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Need a New Budgeting Strategy? Start Here
New to budgeting? Ross Mack explains the 50/30/20 budget - which is helping students everywhere save and spend at the same time.
Sponsored by Experian #FinanceCouchExperian
Subscribe to Million Stories on CZcams ► czcams.com/users/millionstoriesmedia
Continue The Finance Couch Series ► czcams.com/play/PLUpXBFBycmhGvp-OSJoCSQjNWefbRw9qE.html&si=-9pkTyik2BlNZrwh
It seems like everyone these days has their own, elaborate way of budgeting. For some, these complex strategies work great, but for others, they can make saving money feel like a daunting task. Luckily, financial consultant Ross Mack is here to break down one of the simplest budgeting strategies.
In this episode of The Finance Couch, we meet 22-year-old Kamran, who wants to know how best to spend, save, and be mindful of his earnings as a college student. Ross proposes the 50/30/20 budget: allocate 50% of your post-tax income to necessities like rent and groceries, 30% to discretionary spending like dining out and travel, and 20% to savings. Ross emphasizes the importance of not touching that 20%, using it for retirement accounts, building a fully funded emergency fund, or other savings goals.
This budgeting strategy is perfect for college students, young adults, or anyone who is just starting out in their money management journey. Join us in this couchside discussion to learn just how impactful a strong budget can be!
Sponsored by Experian #FinanceCouchExperian
Watch on MillionStories.com ► www.millionstories.com/series/Your-World-on-Money?id=37
Late on saving for retirement? Here’s how to catch up
► blog.millionstories.com/money-smarts/late-on-saving-for-retirement-heres-how-to-catch-up/
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#collegestudent #collegelife #budgeting
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Komentáře

  • @Always_there99
    @Always_there99 Před 2 hodinami

    Forced advertising ?

  • @Frances-tv4fe
    @Frances-tv4fe Před 21 hodinou

    ❤ I love you, Damien ❤ If you remember my email... inbox me ❤❤❤

  • @TJ-bd5iq
    @TJ-bd5iq Před dnem

    He was an alternate in Rio, but he is the only one from that US MAG team to win a medal in that Olympics aside from that pommel horse specialist who won bronze.

  • @arichansen8779
    @arichansen8779 Před dnem

    Invest what?

  • @suelymorais6026
    @suelymorais6026 Před 2 dny

    👏👏👏👏

  • @netsaosa4973
    @netsaosa4973 Před 3 dny

    This is so true

  • @B.Whittaker
    @B.Whittaker Před 4 dny

    She said a couple hundred thousand to start and *then* make her way to six figures? 🤨

  • @troylange5838
    @troylange5838 Před 4 dny

    Lol

  • @VictorOrdonez-ei5cc

    Escuchen bien , si los británicos en eeuu no quieren marca Philips no prolema no quiero otra marca en tecnología ok

  • @user-rh9nh5dm1n
    @user-rh9nh5dm1n Před 6 dny

    Do not have a car 🚗

  • @rickwilliams967
    @rickwilliams967 Před 6 dny

    PSA for anyone considering this as a legitimate money making scheme: Debt is never good. If you think it is, you are stupid. This isn't actually how this works. The only reason it SEEMS to work is because people are dumb enough to fall for it.

  • @Dr.Weed8
    @Dr.Weed8 Před 7 dny

    eat grass and drink rain water. That’s all you need.

  • @MudvilleMedia
    @MudvilleMedia Před 7 dny

    California in some places you have to have 3x rent in your bank account, plus first and last month rent, and security deposit, a high credit score with no co-signers. And no criminal record whatsoever. And they wonder why we have a homeless crisis….🙄

  • @MillionStoriesMedia

    Have you had to co-sign a lease?

  • @johnnguyen2032
    @johnnguyen2032 Před 7 dny

    Good to know!

  • @noneofbizorjuliejt6466

    How sweet! What a cool guy for appreciating what his teacher did for him.

  • @vanthaddeuscruz4296
    @vanthaddeuscruz4296 Před 10 dny

    I admire this man.

  • @Alex-ih9lc
    @Alex-ih9lc Před 11 dny

    You didn’t specify it only replaces insulation or that it’s 1/4 as good Stop blowing smoke up my

  • @mrsteveinsandiego
    @mrsteveinsandiego Před 11 dny

    We are 75. No debt for yrs n yrs. Paid cash for retirement house. Paid cash for 2015 subaru. We've traveled in all 50 states, and Germany, Austria, France, Switzerland. Yes, we ARE millionaires....yuo'd never figure it out if you spent the day with us. We eat fast food, but not all the time. Buy my clothes at costco, ross, marshall's, tjmaxx. Always look for the good labels. We are longtime Hilton customers, ergo we qualify for discounts....tho i doubt we'll be traveling much longer. iddibuh iddibuh iddibu "That's all, folks!" (Daffy Duck iinm).

