Do THIS When You Get Paid (Paycheck Routine)

Says he wants to go to Como. Shows Venice, Florence and Cinque Terre. A for financial content, F for geography :p

I contribute $50 to my 457 & $25 to my 401k, $27 to another ROTH IRA & $108 to my savings account. Two questions…I should be sending 10% of my take home pay minus what I send to my 401k? So if 10% is $100 and I contribute $25 to my 401k I should contribute $75 towards my ROTH accounts? 2nd question…should I only have one ROTH IRA? Or is it ok to have 2? I guess third question…should I keep it in a saving account or put that money in the stock market?

I'm playing defense and offense. I'm losing on both ends

Paying myself first was a real game changer, on pay day savings first, then bills, then spend the rest, managed to save 15k in just over a year. Not a lot but more than I have ever had sitting in my account. This is after working for 11 years lol. Yes automated saving is the way to go.

while i agree with the advice, i do give some side eye to a landlord giving the financial advice of make your rent automated with your bank.

Unwatchable melodrama. Next.

More power to you, being self employed is very challenging but very fulfilling and there is where you can see your true potential. It’s scary at the beginning but super simple once you get a workflow. For people reading this just getting into the entrepreneur lifestyle from a 9 to 5. Just used the schedule and apply it to your line of work. Also do not start a business with a loan, choose a net 30 instead.

The problem is people think they are working to earn money and spend their earnings on things they like. Nope that’s not what money is for, it’s designed to go back to its sender like a returned mail or boomerang 🪃. You throw it in the vault and it comes back to you at the rate you set it to come back. If you do not set the rate than, the wind decide. I guess what I’m saying is, if you don’t sign the note than it ain’t yours.

I have a different method that allows me to live rent free and pay zero bills with my own money. The bank and the state pays for it when I am behind. I just pay the mortgage sometimes but that’s if I want to keep up with equity builders 😂

Hi Ramit do you have videos or a playlist dedicated to paying off debt? I am based in the UK I have a 28 month debt pay off plan but any tips from a guru would be greatly appreciated.

love your videos, can you do a video on this subject for Australians ?

I am currently reading your book and I've found this video...why are I SO ANXIOUS to automatically auto pay my bills??!!?? I usually spend Thursday Mornings going over my bills and paying what needs to be paid, I am going to try and let go of the control and use your Automated system!! 😬

Love these videos better than when you do the videos with the couples. Keep it coming

DOne!

Nice video, Loved the way you broke it down.
Investing in stocks can serve as a means of earning much profitable passive income, weekly or monthly, provided you have a PRO Stock Broker or an investment adviser that provides you with trading signals and expertise trading strategies. I'm glad it worked for me with the help of a stock broker, i recently added my $472k profits to my portfolio.

Is saving money the same as investing?

Fantastic 🎉

New subscriber 💯💯

As always, a great analysis. Newcomers often wonder if it's too late to navigate the financial market, but it is always unpredictable. Trading has more advantages than simply holding, so learning before diving in is important. Active trades are necessary to ride the market's waves. I've been increasing my daily earnings thanks to Linda Sue Baier's insights, daily trade signals, and my dedication to learning. Keep it up!

Automation is amazing been auto withdrawal fir decades and its a game changer. Car of 17 years needed replacement and my accy had saved enough for the replacement

What do you suggest if you’re already starting late (40s) with an irregular income? Can you try to save and invest simultaneously?? My income is so irregular, it would take forever to save up a 3 month buffer I have automated according to your book but trying to do it simultaneously

We just arrived here 🇺🇸 10 months ago, I thought we will be negative in our networth as we have a car loan. Our First loan ever!😅, we travel to other states, eat out like 2-3x a month and send money back home. Surprisingly, we stay positive and hit our 2 months worth of Emergency fund, have our joint account, match our 403B, start funding Roth IRA. Our annual income falls to the lower bracket and we don’t do extra shift coz we love day offs!

It is the saving and spending awareness that matters. We spend only what we can afford. We use credit cards and paid it off monthly. Having cashback rewards from CC is a plus.

I’m doing this! Automate savings account. This gives me stress-free monthly budgeting. The day after the payday, funds were already transferred to its allocated savings account. What’s left on my checking are just for the bills payment. What ever is left in the checking after all bills will be paid will be moved to the buffer fund.

I can relate

I pay GOD first and he always give it back to me triple times fold ALWAYS ❤

I find it very distracting that listening to you without watching the video sounds like im being given personal finance advice from Remy from Ratatouille

❤❤❤thank you ❤❤❤

I make $30,000/year try making it on that in this economy.

Thumbnail should have one arrow leave the paycheck and the first off ramp goes to investment and long term financial goals. Then it drops into the bank to be spent on short term savings goals, debt and expenses.

You lost me at link accounts

Thank you for this video! I love the tips and advice and I love your humor!

what if you a have more bills than money each month?

Thank you for your video

Is your book coming out on audiobook in the future?

I budget every two weeks before I get paid down to $50. Meaning, every dollar has a name. I leave a $50 buffer in my checking. I have my ER fund fully funded. I'm debt free and send extra towards the principal of the house and I do this with pen and paper. No spreadsheets 😁 👍🏼

this video was just suggested to me by "the algorithm". Great advice. I've been using a system like this for a few years. In your first flowchart, I would also add an HSA in addition to the 401K funded with pretax salary funds. And have the HSA funded so your paycheck schedule funds the HSA limit by the end of the year. Same philosophy with funding the Roth IRA. I have my contributions deducted from my checking account weekly at 1/52 of the annual limit to take advantage of dollar cost averaging. Also as far as contributions, I would say first meet your company 401K match percentage (pretax dollars), then max your HSA contribution (pretax dollars) then max your Roth IRA contribution, and then go back to increasing your 401K contribution as your budget and other savings goals allow. Keep in mind that your Roth contributions can always be taken out penalty free, so is essentially an invested emergency fund.

My paycheck arrives last day of month. ALL of my bills are due the next day on the 1st of the month. My investment and savings are also done on the 1st. I leave a checking account buffer equal to my average monthly expenses.
Easy.

I get paid bi-weekly and not on specific dates, how do you recommend handling this?

I’m talking to a ton of people who make so much money but only allocate a percentage of it. One person said their take home was 60% of what it actually was and doesn’t account for where the other 40% goes. It would be great if they could specifically say where that money in their budget goes

Love this! Thank you!

i watched a show on netflex with Ramit, i learnt to save a buffer from Dave Ramsey... however the simple explanation on how to save it in this video is golden. Im self employed, a buffer or emergency fund is critical for me. it also gives me the ability to think about what i would like to do next apposed to how you can make it through the current month.
2024 Dont just do it , get it right !

This is gooooood!

Thank you for making this video. Funny enough I do all of these things already. I try to share these ideas with friends and family but they usually don’t listen. Now I can just send them this link.

401k probably isn’t the best investment anymore.

Does this plan require a month’s worth of paychecks in savings or checking ready on the 1st in order to pay all those bills on the 1st?

You need another Netflix season!!

Watching in Netflix has opened my eyes!

If my bills will automatically be paid, I will have no money to save

Omg! I finally watch you on Netflix!❤. I need help!😢.. seriously at53..fail in restuarant business. Went back to work ,four year later we now started another business with everything we got!.
No retirement savings 😢