How To Manage Your Money Like The Top 1% (The 60/30/10 Rule)
In this video, we talk about one of the personal finance rules of money management that even the wealthy will use. This is called the 60/30/10 rule and it's an updated version of the 50/30/20 because personally, I think the 50/30/20 rule is dead with most Americans dealing with higher costs of living. However, even though the rule has changed a little bit, I show you with math that we can still get to financial independence, and ultimately try to earn our way into the top 1%
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Hello 👋 I’m Humphrey, I used to be a financial advisor, worked in gaming/tech, and started my own eCommerce business. I make practical, rational content on investing, personal finance, the news, and much more with a data-backed approach. My goal is to help you with financial literacy and creating wealth.
PS: I am no longer a current Financial Advisor, any investment commentary are my opinions only. Some of the links in this description are affiliate links that I do receive a commission for & they help support the channel!
⏱️ Timestamps:
0:00 – Start Here
0:33 – The 50/30/20 Rule Is Outdated
2:51 – Introducing the 60/30/10 & Needs
5:35 – Wants
7:00 – Why 10% Is Still Sufficient
10:13 – Habits of the Wealthy
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Mine is 30-5-65. Wife and I are very frugal and still drive around our beater 15 year old Honda and Subaru.
I have the same split. Also driving an 18 year old Camry 😀
How old are you guys?
Actually mine is the same too and I have the same civic hybrid I bought new in ’08…
Starting to see a trend here lol
Nice! Mine is 30/70 – there is no want
I envy you lol.
If you’re an employee of a large enough company (one that offers a 401k), you can easily automate at least a 6% savings investment right away. Typically they’ll offer a match, which makes it a no-brainer. The sooner you can make this the default, the better. I started increasing it by just one percent each year, and I’m now at 17% of my income invested into my 401(k) and I don’t feel the “hit” at all because it’s been steadily increasing over the years. I would say I started late, I just turned 39, but it’s comforting to know that in 8 years I’ll be saving a full 25% of my earned income, tax-free, and those returns will be tax-free.
How much have you saved in your 401k so far? Are you at max yet?
@realitywhatsthat how are your returns tax free if you’re contributing pre-tax?
34 currently living a 35% (Needs) 15% (Wants) and 50% (Savings/Investing), six figure income no kids not married FI/RE by 38-40.
Curious what your split is for savings/investing out of the 50%?
@@ftr911drvr Currently 40% investments split between TSP (401K), Roth IRA and Taxable Brokerage. The 10% goes towards HYSA.
Nice flex but this doesn’t represent the population at all
@@Elestar60 I agree, but people also don’t make the best choices by debt. I firmly believe not having debt (minus my small mortgage) has helped me greatly. It took 6-7 years of sacrifice to get to where I am today.
Killing it!
I think 60/20/20 makes more sense. If you want to afford more wants, find a way to increase your income
What are the best strategies to protect my portfolio? I’ve heard that a downturn will devastate the financial market, so I’m concerned about my $200k stock portfolio.
There are strategies that could be put in place for solid gains regardless of economy situation, but such execution is usually carried out by an investment specialist
I’ve been in touch with a financial analyst ever since I started investing. Knowing today’s culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders
Mind if I ask you to recommend this particular coach you using their service? Seems you’ve figured it all out.
My CFA ’ANGELA LYNN SCHILLING’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
I appreciate it. After searching her name online and reviewing her credentials, I’m quite impressed. I’ve contacted her as I could use all the help I can get. A call has been scheduled.
To keep things simple, my spouse and I simply follow the 4% rule. Save enough money so that, when you retire, 4% of your entire savings will cover your living expenses. For instance, if you have $1 million, you can take out $40k annually (with most investments paying dividends of roughly half that amount).
It’s a straightforward guideline, and we only calculate what we save for ourselves—we don’t bother figuring out things like Social Security. If we require that, we view it as “extra” rather than absolutely necessary.
i’ve been retired for 7 plus years and my wife has been retired for 5 plus years. So far we haven’t used any of our $2.2m retirment money. We are having no problems living on just our SS. Being debt free is what makes that happen.
51 years old. I have $295k in my Fidelity retirement account. I cranked my contributions up to 35%. Fidelity just holds my ETFs/stocks. I made that change earlier this year. I’m hoping to end the rat race by 60 but it’s looking more like 63-ish. I want to have $1.5M and bring in about $60k in dividends each year. Pedal to the floor! Thanks for the video. Great content.
That is amazing!The consultants’ expertise would be greatly appreciated.
Find financial advisors like Becky Lou Gordon who can assist you. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Looked up her name and her website popped up immediately, interesting stuff so far, about to schedule a session with her.
Thanks to you Humphrey. Following your recommendation, I started researching into Abby Joseph Cohen Services. Thankfully it was a little over a year ago now, I started an lnvestment with Abby’s Services and that allowed me to be on much MUCH more stable ground in the face of global financial upheaval.
