Reading Time: 6 minutesThe 60 30 10 rule budget is a simple but highly structured budgeting strategy. It is a budgeting tool for people striving to achieve their long-term goals and to help individuals overcome their impulsive spending habits. The 60 30 10 rule budget achieves this by encouraging individuals to put aside 60% of their income for a better tomorrow. This article will go over the 60 30 10 rule budget and explain why it is the perfect budgeting tool for long-term goals and impulsive spending. What Is The 60 30 10 Rule Budget? Let’s add more clarity through an example. Let’s say your take-home pay is $7,000. Judging by the framework of the budgeting strategy, 60% of your pay should be invested, saved, or used to pay off debt. That equates to $4,200. 30%, or $2,100, of your income should cover necessities, while the remaining 10%, or $700, goes to personal expenses. Is The 60 30 10 Rule Budget Right For You? We can’t stress enough that this budgeting rule is made for people with strong wills who are dedicated and disciplined enough to save or invest 60% of their monthly income. The 60 30 10 rule budget has a single goal – making tomorrow easier and better. To keep up with the 60 30 10 budget rule, you will have to quit certain wants and guilty pleasures, and you will have to say NO more frequently than you are used to. You might have to skip that new movie at the cinema, say no to your friends when they call you for a drink two nights in a row, or go to that museum you wanted to visit. Instead, you will be solely focused on improving your personal finance. This sounds quite strict, but the 60 30 10 budget rule will make your life much easier. The 60 30 10 budget rule enables more money to be saved or appropriately invested. It will help you achieve the goals you’ve always wanted, such as becoming a homeowner, being prepared for dark days, or putting your kids through college. At the end of the day, it’s a simple decision, do you want a better today or a better tomorrow? Advantages And Disadvantages Of The 60 30 10 Rule Budget As with any budgeting method, it all comes down to comparing the advantages and disadvantages to make a decision. The 60 30 10 rule is similar to others in that view. Therefore, here are the advantages and disadvantages of the 60 30 10 budgeting rule: Advantages Of the 60 30 10 Rule Disadvantages Of the 60 30 10 Rule Other Types Of Budgeting The 60 30 10 budget isn’t the only budgeting rule out there. There are plenty of other budgeting options that might do wonders for you. Here are a couple of different budgeting rules for you to consider: Is the 60 30 10 Rule Budget For You? Budgeting tools are numerous and vary, as mentioned in the previous section. Therefore, before you decide on the 60-30-10 rule budget, you must determine if it is right for you. Here are a few points that best illustrate if the 60 30 10 rule budget is for you: If you fulfill some or most of these points, the 60 30 10 rule budget is for you. Even if you’re not ready to allocate 60% of your income towards a goal, you can always be flexible and modify the rule to best suit your financial power. How to Get Started With the 60 30 10 Budget? Using a budget strategy to reach your financial goals and targets is simple. All you need to do is follow these steps: Step 1: Calculate Your Income Calculating your income is the first step to using the 60 30 10 rule budget. Bear in mind that you must do the calculations after tax. To begin, add all of your monthly income. This includes income from your primary job, side hustles, and other sources, such as renting an apartment.  Step 2: Calculate Your Spending Similarly, you must calculate how much you spend and on what. Doing this is tricky, as we’re never fully sure where our money goes unless we pay strictly with a card. Nevertheless, it’s something you have to figure out. You can log in to your bank account and go back a month to calculate your credit/debit card spending. If you’re paying with cash, review your receipts to gain a somewhat full picture.  Step 3: Set Up a Financial Goal The most crucial step to using the 60 30 10 rule budget is to work towards achieving a financial goal. But to do that, you must first have a financial goal in place. So, start by outlining a big financial goal you wish to accomplish. A few examples could include: Step 4: Categorize Into Three Groups By now, you probably have a rough picture of how much you earn versus how much you spend. So in this step, we will focus on where your money should go. To do that, categorize your money into three groups. Those are: Remember that you should put 60% of your income into this group.  This should account for at most 30% of your income. If it goes above 30%, look for ways to cut on necessities. While that might sound difficult, an example would be canceling subscriptions, reducing electricity usage, lowering housing expenses, etc.  The “wants” group accounts for money you can spend on stuff you want for yourself. Despite wanting to achieve your long-term financial goals, treat yourself to nice things occasionally, but make sure it doesn’t exceed 10% of your income.  Step 5: Evaluate Each Category We’re not done yet; you’ll need to evaluate each category once or twice before making it stick. This is the step that helps you determine if you can stick to the percentages of the budget.  Creating a budget isn’t easy, as you’re never 100% certain of your spending and income, especially if you’re also working part-time or have a business

