Just a quick personal finance tip for how to allocate income, what the buckets I use are and the percentages that go toward each.
Here is what I lay out in the quick video:
Income Allocation
55% towards living expenses (mortgage, food, utilities, etc.)
20% toward long-term savings/rainy day fund (for emergencies or replacement of large ticket items)
10% for investing/passive income creation (investing in and acquiring income producing assets)
10% for fun time money (pure discretionary income to spend on anything you like!)
5% for learning and getting better (taking a class or a course, i.e, learning something new)
(I know, awesome t-shirt right?)
Note - these allocations are meant as minimum guidelines and fit more for the standard American household. For an entrepreneur or investment junkie (guilty as charged) you very well may juice up the investing percentage, for instance.
Anyway, steem on!
Best Regards.
Disclaimer: Info in this post and the video are for informational purpose.