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Episode Info: Let's face it, budgeting isn't super fun, but you can't deny that a flexible operating budget can make fun happen. When you're a budget-savvy entrepreneur, the financial lows can be much more tolerable. Today's Decoded will make you a budget-savvy entrepreneur with actionable tips from "accidental finance expert" J.D. Roth. J.D. learned his lessons through his own mistakes and hardships. He actually took his aches and pains and turned it into a full-time living! On today's Debossified podcast, J.D. shares with us the ingenious move of basing your budget on the minimal income made in the lowest month in the past twelve months. Example: if $3k was the least you made in a month last year, then you allow yourself a $3k budget for the coming month. With this, you reduce the risk of bottoming out. Huge Share: J.D. reveals to us the Balanced Money Formula - cut your spending on your needs (ex: transportation, food, housing) below 50% of your take-home pay. Additionally, save 20% of your take-home pay by way of paying off debt or setting dollars aside in a savings account. This leaves you with about 30% to spend on "wants" such as sneakers, electronics, gym equipment, books, etc.  In this episode, J.D. shares: Preparing for next month's budget using last year's lowest month The balanced money formula - look at big picture and dollars Having a cash cushion allows for other risks Learn what percentage of your income goes to housing 33% of Americans budget covers housing 17% of the average American's budget goes to transportation If you take care of the big things, then you can take more smaller calculated risks And much more!
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