Why the 50/30/20 Rule DOESN'T WORK (Budgeting 101)

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Published 2021-03-18

What is the 50/30/20 Rule? Does it work? Check out this video to find out!

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⏰ TIME STAMPS ⏰
00:00 – Intro
00:44 - What is the 50/30/20 rule?
01:54 - It does not work for everyone
2:58 - It does not take into account what stage in life you are in
3:48 - Conclusion
4:34 - Outro

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👨🏽‍⚖‍ DISCLAIMERS AND DISCLOSURES 👨🏽‍⚖‍
This video, and the ideas presented in it, are for educational purposes only and should not be construed as financial or legal advice. I am not a financial advisor. Although I am a CPA by profession, I am not your CPA or financial advisor. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.

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All Comments (9)

@TylerSinden 3 years ago

I like how you said it doesn't work for everyone. We're all different and what works for someone, might not work for someone else. Good stuff!
@Itryfi 3 years ago

I think it works as a starting point. Letting beginners know exactly where they stand. Once they see where their money is going. You can adjust accordingly or switch to something else. I would advocate more toward savings but it gets people thinking about what’s going on with their expenses
@KatzKeys 3 years ago

great advice! I've been very savvy with budgeting but I have never even heard of 50/30/20 rule before!
@EagleAutoshop 3 years ago

Well done! thanks for the advice.
@edwardaguilo4298 3 years ago

I agree. I feel like the 50/30/20 rule is silly and limits how much $ you can save/invest
@LifeMeetLightning 3 years ago

I’ve never been good at budgeting like that. Lol I’m really good at saving though. I think I save/invest 50%...
@GabeCuello 3 years ago

I gotta learn from you, man. Any videos on how to start (super beginner) using apps like "RobinHood" or stocks and investments for long-term financial gain?
@InfluentialFinance 3 years ago

🌟🌟Do you want to start budgeting and take control of your finances? Check out YNAB! 🌟🌟 🔗 www.influentialfinance.com/go/ynab/