Reading Time: 5 minutesWhere you live can impact many aspects of your everyday life. Many people, for example, realize that their finances will be affected. However, some fail to understand that their contentment is also among these aspects. That’s where today’s topic comes into play. HCOL and LCOL are two acronyms that may not mean a lot to you right now, but in a paragraph or two, you will realize precisely why people should be concerned about their cost of living. KEY TAKEAWAYS What Do HCOL And LCOL Mean? To avoid any confusion that may arise from the terms HCOL and LCOL, we will look at them both in isolation and concerning one another, and a short mention of what is MCOL. HCOL Meaning The term HCOL means high cost of living. That is precisely why terms such as HCOL area and HCOL cities get thrown around so often. The variables considered include median home, gas, and food prices (among other factors). As it would be near impossible to categorize cities without a frame of reference, most cost of living indices compare sets of cities. Still, some cities are so notoriously high-cost that they can be considered HCOL cities even in isolation. One example of a HCOL city is New York, and an example of a HCOL area could be Manhattan. We’ll look into the numbers later on. LCOL Meaning LCOL is the opposite of HCOL, and stands for low cost of living. Likewise, in LCOL areas and cities, living costs are objectively low. Similar to HCOL cities, some cities are known for being low-cost, even in isolation. One such LCOL city is Mississippi, while a LCOL area can be Holmes County. MCOL Meaning Wherever there’s a high, there’s also a low. Naturally, there also has to be something in between. In this case, that would be MCOL, which refers to medium living costs. It would include MCOL areas that do not belong in either of the two categories mentioned before. HCOL VS LCOL Comparison There are numerous ways in which the terms HCOL and LCOL impact our everyday lives. Even people unaware of the terms refer to the idea of living costs. As expected, a HCOL area can come with its benefits and drawbacks, similar to how LCOL cities can have their pros and cons. Consequently, we will be looking into what the terms HCOL and LCOL entail in practice. HCOL – Pros and Cons First, we’ll cover the pros and cons of living in HCOL cities. Among the most famous HCOL cities (or states) is New York. As we mentioned, a specific HCOL area within New York is Manhattan, where the cost of living index is roughly 237% above the nation’s average. Therefore, life in New York will cost more compared to other places. While you might be able to become financially independent sooner, there will be fewer opportunities to save up and invest. You should also be aware that HCOL cities often have high unemployment rates, as is with New York’s rate of 6.6% (almost double the national 3.5%). Nevertheless, if you make a decent living, HCOL cities offer a robust lifestyle and quality infrastructure. These pros and cons apply to numerous HCOL cities found on Mercer’s 2022 Cost of Living Ranking, such as Hong Kong (1), Zurich (2), New York (7), Tokyo (9), and Beijing (10). LCOL – Pros and Cons LCOL cities, on the other hand, are the exact opposite. Besides spending less money on average, you can expect to avoid many issues brought about by stressful work environments and long hours, such as depression, fatigue, diabetes, and even addiction. With the rise in remote work, you can save and invest significantly more than if you lived in a HCOL area. There are, however, some downsides to living in a LCOL city. Local job opportunities will be rare and generally less stable than those in a HCOL area. Suddenly, even minor economic shifts can affect your everyday life. The previously mentioned would hold for countries ranked lower on Mercer’s 2022 Cost of Living Ranking, like Calgary (141), Cairo (154), Warsaw (174), Budapest (180), and Cape Town (194). HCOL VS LCOL USA Comparison Even in the US, HCOL and LCOL states share the same pros and cons. HCOL areas offer a more stressful way of life but more growth opportunities, while LCOL areas offer the exact opposite. In terms of the cost of living index, Mississippi (84.5), Oklahoma (86.7), Alabama (87.1), Kansas (87.3), and Iowa (88.2) rank the lowest. These states are textbook examples of LCOL living. For them, this ranking is due to their relatively low grocery, housing, utilities, transportation, and health costs. Compared to many HCOL states, your average expenses can be over 40% lower. On the other hand, Hawaii (186.0), the District of Columbia (153.4), Massachusetts (149.9), California (138.7), and New York (135.7) are on the top of the list. Some of their index scores, such as those related to grocery and housing, are nearly double the average 90.1. HCOL VS LCOL: How Can You Know Which One To Choose While HCOL and LCOL areas have benefits and drawbacks, the criteria are relatively objective. It means that the top HCOL cities are considerably more expensive than LCOL cities. As a result, the choice of whether or not to live in a HCOL or LCOL city is quite hard to make. However, these questions can help you decide First of all, can you work remotely? If you can, you may reap the benefits of living in a LCOL area with the salary of a person living in a HCOL area. That can ensure lots of investment opportunities that you may not have otherwise. Second of all, do you want to live in a big city? If you wish to try your hand at life in the big city, the costs of living in a HCOL area could be more bearable. After all, no pros of living in a LCOL area are worth it if you are

