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Earning six figures is the dream.
But just because youre making that much doesnt mean youre living large.
What this essentially means is that even high earners can still experience financial struggles.
If you dont want to worry about your finances, youll need to set abudget.
Also if you are earning a less,here is the ideal budget for a $50,000 salary.
There are all sorts of budgeting rules out there.
But one of the best ones for those living on a $100,000 salary is the 70-10-10-10 rule.
I am a fan of the 70-10-10-10 guideline, Delgado said.
attempt to live within 70% of your paycheck to cover living expenses.
Allocate 10% to savings.
The goal is to haveemergency or fast cash fundsto cover 12 months worth of expenses.
Then, spend only up to 10% on frivolous spending.
Finally, contribute at least 10% to retirement accounts to help fund your future self.
One of the simplest methods is to change your spending habits.
For example, negotiate your cable, internet, subscriptions, memberships, etcetera.
Many people spend more than they think, largely due to easily forgotten automatically-recurring service charges.
Even saving $50 a month could put another $600 in your pocket.
If youre expecting higher returns, you might need to reallocate some of your assets.
If youre losing more than youd like, look for ways to lower the risk factor.
When in doubt, consult an investment or other financial professional who has your best interests in mind.
They can help you set up your portfolio for the best results.
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