If you want to win at wealth, you must always live within your means, whether you’re making $50,000 a year or $5 million a year. Finding a balance between how you want to live today and how you want to live in the future is key.  

Using a budget can be helpful to ensure you’re not overspending and that your money is working for you. The “50-30-20” budgeting approach suggests that you spend 50% of your money on your needs, 30% on your wants, and 20% should be marked for savings and investments.  

Budgets aren’t all about restricting, but rather can provide a sense of freedom and empowerment once you know where your money is going. You can pay off debt, build an emergency fund, and determine which investments work best for you.  

In this episode, John explains how to take control of your finances with a budgeting system. 

In this episode, you’ll also hear:

  • Making sustainable changes when it comes to your finances
  • Breaking down the 50-30-20 budgeting method  
  • Tips for maintaining an adequate emergency fund

Must-listen moments: 

[00:00:51] A budget is just as much about saying yes to the things you desire in your life, as it is about saying no. It’s about being empowered to take control of your finances and make deliberate decisions to move your life in the direction you want to take it.

[00:07:13] Again, this is not an exercise to deny yourself of every desire you have. It’s simply a way for you to clearly see where your money is going and the choices that you can make to take back control.

[00:12:37] With an emergency fund, you have to accept that you’re not going to earn high rates of return with this money. But the fund will allow you to treat your long-term investments as long-term investments.

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Disclosure: The following program is sponsored by Fourth Avenue Financial, which is solely responsible for its content. Securities offered through J.W. Cole Financial Member FINRA SIPC, Investment advice offered through J.W. Cole Advisors. Fourth Avenue Financial, J.W. Cole Financial, and J.W. Cole Advisors are unaffiliated entities. The opinions expressed by John K. Burdette II should not be construed as specific investment, legal, or tax advice. All economic and performance information is historical and not indicative of future results. Investing may involve the risk of loss of principal. Any Tax advice on this show is not intended to be used by any person for the purpose of avoiding US federal or state tax penalties that may be imposed on such a person, and each listener should seek advice from their tax advisor or legal counsel on topics that arise from the show. John K. Burdette II is not providing legal or tax advice. Nothing should be construed as solicitation of an offer to buy securities.

The preceding program is sponsored by Fourth Avenue Financial, which is solely responsible for its content