 50% for needs

• 30% for wants

• 20% towards saving/investing

This is the bare minimum!

4. DIVIDE YOUR BONUS INTO THIRDS:

• 1/3 for fun

• 1/3 for retirement

• 1/3 for debt pay down

5. PUT ALL, OR A LARGE PERCENTAGE, OF YOUR RAISES INTO SAVING AND INVESTING

This helps avoid lifestyle inflation and moves up your retirement date.

6. AVIOD HIGH INTEREST DEBT

If you have it, use the avalanche or snowball method to pay it off ( google them).

7. ALWAYS TAKE AN EMPLOYER 401K MATCH

Many employers will match a percentage of your paycheck.

This money is getting an immediate 100% return. If you turn this down, its the same as turning down a raise.

8. YOUR HOME PAYMENT

mortgages, interest, insurance should cost less than 25% of your monthly income.

9. WHEN BUYING A CAR USE THE 20/4/10 RULE IF YOU HAVE TO

• 20% down

• 4 year loan

• 10% of your monthly income

I still prefer to buy a older vehicle with cash, but each to their own.

10. YOU SHOULD SAVE AT LEAST 15%

of your income for retirement.

Believe in your heart and soul that you are capable of big things in your life.

The only thing that is standing in your way is yourself.

Remove your glass ceiling. Get a growth mindset!

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