Everyone struggles at some point to find the perfect amount of money that they should be saving, spending, and investing.
You need to have enough money set aside each month to pay your bills, have spending money, and some leftover to save and invest. The truth is, that a lot of it depends on your current financial situation…
But, one thing everyone should do immediately is to start paying down debt.
I was lucky enough that I learned to live with very little for a good part of my life. When I started investing I had already been living in a sleeping bag for years. I didn’t have much, and I was able to keep my belt tight to save as much as possible to invest.
That’s when I started to realize the benefits of investing as much as I could have on me.
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You may have questions when it comes to allocating your money such as:
- Does the amount of money you save, spend, and invest depend on how much money you’re currently making?
- How can you go about budgeting how much I have to save and invest?
- Should you invest all your savings instead of leaving them in a savings account?
- How can I find out how much money I need to save or start investing to retire by a specific age? Find out how much you need to save with my early retirement calculator.
If you have asked these questions in the past or are asking them now, watch this video where I answer them for you.
I want to leave you with a thought from one of the first value investors and Warren Buffett’s mentor, Ben Graham:
“All things excellent are as difficult as they are rare.” – Benjamin Graham Tweet this
I’d love to hear from you. What percentages of your money do you currently save, spend, and invest?
Do you have any “blind spots” when it comes to investing? Click the button below to get my 14-Day Financially Fit Challenge.
You may discover your investing weaknesses and learn how to manage your money smarter.
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Phil Town is an investment advisor, hedge fund manager, 3x NY Times Best-Selling Author, ex-Grand Canyon river guide, and former Lieutenant in the US Army Special Forces. He and his wife, Melissa, share a passion for horses, polo, and eventing. Phil’s goal is to help you learn how to invest and achieve financial independence.