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Personal Finance Rules: Which One Do You Use?
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[QUOTE="Mika, post: 283026, member: 29399"] My favorite rule is the rule of 50/30/20. When you follow this rule, you do not have to sacrifice anything for the sake of a good financial future because you will also have 30 percent of your income to spend on your wants and wishes. When you follow this rule, you will also have money for investment because when you continue to save 20 percent of your income for some time, you will have some money with you that you can use to make an investment. The rule of 80/20 is also more or less good because you will also be saving 20 percent income and sometime later use your saving for investment. However, the major problem with this rule is your expenses tend to be high, spending 870 percent of your income to maintain your life is too much. You need to keep your spending on essentials below 50 percent. [/QUOTE]
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Personal Finance Rules: Which One Do You Use?
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