Reading Time: 4 minutesMany believe that looking for quick ways to double your money is a fool’s errand. Even fewer would recommend attempting to do so in 24 hours. Riskless investments are few and far between, but not entirely nonexistent. In short, you need to know how much money you are looking to double and what kind of methods would be best for you. Of course, you should also consider the effort you are willing to put into the whole endeavor. Want to find out more? Get ready to dive into a discussion that might offer the money hacks you need. And no – it does not include flipping iPhones for profit! KEY TAKEAWAYS Disclaimer There is more than one method you can try to double your money in 24 hours. In fact, there are countless ways you can triple or even quadruple your money. Many of those methods, however, are illegal. If that is your forte, you have come to the wrong place. 5 Realistic Ways To Double Your Money in 24 Hours On the other hand, to all those willing to try their hand at a legal way to double their money – welcome! Here are some of the best ways you can at least double your money: Sounds a bit simple, right? You have probably seen a decent amount of articles claiming you should start a retail arbitrage business, invest in real estate, or even crypto. While these are good ways for a person to double their money, they carry a lot more risk than people think. Why not risk it? Retail arbitrage businesses depend solely on your ability to judge whether selling your product of choice is profitable. If you lack that ability, you end up stuck with a pile of products you will never sell. Investing in real estate is too hard if have no knowledge of the market, and have not even begun looking into the business. You can find someone to do it for you, but you absolutely will not double your money in 24 hours. After all, no credible investment funds would promise such returns, especially not in 24 hours. These days, investing in crypto requires in-depth knowledge and careful planning. Sadly, you should no longer dump all your savings in a random coin and expect it to skyrocket. I recommend reading up on the subject before you invest. Low-Cost Services and Small Businesses When you are not willing to double large sums of money, offering low-cost services is the best option. You could also consider opening a small business. In this case, your clientele could mainly include neighbors, friends, and family. What could you offer? In reality, you could offer to do any activity or chore they might not be willing or do not have the time to do themselves. That could include mowing lawns, shoveling snow, or even pet sitting. If you want to expand, you focus on a cleaning business or any skill worth buying. The only thing you would need to invest in is equipment, and there is no shortage of inexpensive equipment on the market. Still, be mindful of your business. It would be wise to invest in quality gear for expanding operations. Although, make sure you do not overcharge your neighbors, friends, and family. After all, your income depends on recurring customers. Besides advertising, an occasional discount could help spread the word about your services and bring in new clients. Membership Site Platforms Many consider this a business where you are not selling anything. Nevertheless, it is far from that. Consider this option if you are a content creator or have a skill that could bring in a following. Your investment, at its core, involves a sign-up fee or any additional fees that the platform might charge you. In return, you can access a platform where your following can support you. Platforms like Patreon or SubscribeStar come to mind. Still, without a following, doubling your investment in a day is not a realistic goal. It will probably take you more than a week. In this case, your clientele stems from your supporters. If you manage to obtain a loyal following as an artist, writer, or content creator, you can more than double the money you have invested. Courses, Tutoring, and Consulting Services Courses, tutoring, and consulting services belong to the same category for two reasons. First, you are doubling your money while solely relying on your knowledge and expertise. Second, they are not money hacks but are a solid way to double your investment. Out of three, consulting services require the most effort. Whether it is accounting, advertising, business, or computers, you need skills you have already honed and knowledge you know how to convey. Courses and tutoring also rely on knowhow but depend on your ability to find clients and meet their needs. Nowadays, most services can be remote, and expenses are generally low. That means you will be investing less money and more time. However, if you already have the skill and a few potential clients in mind, you can double your investment in 24 hours. Afterword Finally, it becomes clear that to double your money in 24 hours, you have to put in the effort. Although the previously mentioned step is unavoidable, some initial hardships are. To avoid them, you need to ask yourself two questions: How much money are you looking to double, and how much time are you willing to give? Only then can you consider the options, of which there are many, and start working on your business. That is one of the best money hacks that few people are willing to tell you because, in reality, that is what it takes to eventually double your money in 24 hours. FAQs Can you double your money in a day?You can, but it comes at a price. What is the best way to double your money in 24 hours?The best way to double your money in 24 hours is to choose a skill

