About the Video
If you’re a recent graduate or looking to start your own personal finance journey, then this video is for you. We’re going to learn about the basics of the Pareto principle and how it can help us budget and save money. By the end of this video, you’ll know everything you need to start budgeting and saving for your future!
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โฌ๏ธ Timestamps:
0:00 โ Introduction
0:27 โ The 80/20 Rule (Pareto Principle)
1:10 โ Savings
3:43 โ Investments
5:01 โ Expenses
7:19 โ Sinking Fund (Discretionary Spending)
8:08 โ Conclusion
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Transitioning from university to the working world can be very daunting without having to think about all the other responsibilities that come along with it. The choices you make right after graduation, like creating a budget plan or investing a portion of your monthly income can help set you up on a path toward financial success.
Introducing the Pareto Principle, also known as the 80/20 rule. It is one of the most common management strategies used to achieve more with less effort. The 80/20 rule operates under the theory that most of your success comes from accomplishing vital few tasks.
When it comes to improving your financial situation and working toward money-related goals, there are different ways to go about it. Applying the Pareto principle is one of them. When you apply the 80/20 rule to your budget, you pay yourself first by saving 20% of your income and spending 80% on living expenses. The Pareto principle is basically a simplified version of the 50/30/20 budget rule where you allocate 50% of your income to needs, 30% toward wants and 20% to savings.
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