#004 Personal Flow

For everyone who want a plan for their money to enjoy the freedom of financial independence! The Matt Money System - Personal Flow: What you need to get started: - Checking Account - High-Yield Savings Account (that allows auto deposits and categories or "envelopes") - 2 Credit Cards - An investment Account (retirement or regular brokerage) Process: - Tag all expected expenses into Fixed Costs, Necessary Spending, and Fun Money - Save in your High-Yield Savings to cover large expenses that happen quarterly or annually (have an "envelope" for each and save for them monthly) - Set your Investment Account to auto draft monthly and auto invest (we will cover what investments to make in a future episode) - Have the minimum balance in your Checking Account equal to your rent or mortgage - Have a checklist for all Fixed Costs & mark the ones that are paid out of your Checking Account - Pay for all other Fixed Costs, Necessary Spending, and Fun Money using Credit Card 1 (paid off at the end of the month) - Pay for all quarterly or annual expenses on Credit Card 2, and transfer money from the High Yield Savings to pay these off. - Never spend money you don't have. If you struggle with this, you need a budgeting app or the Matt Money System: Personal Flow template Personal Financial Meeting on the 15th: - Review all fixed costs were paid - Review High Yield savings and investment account - IF you are using a budgeting app, categorize your income & expenses Personal Financial Meeting on the 30th: - Pay off credit cards - Calculate Net Worth (future episode) - IF you are using a budgeting app, categorize your income & expenses Check out our instagram @themattmoneyshow and DM a topic or question you'd like covered! Or subscribe to our YouTube @themattmoneyshow and comment your topic or question!