Video by jacobdoesmoney

Number one, take your monthly income and multiply it by 0.55. That's the maximum that you should aim to spend on essential expenses like housing, groceries, and getting to work. Number two, take your monthly income and multiply it by 0.05. That's your guilt-free money. Spend it on whatever you want and don't feel bad about it. Number three, take your monthly income and multiply it

by 0.1. If you've got debt, that's what goes in every single month. But if you're debt-free, that whole amount goes into investing instead. Number four, take your monthly income and multiply by 0.15. That's how much you should aim to save for short-term goals like a house, a car, a wedding, or anything else that you're working towards.

Number five, take your monthly income and multiply it by 0.15. That's what goes into investments every single month to build long-term wealth. That way, your money has a job instead of just disappearing. Follow these rules and you'll be on your way to financial freedom in no time. Save this for your next paycheck and follow for more.