    • @devvvvvvvvvvvvvvvvvvvv
      @devvvvvvvvvvvvvvvvvvvv Před 9 dny

      Can you buy me a pack of Skittles?

    • @rickwilliams967
      @rickwilliams967 Před 6 dny

      I believe you. That said, you literally just contradicted this video. You literally are rich because you DIDN'T acquire debt. Not sure if that was your intention.

    • @rickwilliams967
      @rickwilliams967 Před 6 dny

      ​@@devvvvvvvvvvvvvvvvvvvvdon't fall for the credit stuff, and you could afford your own.

  • @netsaosa4973
    @netsaosa4973 Před 11 dny

    This is epic

    • @MillionStoriesMedia
      @MillionStoriesMedia Před 8 dny

      Thanks for watching!

    • @netsaosa4973
      @netsaosa4973 Před 8 dny

      @@MillionStoriesMedia You're welcome MillionStoriesMedia

    • @rickwilliams967
      @rickwilliams967 Před 6 dny

      Epically stupid, yes

    • @netsaosa4973
      @netsaosa4973 Před 6 dny

      @@rickwilliams967 Hey Rick Williams, we're all just trying to get some good debt here! Calm down a little! Thanks!

  • @nkm07
    @nkm07 Před 12 dny

    Not everyone can be a gold medalist. Stop giving too much hope to below 50-90% people. Ordinary people need ordinary motivation. Such as, your transcript.

  • @marr6878
    @marr6878 Před 12 dny

    Ouch

  • @innavision1920
    @innavision1920 Před 12 dny

    Beta

  • @JPark118
    @JPark118 Před 12 dny

    Wow, it’s amazing how you survived with 2 littles while you were being prego. I have 2 littles and my husband has been gone for the most part of my first one’s first 4 years her life, and it was super hard for me. I mean, I have no friends and family where we are staying, so it was especially harder, but I think the hardest part is the physically feeling exhausted. I’m glad you had your nanny. Maybe that’s what i need for my kids lol

  • @オリバー
    @オリバー Před 13 dny

    skibidi toilet

  • @MillionStoriesMedia
    @MillionStoriesMedia Před 14 dny

    What good and bad debt do you carry?

  • @traveon1475
    @traveon1475 Před 14 dny

    I have so many car that I think about wanting to drive. One that I can think of is a 2008 Bentley painted in blue.

  • @traveon1475
    @traveon1475 Před 14 dny

    So what is the main key that I’m supposed to take and apply? I’m curious.

    • @MillionStoriesMedia
      @MillionStoriesMedia Před 14 dny

      Great question! The main takeaway is that by using a budget to make sure you cover your necessities and savings first, you can still treat yourself to a coffee or whatever brings you joy! A budget helps you see where your money is going, it's not meant to be restrictive,

  • @user-wm1ms2gq5s
    @user-wm1ms2gq5s Před 15 dny

    Thanks for sharing this story with us on fasting

  • @wxlsh-berry
    @wxlsh-berry Před 15 dny

    There was definitely a technology gold-rish. That we went through; it seems to be contracting at velocity.

  • @AflacMan13
    @AflacMan13 Před 16 dny

    There is one other thing to consider also. Let us say you still want those lattes. Additionally, let us assume you budget for them in your overall monthly budget. Would it be less expensive to make them at home, or get them from your favorite shop? What other shops in the area sell the same product, but at a higher quality for an equivalent or better price? Lastly, when thinking of cost, consider time, nutritional considerations, and convenience as a factor in that cost. How much additional time does it take, waiting on someone else in an ultra busy morning rush pressed coffee shop, versus you making at home yourself? Consider also that homemade items can often taste *better* than commercially created products! Nutritional factors should play a large role in your decision making process here also, as there can be some... unfriendly... ingredients in many commercial brands these days. Starbucks for example is notorious for chemical additives, preservatives, and other unsavory thinga making their way into their beverages on confections. Lastly, convenience is always a factor, which comea down to how much hassle something is going to be. If you make your latte at home, you are stuck with all the cleanup for certain; however, you also could get a better product, at a lower cost, for a larger amount of latte coffee, and with whatever customization options you desire that might not be available at the local shop. You also are the one making it though, so that takes time and effort. On the other hand, you could go to your local coffee purveyor and get that favorite latte, made just right, and pay that $5 for the sizes they have available, with the condiments or add-in's they have there to choose from and *not* be saddled with the clean-up or with the necessary skills and acumen necessary to make it. Although this is true, you have less control over what goes into your beverage, you still have to go to that shop, you still have to spend time and effort getting there and waiting, and you are at the whims and mercies of the general public once you leave your abode. It's all about cost. ;-)

    • @MillionStoriesMedia
      @MillionStoriesMedia Před 14 dny

      Those are great points! Cost can mean many things from the actual dollar amount to the time you're spending.

  • @oluwasegunphilip5467
    @oluwasegunphilip5467 Před 16 dny

    💪🏾👏🏾 This is impactful and insightful 🔥