Reading Time: 4 minutesWe are at a point where controversial figures like Dave Ramsey are a dime a dozen. Everyone who has tried their hand at investing is becoming a personal finance guru. Your background, success, and even credibility are less important. The only criterion you need to check is whether people follow your advice. If they do – great, you have an audience that you can squeeze dry. If they do not – that is still great, you just need to change up your pitch and you will find listeners. However, not all finance gurus are cut from the same cloth. Some are worth checking out. As a result, people want to know whether Dave Ramsey is a scam. Where do we begin, though? Who is Dave? Many of Dave Ramsey’s reviews start with a look into who he is. Unlike most, Ramsey has been open about his past ventures – both the good and the bad. Before he became one of America’s most influential finance gurus, Ramsey started as a child with a humble upbringing. Some might even call it rough. Dave Ramsey learned that if he wants to get something, he has to work for it. This idea that his father instilled into him was the first and only push Ramsey needed to become an entrepreneur. He had to start small, so he resorted to selling manual labor and trinkets. He did so because there was not much he could offer at that point. A few years later, the then 18-year-old Ramsey earned a real estate license. I know what you are thinking. Is Dave Ramsey a scam because he started selling overpriced real estate and became a shady real estate mogul? Not exactly. At an important part in his life, Dave Ramsey’s budget took a dive. In other words, his real estate business failed, so he had to file for bankruptcy. How, then, did Ramsey bounce back? Path to Redemption There is a reason why people want to know if Dave Ramsey is a scam, and it has got a lot to do with what he did to get back on his feet. Ramsey’s story is not your typical rags-to-riches situation. There is a proverb that perfectly describes his case – those who can’t do, teach. Ramsey’s solutions came about because of his turn to Christianity. Soon enough, he turned to the Bible for financial advice. He even met his first financial counseling client at church. The man asked Ramsey for financial advice, Ramsey helped him set up a financial plan, and the rest is history. Luckily for Ramsey, the event kickstarted his financial counseling business, which led to him creating The Lampo Group. In time, Ramsey took part in a radio show centered around personal finance known as The Money Game. During this period, he also published a book called Financial Peace. Now, are any of these things red flags? Not really. Is Dave Ramsey a scam? Again, not really. Not many of Dave Ramsey’s critics claim he is a scam because of how he started his career. Although people might be willing to call him out on his initial endeavors, there are few things one could single out during this period. Nevertheless, can we really say that Dave Ramsey is not a scam? The Lowdown As much as it may pain people to read this, Dave Ramsey is not a scam. That is because there is not a lot that Ramsey can do to scam his audience. The majority of his business ventures that can be flagged are based on giving advice, and it is not even the type of advice that outright tells you to buy his product or participate in a scheme of his. But does that mean Ramsey offers quality advice? The biggest problem with personal finance gurus is that they consider themselves the be-all and end-all of financial planning. Ramsey especially puts himself in a position where he is more than likely to be seen as a divine authority because at the core of his teaching lie a set of biblical principles he claims can improve one’s financial condition. It does not take a lot of explanation to connect this to a scenario where a set of fervent followers biasedly filter his advice and end up deeply unsatisfied at best. Moreover, Dave Ramsey’s critics have pointed out that one of his core financial systems, also known as a series of 7 Baby Steps, is unsurprisingly rigid. I say unsurprisingly as rigid financial advice is expected to come from a financial guru with an equally rigid upbringing. Still, it would do Ramsey’s solutions injustice to call them scams. Rigid as they may be, they are not nonsensical. Do they ask followers to take a conservative approach toward financial planning? Yes. Do they involve scamming said followers? No. Conclusion In summary, Dave Ramsey’s budget planning advice is not a scam. Controversial as he may be, he does not seem to be scamming his audience. Regardless of whether he truly believes in what he preaches, Ramsey seems to be a decent financial guru. Still, if you are willing to give him a chance, I would advise you not to consider his advice at face value. Regardless of what Dave Ramsey’s Reviews say, in his case, it is not just about how sound his practices are, but their implication on your life. And lastly, is Dave Ramsey a scam? No, but you should still consider his advice carefully.

