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50/30/20
The 50/30/20 rule is a simple way to allocate your money and use it wisely. Following this rule can be helpful for someone who is just starting to learn how to manage their money.
- Research shows that 66% of Americans do not set a budget for themselves, but setting a budget is important for long-term financial health.
- According to the 50/30/20 rule, you should divide your money into three categories upon receiving a paycheck: Your essential NEEDS, WANTS and SAVINGS & INVESTMENTS.
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SAVINGS & INVESTMENTS 20%
- Emergency Fund
- RRSPs / 401K
- Stocks/ETF
- Rental Property
- Bonds/Mutual
- FUNDS
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