The 10-10-80 Rule

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Name: Steve Repak


Entry Category: Saving Money and Frugal Living

#MoneyMinute Voting is closed

Steve Repak: My name is Steve Repak. I’m a certified financial planner, a financial literacy speaker, and the author of Dollars & Uncommon Sense: Basic Training for your Money.

We’re gonna talk about the 10-10-80 rule. It doesn’t matter if you make two thousand dollars a month or twenty thousand dollars a month, you can apply it to your finances.

First, I want you to give away the first ten percent. I know it doesn’t make sense but I believe if you give, you’ll receive, and the people that are most happy and satisfied with their lives are the ones that give the most.

Next, I want you to save ten percent. Nobody loves you more then you so pay yourself first. Consider taking half of it and putting it into your short-term savings and the other half toward your retirement.

Next, you’re gonna live on the rest.

You might be asking, “Can I give more than ten percent?” Sure, you can give more than ten percent.

“Can you save more than ten percent?” Sure, you can save more than ten percent!

Make Your Money Work for You

“Can I spend more?” No, I don’t want you to spend more than eighty percent of what you make.



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