Saving comes naturally to some but can be a challenge for others. Saving alone will not make you wealthy; however, it is the first step in building wealth and becoming financially independent.
Here are behavioral
- Set savings amount in advance of windfalls (tax returns, raises, monetary gifts)
- Leverage transitions ( birthdays, seasons, new moons)
- Manage your small purchases ( ”Small leaks, sink great ships” )
For more on the 30/40/30 Rule, listen to Episode 116: What to do with a cash windfall? 30/40/30 Rule
30%- Past (debt and loans)
40% – Present- (current needs and wants Emergency Funds)
30% – Future (large purchases, down payment for homes and cars, and retirement)
Ms. Black, the host of Staying in the Black, is a single mom, homeowner, and public school educator in NYC. She owns two properties and is one mortgage away from being totally debt-free. She loves traveling the world with her family and has over $500,000 in her retirement accounts beyond her pension.
Learn more about Ms. Black:
Instagram:@stayingintheblk
