01/08/2025
𝟐𝟎𝟐𝟓– get your 𝗠𝗜𝗡𝗗 right and your 𝗠𝗢𝗡𝗘𝗬 aligned.
Here’s a little money tip to consider
𝗦𝗽𝗲𝗻𝗱 𝗼𝗻𝗹𝘆 𝟳𝟱% of your income. This includes essentials like mortgage/rent, car payments, bills, vacations, and all other discretionary spending.
𝗜𝗻𝘃𝗲𝘀𝘁 𝟭𝟱% in stocks, a 401(k), an IRA, or other investment vehicles.
𝗦𝗮𝘃𝗲 𝟭𝟬% in a high-yield savings account.
The other night, Narin was watching one of his favorite investment YouTube channels. While I wasn’t fully tuned in, something the speaker said caught my attention.
This man, who was not of American descent, discussed the stark differences in money habits between his culture and ours. He explained that in his culture, for every dollar earned, only 20 cents are spent.
In contrast, in America, for every dollar earned, two dollars are spent.
Bottom line: we live beyond our means.
He went on to challenge his viewers to adopt the 75-15-10 rule.
I’m not going to sit here and say that all debt is bad—that would make me a hypocrite. Instead, let me offer some practical advice:
Credit Cards- Try not to carry a balance on your credit card but certainly take advantage of the point perks (5X points on travel- Yes, please!)
Mortgages vs. Rent- Taking on a 6% interest rate mortgage can be smarter than paying 100% interest through rent. However, if a mortgage bumps your expenses beyond 75% of your income, it might be worth reconsidering your price range.
Borrowing Wisely- Don’t borrow the maximum amount for which you’re approved. Instead, focus on what feels comfortable based on the monthly payment rather than the total purchase price.
If you’re looking for guidance or need an agent who won’t pressure you to spend more than you’re comfortable with, I’m here to help!
Let’s review your options and create a plan that aligns with your financial goals.
Call/text/email or DM me anytime!
