The 50/30/20 rule is a simple way to allocate your money and use it wisely. Following this rule can be helpful for someone who is just starting to learn how to manage their money. Research shows that 66% of Americans do not set a budget for themselves, but setting a budget is important for long-term financial health.
According to the 50/30/20 rule, you should divide your money into three categories upon receiving a paycheck: your essential needs, wants and savings and investments.
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Amazon runs a ruthless business operation. When a little known upstart called diapers.com started to make waves in 2009, Amazon set up a meeting with the parent company behind diapers.com called Quidsi. In the meeting they told the president that Amazon was interested in getting in the diaper business and they should think about selling.
Soon after the meeting Amazon dropped its diaper prices by 30%, which forced diapers.com to cut their prices, after that Amazon went even lower. Amazon cut prices so much that they were on track to lose $100 million in 3 months on diapers alone. After that they delivered the knockout blow when they rolled out a new service called Amazon mom which gave huge discounts and free shipping.
Backed in a corner, Quidsi sold their company to Amazon in 2010 out of fear. Six years later, Amazon dismantled the company and laid off 263 employees. Business can be a cutthroat sport, if you’re going to play it be prepared for everything.
Episode 4 of the @earnyourleisure podcast is out now. #earnyourleisure#HeresHow@troymillings 🎤 @michaeljmacdonald 🎥 @ceosid 🎞