Money is money at the end of the day, and I didn’t really think it made sense to separate my money; until I realized that I had no savings, and I was broke.

And the way I see it today is like this, Clothes are clothes but I don’t know about you, but I like to keep my clothes separate, It makes it easier for me to find what I’m looking for. My socks, boxers, my workout pants ( by having things in separate places it makes it easier for me to get dress, although as you can see its not that hard putting on a white shirt )

But in this video, I’m to tell you how many accounts I have an why.

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The actual Accounts

Have 2 spending accounts ( call one Necessities and the other Fun account – never mix this money )

Second have two savings account ( call one emergencies and the other savings )

For the rest of the essentials, it’s a pretty simple process

When you get paid and the money lands in your expenses account ( do or automate )

If your focus is on debt ( pay that right away )

If emergencies ( send that right away )

Investing ( automate )

you really only need 4 accounts and the 4th is for when you start saving for something in the long term ( down payment or something )

Give your Money a Job

Right now most of the people watching this video have their money doing one things

And that’s paying bills and using it to blow some steam every now and them

But that’s why most people live paycheck to paycheck

Here are the 6 recommended jobs for your Money.

Emergencies

Investments

Debt

Expenses

Fun

Charity

How do I use this

The Key is Simple have a priority and limit your spending.

Don’t spend more than 90% of your income on your expenses

Then focus the rest of the money on of these jobs and give 1% to the others while you finish.

For example:

Lets say you make $2000 per month and you $1700 per month and you are left with $300 ( we know you spend 85% of your money on expenses )

So you have left 15% ( use that 15% to save your first $500-1000 in your emergency account )

To make this process faster, sell everything that you don’t need around the house.

After that:

Once you have that cash in emergencies

Focus on paying off all your debt except the mortgage

Then focus on building a fully blown emergency account.

And by this point you should be spending less, so invest 10-20% into retirement low cost index funds and start saving up for a home following the 33% rule

I don’t have time to break down all that in this video but I do have videos breaking down each job, and also a full course

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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