So thank you, your channel, and your employees. For what it’s worth, it made a difference for me and my little family.
Same here, I got to know about Abby Joseph Cohen Services from Humphrey in 2021. Since then I’ve paid off 160,000 USD of debt. Now I’m working on building an emergency fund. I didn’t even have a savings account three years ago.
I know this FA, Abby Joseph Cohen Services but only by her reputation of being a former employee at Goldman Sachs; even though she’s now involved in managing portfolios and providing investmnt guidance to clients. I have been trying to get in contact since I watched her interview on WSJ last month
@@EalDieguez
Well her name is ‘ABBY JOSEPH COHEN SERVICES’. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I went from no money to lnvest with to busting my A** off on Uber eats for four months to raise about $20k to start trading with Abby Joseph Cohen. I am at $128k right now and LOVING that you have to bring this up here
@@AllenDolt
Thank you for this tip. I just looked the name up, wrote to her through her webpage and booked a session..
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?
It’s often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
Please who is the consultant that assist you with your investment and if you don’t mind, how do I get in touch if you don’t mind
There are a handful of experts in the field. I’ve experimented with a few over the past years, but I’ve stuck with ‘’ Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look—her up.
A big problem people have with budgeting their “needs” vs their “wants” is how they handle food. Eating out or buying prepared foods is a significant way to blow up your budget if you are lower income. I got in the habit of separating “groceries” from “entertainment” and putting any prepared foods including from the grocery store in the entertainment category and my habits changes very quickly.
50 saving/investing, 30 needs, 20 wants
We worked with Kristin Amy Rose and paid by the hour instead of assets under management. We loved her. She really helped us get clarity on our asset allocation and future draw downs.
Lovely, I’m interested in working with a financial advisor who offers hourly rates rather than assets under management. Could you please share how I might get in touch with her or any contact details you might have? I would greatly appreciate it. Thanks again!
I’m interested in working with a financial advisor who offers hourly rates rather than assets under management. Could you please share how I might get in touch with her or any contact -details you might have? I would greatly appreciate it. Thanks again!
You can easily look her up by searching for “Kristin Amy Rose” and you should be able to find her contact information there. Best of luck!
You can easily look her up with her full names and you should be able to find her information there. Best of luck!
We decided to take a DIY approach using online resources and financial planning tools. It’s been a learning curve, but we’ve saved on fees and feel more in control of our investments.
All guys stacking Kardden Token before next bull are smart apes for sure
The Kardden KRN will overtake doge and SHIB so easy
Clearly Kardden was a right choice. Hope to learn more from you this is pure knowledge
I use the 30/5/65 rule, 30% needs, 5% wants, and 65% savings/investment. As an Asian, this is pretty common. 😅😅😅😅
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Charlotte Miller.
She is my family’s personal broker and also a personal broker in many families I’m United States, she’s a licensed broker and a FINRA AGENT in United states
I’m surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.
The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.
I’m new at this, please how can I reach her?
Really you people know her? I was even thinking that I’m the only one she has helped walk through the fears and falls of trading
I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that’s what everyone said. I’m still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I’m really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Natalie Strayer..
I’m surprised that you just mentioned Natalie Strayer here also Didn’t know she has been good to so many people too this is wonderful, i’m in my fifth trade with her and it has been super.
The very first time we tried, we invested $2000 and after a week, we received $9500. That really helped us a lot to pay up our bills.
Natalie Strayer has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life’s
I’m new at this, please how can I reach her?
After I raised up to 125k trading with her I bought a new House and a car here in the states also paid for my son’s surgery
Glory to God shalom.
I’m favoured, $27K every week! I can now give back to the locals in my community and also support God’s work and the church. God bless America.
How were you able to achieve this in a short period? I will appreciate if I could get some tips please
I have been struggling with stocks since 2021 making loses everytime.I am strungling financially and am about to give up.. Please please can someone reach for me and help me with trading please.I will appreciate it. Thankyou
In life, I will forever be grateful for health, wealth and a great professional whose help has been great for my finances.
Can you please guid me I can really use a instructor I just started trying this buying and selling shares I’m new to this and my funds are not long
I operate a wide- range of Investments with help from My Financial Adviser. My advice is to get a professional who will help you, plan and enhance your management skills. For the record, working with Cora James, has been an amazing experience.
I really appreciate the dedication in each video you post. Long term investor’s know that the market and economy will recover eventually, and investors should be positioned for such a rebound, I gained $180k from bitcoin of 2021. Before the market crash and now am buying again, adding more at a time. Having a good financial advisor like Charlotte Miller, it will add to your success in the crypto market.
She is my family’s personal broker and also a personal broker in many families I’m United States, she’s a licensed broker and a FINRA AGENT in United states
I’m surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.
Their
…services are very genius and experienced in the market for over a decade and counting, they changed my life from a poor plumber to a better and middle class family man with 2kids.
I’m new at this, please how can I reach her?
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills