Tag Archives: personal finance

What Every Creative Needs To Know About Finances | 50 30 20 Budget

**What Every Creative Needs To Know About Finances | 50 30 20 Budget**



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This video explains the 3 lessons every creative learns in finances too late. I’ll tackle how to budget and save money, especially as a broke artist. Planning a budget doesn’t have to be complicated and an easy budget such as the 50 30 20 budget can work for you too!

You can get to financial freedom and start managing your money the efficient way. As creatives, we just need a little push to the visual side so we can stop focusing on the numbers and start focusing on an easy way to understand our finances!

So often I find complicated dissatisfying diagrams trying to explain how to budget or get out of debt, but this doesn’t have to be the case!

Grab your notebook and let’s start to think about budgeting the simple + creative way!

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hey guys I'm Forrest like the trees today we're gonna talk about the three lessons every creative learns about finances too late so let's dive right in number one you gotta pay yourself first I feel like I learned this one a little late in the game I created a fashion line and the biggest mistake I always made when I sold garments was that I never paid myself at the end of the day I had no money to show for all the work that I had put in and as business owners and artists we always want to make sure our business is on its feet by reinvesting on upgrading our equipment but you have to remember you're not working for yourself for free you are your very first employee and the most important one and if you're not paying yourself properly at the end of the month then your business is really just a pool of your own free labor and you're basically an unpaid intern and personally I don't need any more internship hours log to my name so start paying yourself weekly bi-weekly whatever it is just give yourself a paycheck so the second lesson is to budget but budget to find clarity budget to clarify where your money is on the up so often budgeting is misconceive just counting every penny and is no fun but budgeting is really more about taking control of your money and knowing where your pennies end up you want to know where your money is going and how do you use your money to your advantage right if your money can work a little bit for you then why wouldn't you want to be in control of that budgeting doesn't have to be complicated either so just take a moment and explore different types of budgeting that can work best for you as an artist and that leads me to my third lesson one type of budget that I find super visual and easy to wrap your head around and you know this is especially if you're an artist or creative it's called the fifty thirty twenty rule it's a super simple way to remember where your money should go a budget for people who don't want to budget and so first think of a circle and we're gonna slice up your circle like a pie your circle is gonna be your income and we're going to distribute your income in two different sections 50 30 and 20 so slicer pie down the middle and 50% of your income is gonna be your knees like groceries rent insurance you know whatever the things that are necessary for you to keep thriving or surviving next slice the other half of your pie 30 percent is going to be anything that you want and we're separating your pie into once and needs so far do you want a new pair of shoes or do you need them whatever your wants are it should generally only be about 30% of your total income and so the remaining 20% is gonna go to your savings and this can be savings account or investments even but the more you save the more your money will work for you and you know make sure to start investing early the earlier you invest the better and so I hope some of these tips helped you guys out especially if you are creative struggling to get a hold of your finances if you guys have any questions just DM me on instagram at forest Alethea and i can help you to get the most out of your money now go get creative and manage your money thanks so much for watching if you like my video give me a little love like and subscribe below bye guys

Budgeting Basics!

**Budgeting Basics!**



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You can take a cue from George Washington by becoming commander in chief of your finances. What budgeting strategies have worked for you?

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Two Cents was created by Katie Graham, Andrew Matthews, Philip Olson CFP® and Julia Lorenz-Olson and is brought to you by PBS Digital Studios. We love dropping some knowledge on all things personal finance and helping you make better money decisions.

Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson
Directors: Katie Graham & Andrew Matthews
Written by: Julia Lorenz-Olson
Executive Producer: Amanda Fox
Produced by: Katie Graham
Edited & Animated by: Nathan Bayless
Images by: Shutterstock
Music by: APM

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Do you ever feel stressed about money? Unless you’re a prince or a preschooler,
you probably said yes. For a lot of people, it always feels like
there’s not quite enough to go around. You’re constantly having to make tough decisions
about what you can forego, and it never feels like you’re really in control of your finances. Well, when you need a bit of inspiration,
look no further than the front of a one dollar bill. I’m talking about this guy: George Washington. Besides being the first president of the United
States, General George Washington was the commander of the rag-tag Continental Army during the
Revolutionary War. He must’ve felt like he never had enough
soldiers to go around, but by making a plan, he was able to lead that army to victory over
the greatest fighting force in the world. You can take a cue from George by becoming commander-in-chief of your finances. Each one of these is a soldier in your army,
and your battle plan is a budget. I know, the word “budget” makes most people
want to go AWOL. In fact, according to a 2016 Gallup poll,
only 32% of couples keep a written budget of any kind. But if you were a soldier, would you want
to follow a general who was making it up as he went along? A lot of people tend to think of budgeting
as prediction–estimating what you’ll make in future months and how you’ll want to
spend it. But the most effective budgets work exclusively
with present dollars. After all, you can’t give orders to soldiers
that don’t exist! So the size of your army is only how much
money you currently have in your bank accounts. And as general, your role is to give every
last one of those soldiers a job to do. So, if you have a total of $10,000 across
all of your accounts, you need to decide how much of that you’re going to spend this
month, and how much you’re going to set aside for savings. Before we can decide how much we want to spend,
we need to know how much we’re spending now. Print out your last 3 months of bank statements,
and put each expense into one of 5 categories: Essentials. These are the things you can’t do without. Rent, utilities, groceries, gas, car payments,
health insurance. Anything you need to live or do your job effectively. Security. These are expenses that increase your financial
stability, like building emergency funds or paying off debts. Don’t double count credit cards in this
category though! If you use a card to buy groceries, that expense
should go in “Essentials”. Goals. This is money you set aside to achieve big
life goals, like saving up to buy a house, starting your own business, or taking a special
vacation. Lifestyle. These are expenses that help you navigate
your social world. Personal grooming and apparel, gifts for friends
and family, gym memberships, even pet needs can go in here. Discretionary. This category is all about treating yourself. Going out to dinner, renting a movie, buying
a video game, or getting a massage. Everyone has their own priorities, but think
of this as a good battle plan template, with the most urgent needs at the top, and the
more flexible ones towards the bottom. Now that you know how much you generally spend
on these categories, you can start assigning your soldiers to next month’s duties. Unless you’re living paycheck to paycheck,
you probably have some money left over–but don’t let those soldiers just sit around! Decide what you’re saving them for. Is it an emergency fund or a Hawaiian vacation? Savings that have explicit purposes are a
lot harder to steal from. Congratulations! You’ve made your first month’s budget
Now how do you make it stick? Number one. Write it down. You can use a spreadsheet, an app, or good
old pencil and paper, but no general ever won a war by keeping all their strategy up here. Number two. Update it. Conditions on the ground will change, so restrategize
at the beginning of every month–and you’ll have new soldiers to deploy in next month’s
battles. Number three. Use advanced technology. Thanks to the dozens of budgeting apps you
can download for your phone, no one has to keep a checkbook longhand anymore. This can be especially helpful for discretionary
spending: now you can know right away whether you can afford that Weird Al album on vinyl. So how you do know you’re budgeting correctly? Well, the most obvious answer is that you’re
less stressed. Imagine enjoying a dinner out without worrying
about whether or not you can afford it. Imagine not holding your breath every time
you check your account balance. You’d be amazed how much you can improve
your mood just by introducing more clarity and control into your finances. Like a lot of good financial habits, the point
of budgeting isn’t to have more money… it’s to be happier with the money you have. And that’s our two cents! We want to tell you about the new PBS Digital Studios series: Say It Loud. A celebration of Black History and culture and it's impact on how we live today. Hosts Evelyn From The Internets and Azie Dungey, give you a comedic take on identity and pop culture. From Black pride movements to Black Twitter shenanigans Check out "Say It Loud" in the link in the description below.

Bernie Sanders and AOC want to lower credit card interest rates but it may not be a great idea

**Bernie Sanders and AOC want to lower credit card interest rates but it may not be a great idea**



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Yahoo Finance’s Rick Newman discusses Bernie Sanders and Alezandria Ocasio Cortez’s plan to discuss lower credit card interest rates.

Nobody should ever pay a 25% interest rate to a credit-card issuer.

With that said, the understandable urge to pass a law capping what banks can charge could hurt the very people it’s meant to help, and cause other problems that may ravage people’s finances even worse.

On Thursday, Democrats Bernie Sanders and Alexandria Ocasio-Cortez introduced new legislation that would cap credit-card interest rates at 15%, and require the U.S. Postal Service to offer basic banking services for those who can’t afford a traditional bank.

The bill addresses legitimate problems. Millions of Americans are “unbanked” or “underbanked,” with limited access to modern financial tools that help people get ahead. And high rates often charged to low-income borrowers can lock in an unbreakable cycle of debt and poverty.

Solutions aren’t as obvious as they seem, however. Banks would lose revenue if there were a federal cap on card interest rates, which is why they oppose such a move. Don’t cry for them.

Banks would be fine, but they’d make other adjustments that the New York City congresswoman and Vermont senator may not be anticipating. Banks set rates according to the riskiness of the borrower — and if 15% were the most they could charge for what are basically loans via credit card, they’d curtail borrowing limits. It could result in credit to fewer people.

Some consumers with weak credit might not even be able to get a card —even if they paid off the balance each month and never paid interest. Fees might also rise just for having a card. And people who do get cards might try to borrow more via plastic, if rates were lower and it cost them less (another wrong incentive).

So unintended consequences of a cap would include less access to credit for some and more credit-card debt, at a slightly less onerous rate, for others.

People run up costly credit-card balances for a couple reasons. Some people are just uninformed or undisciplined consumers. The best solution there is consumer education, along with new tools like financial-planning apps that can help people manage money, and send alerts when spending levels are too high.

Others rely on credit cards because they simply lack the cash to buy basics when they need them, which is a tougher problem.

As bad as credit-card debt is, it’s better than borrowing from a payday lender or illicit loan shark. The core solutions here are improved financial literacy, better skills and stronger earning power for the most vulnerable consumers. None of those are a quick fix.

That speaks to the second part of the Sander-AOC plan, which is postal banking. The postal service has outlets in most American communities, and it already cashes government-issued checks. So why not expand that to basic financial services? Other countries do, including France, the U.K., Germany, Japan and South Korea.

This could work, but only if done carefully. It’s possible for the postal service to offer savings and checking accounts, debit cards, ATMs for cash withdrawal and other basic services that entail little risk. There are legitimate questions about whether an agency backed by the federal government should compete for customers with private-sector banks. But it would be possible to tailor a menu of postal financial services so narrowly that there’d be little overlap.

The legislative proposal would go further, requiring the postal service to offer low-interest loans— and this is where the problem begins.

Anybody making a loan faces a risk of not getting their money back, which is why banks do extensive research to establish creditworthiness standards. That’s a core expertise of banking. Riskier borrowers pay higher interest rates, because it’s more likely they’ll default on a loan.

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Mid-Year Goals Check-In | 2nd Quarter | Money, Life, Business  Updates + A BIG Announcement!!!

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How to Create a Home Management Binder + Free Printables | Financial Freedom | Debt Free Living

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Hi guys! My name is Nicole and I create content about debt freedom, wealth building, simple living, and much more! If you haven’t done so, please hit the …