From the course: Budgeting in Real Life
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Cover your monthly minimum
- It's not uncommon that as people make higher levels of income, there's more and more inconsistency in the way that that money comes in. Whether it's owning a successful business, or being an executive with most of your income in the form of equity compensation, the more you make, the less likely it is that it will be the same amount every month. So, what can you do to make sure that you're always able to cover your personal expenses, those that you would use a paycheck to cover? Start by figuring out how much you need to cover for your monthly expenses. Everything from food to housing, to bills. If you have a base salary, and your monthly expenses fit within your base salary, fantastic but if not, that's okay. What's important is that you know exactly how much you need to support your regular life each month. For example, let's say your monthly expenses are $6,000 a month and your base salary is $5,000 a month. And…
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