Couverture de [E28] 7-Step Strategy for Utilizing Every Penny of Your Paycheck

[E28] 7-Step Strategy for Utilizing Every Penny of Your Paycheck

[E28] 7-Step Strategy for Utilizing Every Penny of Your Paycheck

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This week’s episode is a primer on what to do with your paycheck.

In other words, you get paid, and then what? 

Maybe you already have a plan and you know exactly what to do, but I find that most people just sort of play defensive money management. 

  • Defensive Money Management
    • Sit back and wait to see what happens
    • Bend don’t break
    • Generic, safe, prevent defense
    • Problem: It’s almost impossible to win if you’re only playing defense

But at a very basic 101 level of personal finance, you have to stop being reactive and start being proactive. And that begins with how you manage your money. You need to adopt an offensive approach to money management.

  • Offensive Money Management
    • Control the game
    • Blitz
    • Come in with a game plan and then adapt
    • Have a system
    • Take calculated chances

At a fundamental level, having an offensive approach to money management means having a plan for where your money goes once that paycheck hits your account.

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Retirement Account (straight out of your paycheck)

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Checking Account

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Necessities

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Emergency fund

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Debt payments

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Investments

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Discretionary spending

 
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