psynapse
New Contributor
After recently reading "The Rules of Wealth" by Richard Templar and a post from Tim Ferris of Automated Finances, I have been motivated to divide up my personal income into three categories:
1. Living expenses (40%) <- what I need to live on a day-to-day basis, small ticket (<$100) items.
2. Sunny day fund (30%) <- longer term, bigger ticket expenses (vacations, gadgets, etc).
3. Rainy day fund (30%) <- for when shit happens.
And have created three separate bank accounts for each of these. By having the online accounts visually labeled and my income automatically divided up and transferred between the accounts, I have found it releases a psychological burden of knowing how much I have in each area. The only question now is whether the %'s are appropriate, but I think I need time to figure that out.
Do other people here do something similar?
1. Living expenses (40%) <- what I need to live on a day-to-day basis, small ticket (<$100) items.
2. Sunny day fund (30%) <- longer term, bigger ticket expenses (vacations, gadgets, etc).
3. Rainy day fund (30%) <- for when shit happens.
And have created three separate bank accounts for each of these. By having the online accounts visually labeled and my income automatically divided up and transferred between the accounts, I have found it releases a psychological burden of knowing how much I have in each area. The only question now is whether the %'s are appropriate, but I think I need time to figure that out.
Do other people here do something similar?
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today