If you’ve read a lot of personal finance advice, you know that it usually concentrates on what you can’t do — what you shouldn’t buy and how you shouldn’t spend your money. What it doesn’t often offer is a vision of what all that scrimping and saving is for. My guest today argues that while knowing how …
Whether it’s lottery tickets, bar tabs or lunch dates, we all have something we spend money on that we think we shouldn’t. But according to personal finance expert Paula Pant, waste is in the eye of the beholder.
Personal finance can seem intimidating, but the reality is it’s pretty basic — save more than you spend, find ways to earn more, invest for the long-term, and protect your assets. But if personal finance is so easy, why do so many people screw it up?
My guest today has spent his career exploring this topic. His name is Jonathan Clements and he’s been The Wall Street Journal’s personal finance columnist for years. During his writing career, he’s also published several popular personal finance books including "The Little Book of Main Street Money." In his latest book, "How to Think About Money," Jonathan distills decades of personal finance experience into punchy, insightful, and action-oriented advice.
Today on the show, Jonathan and I discuss the most common money mistakes people make and the psychological biases that cause us to make them. Jonathan then shares research-backed advice on how money can buy you happiness…and also misery. Just depends on how you use it. He then delves into brass tacks tips on how to save for retirement no matter how old you are, how to overcome your psychological biases so you don’t make stupid money mistakes, and why focusing on not losing money will help you have more money in the long run. Lots of actionable advice to enhance your finances in this episode.
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How to Make A Budget | The 60% Solution Explained. Subscribe for weekly finance videos: https://www.youtube.com/channel/UCbsDR27rGCFdDKQVRl_tgEQ?sub_confirmation=1
Today, my friends, we look at yet another type of budget known as the 60% solution. The 60% solution was created and popularized by MSN Money’s former Editor in Chief Richard Jenkins when he realized that using budgets like the Zero-Sum budget wasn’t working for him and his family. It was too laborious of an activity and so it often didn’t get done properly. He needed a simpler (and quicker to implement) solution.
This budget teaches you to split your money into 5 different categories. 60% of your income goes to "committed expenses" while the other 40% is split equally between retirement savings, long-term savings, short-term savings and fun money! The ultimate goal of this budgeting method is to avoid overspending because that often leads to debt. Today I’m going to show you how to use the 60% solution budget.
If you enjoyed this video you can check out some of my other videos at the links below!
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Original video: https://www.youtube.com/watch?v=fw0HLqf-ytk&list=PLOzJ0H1BtBQ3OvugjypBmr9i9Fu0f4xhK
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