Money Management Systems [A Step-By-Step Guide]

[@floydchusset3143]

My most important money rule is Never Put All Your Eggs In One Basket. As a 9-5er, I made more than twice my income last year from only stocks and freelance developing. I also experiment with a couple of other things. It's way harder to make money plans when it's coming from just a source No Matter How Well It Pays.

[@smithdavis1362]

They always make it sound so easy lol. tried to buy stocks some weeks back and came out with way less. would have been better off lavishing it on other things.

[@ryanthompson8256]

This used to be me. Just know that you must either understand the market well enough or get the services of a fin. adviser who does for your "investment" to count. I have gotten close to a hundred grand within the past few months only after some months of throwing my money in the wind. You should try again, good thing is you now know better. Goodluck!

[@adamweah8037]

i've got similar problems and I have also considered using an FA but I don't know how to go about it. please, what are the steps for getting one? like a really good one.

[@ryanthompson8256]

You should start by looking out for those from known firms and good track records. You should also make sure the person is licensed. Personally, I use Laura Grace Abels . She's good and you could also look her up.

[@aliyahmerrit5402]

I know her. Used to share same office block with her back in the day nice lady

[@knightmare7850]

I am so grateful for this channel. I never learned any of this until now, almost in my 40’s

[@maxmauldin8470]

I just subscribed to your weekly with Morning Brew and liked it enough that I immediately subscribed here. Already feel like I've learn more than enough to make the 30 mins of watching worth it. Really appreciated the quote from Atomic Habits about falling to the level of our systems. The system you then walked through is much more active than a simple budget. I realized that compared to the system of actively creating pools of money for different expenses, a budget feels so dead and restrictive vs. your system which feels much more proactive and enabling. Thanks for the awesome vid!

[@maxmauldin8470]

With that said, it doesn't necessarily replace some of the principles of budgeting, just accomplishes them in a different way. You still have to know how much to budget and what your expenses and expense categories are.

[@mrugesha7797]

fav podcast when it comes to money, absolutely love your content! have recommended it to so many friends!

[@MoneywithKatie]

That's so kind, thank you!!

[@cuckoohaus]

Hi Katie, your videos have provided much more value than any book on the subject of budgeting and finance i’ve ever dedicated attention towards. I do want to ask for clarification on something and I apologize ahead of time if it sounds base. When you mention having different labeled cash accounts for things like travel, are you suggesting within my checking account with my bank opening sub accounts (that usually have their own separate account numbers linked to a main checking account). I’ve since simplified my accounts and took a minimalist approach since at one point I had so many accounts Wells Fargo made without me even knowing (they eventually got in trouble for doing this). I was wondering if that’s what you were referring to by “cash” account?

[@MoneywithKatie]

This is so nice, thank you so much! And yes, you can do this with sub-accounts or cash accounts; whatever is easiest for you. Some platforms like Betterment have goal-oriented accounts which may also help for medium- to long-term savings goals!

[@evemikilager8270]

Hey Katie thank you for this, it's exactly what we needed as I just purchased a second home in Denver and I'm trying to figure out all the buckets! Quick question for you when you say 50% of after tax income should be spent towards fixed expenses, does that include groceries/eating out/entertainment? I have those 3 as variable expenses but have a budget on them. As for our our fixed expenses that includes (mortgages, home insurance, netflix, phone bill, car payment, car insurance). Should I include the food budgets in that as well and get that down to 50%? Would love the help, thank you!!

[@juzbi]

hi Eve - I know this question is for Katie but if you don't mind I'd love to share my opinion: I think groceries can be put in the fixed bucket category but eating out and entertainment can stay as variable. This is because you can always reduce or expand your budget for eating out and entertainment since it's more of a want rather than need. Does that make sense?

[@ItsA7.3L]

First! Already shared too. To my wife 😁. Love the real girl (person) vibe, good work.

[@anoobtrucker]

Thank you for this great informative video 🙂👍

[@InFaMoUsGeMiNi]

The checking account has been the single most dangerous place to park money for me personally. I keep no more than $500-$1,000 in there and my emergency funds and down payments are all in sub savings accounts. Any other cash I move to a separate cash holding account. I also lock all my debits cards to make it inconvenient for myself. The extra steps to access money has proved beneficial for me.

[@bahijarhafiri]

To enhance our long-term investment mix, my partner and I are introducing a range of stocks and ETFs. We've committed $220k initially, with a particular emphasis on inflation-protected bonds and businesses demonstrating robust cash flows. I see potential for enduring growth in the current market, yet I'm also keen to explore strategies for generating short-term gains.

[@knightmare7850]

🙏🙏🙏🙏😁😁😁😁

[@iskar02]

15k expenses in 2 months, what