Reading Time: 5 minutesThe 70/30 rule is an effective budgeting strategy that can improve your finances and set you on a path to financial freedom.  When people first come to terms with financial freedom, they find it thrilling and somewhat overwhelming. That is because financial freedom means managing your income and, at the same time, being fully responsible for it.  While having financial freedom can motivate some to work hard, it can also make others spend recklessly. Whether a part of the former or the latter, budgeting strategies can and will help you save up, spend wisely, and even earn more. Here, we’re introduced to the concept of the 70/30 rule. So, what does the 70/30 rule have to do with any of this? What is the 70/30 Rule? At its core, the 70 30 rule is just a budgeting technique. As with all budgeting techniques, its purpose is to help improve your money habits and make saving money easier.  So, how is the 70/30 method any better when compared to other saving methods? It all comes down to specificity. Whichever way you put it, budgeting is a struggle. The problem with most budgeting techniques is that they often leave you with more questions than answers.  Such questions often involve uncertainties regarding how much you should save, invest, and spend. For most, saying that they need to invest does not mean much. People know that they need to invest. What they do not know is how much they can comfortably spend or invest without being in the red. The 70 30 rule makes allocating your money much less of a hassle. The 70/30 rule dictates: The rule is simple, effective, and serves as a great starting point for most. Where it truly shines, however, is its malleability. How to Use the 70/30 Rule? An essential step before using the 70/30 rule is to create a budget. A budget is the ultimate financial tool that allows you to achieve your financial goals and enables you to implement various financial methods to reach those goals. And we must remember that the 70/30 rule is a budgeting tool first and foremost.  So, the first step is to create a budget. Then, in the budget, you must outline your expenses and income. This first step is crucial as it would be impossible to know how much of your money is considered “spending money” and how much can be allocated to savings and investments.  Moreover, a budget will help you uncover where your money goes, enabling you to outline your finances and spending power accurately.  For example, if you spend more than 70% on necessities and luxuries, you must find areas to cut back. Doing this will allow you to reach the target of 30% investing and saving.  The 70 30 rule isn’t a rigorous one compared to other budgeting tools, such as the 50 30 20 rule or the 60 30 10 rule. Compared to these, the 70 30 rule gives you more flexibility, as it only requires putting aside 30% of your income to plan your financial future.   In short, here are the steps necessary to use the 70 30 rule: If the numbers don’t add up, you can improvise and modify the rule until you hit the right balance. Feel free to implement variations of the 70 30 rule, such as 75 25 or 80 20 rule.  If You Can’t Achieve the 70 30 Rule, Improvise and Adapt Sticking to an original budgeting tool can be difficult in itself. However, the 70/30 rule can be whatever you want it to be. Although, keep in mind that the more you alter it, the riskier it becomes. Let us consider a situation where a person wants to invest but also employs the 70/30 rule, which mentions nothing about investing.  As we stated, the rule can change. In other words, nothing is stopping that person from modifying it into a 70/20/10 ratio. Instead of having 30% as your savings, you can allocate 20% to savings and 10% to investing, and vice versa. Many people are using a modified version of this rule, also known as the 50/30/20 rule. This way, most people allocate 50% for needs, 30% for wants, and 20% for savings. Regardless of which version of the rule you use, you can modify the ratio in whatever way you want. According to OECD’s latest publication on household savings, we are currently witnessing a sharp decrease in household savings across the globe. This means that having a saving method is more important than ever, as it can ensure that you are allocating your money efficiently. What Is The Golden Ratio of Investing? It is advisable to have your money habits in check before you start investing. Whether you are following the 70/30 rule, the 50/30/20 rule, or any other version of the former, you should have a realistic idea of how much you can and want to invest.  Regardless of whether you need to be saving money, you should leave at least 50% of your monthly earnings for necessities. For those who want to invest as much as possible, investing up to 50% of your earnings is still realistic. It would impact your everyday life significantly, but if it is a price you are willing to pay, it remains an option. Most people, however, are nowhere near that level of dedication.  Based on data from N26’s savings and spending of their European customers in 2021, very few Europeans managed to save over 23% of their overall income. Although 20% is close to the target, we must keep in mind that few European countries managed to reach the target. If you are near 20%, you can start looking for potential investments.  If not, you should probably remodel your budgeting ratio. It is worth adding that if you are interested in investing, you can check out the Warren Buffett 70/30 rule, which uses similar principles in order to maximize investment potential. It cannot be used as a way to