From the course: Build Sustainable Wealth and Get Out of Debt

Unlock this course with a free trial

Join today to access over 22,600 courses taught by industry experts.

Making sure you are protected

Making sure you are protected

From the course: Build Sustainable Wealth and Get Out of Debt

Start my 1-month free trial Buy for my team

Making sure you are protected

“

- [Instructor] Next, we need to make sure that you're protected. This box represents temporary protection. Things like term life insurance and disability insurance go into this category. Payments for this type of protection should come out of your 70% along with your lifestyle expenses. Now you see the money manager account over here. This is the account I mentioned a minute ago. At least 10% of your income that comes into the personal checking account should go to your money manager account. The money you put into this account, you're going to be responsible for managing, like a wise money manager. Any money that flows through this account, make sure that it goes to a purpose that improves your financial life. You've heard the term pay yourself first. This is where that comes in. At least 10% of what you're making should go to the money manager account to pay yourself first. So you can keep some emergency funds here…

Contents